PROVIDENCE, R.I. (AP) A Baltimore development company has pulled out of a major construction project in Providence.
Struever Bros. Eccles & Rouse said it will give up its ownership stake in the $230 million American Locomotive Works project.
The 23-acre project, which had been scaled back over time, called for residential units and office and retail space.
The company’s president and chief executive, William Struever, told The Providence Journal that Struever Bros. and other real estate development companies are facing challenges during the recession. It has already halted work on another major development in Providence.
A St. Louis housing developer, McCormack Baron Salazar, has agreed to be lead developer on the ALCO project.