Stonewall community plans on hold

Stonewall Audubon Circle, the LGBT-oriented retirement community planned for the Fenway neighborhood, has become the latest casualty of the bad real estate market. On Feb. 4 David Aronstein, president of Stonewall Communities, which is co-sponsoring the development with Abbott Real Estate Development, announced that the Spring 2008 groundbreaking has been put on hold until the real estate market improves. Aronstein told Bay Windows it is unclear when Stonewall Communities will reschedule the groundbreaking.

"We're not making any assumptions. It's really going to depend both on the real estate market and the lending market. ... People are very uncertain about the future so they don't know whether they'd be able to sell their own house or buy a house. The uncertainty of the market is what does it. Uncertainty makes everybody wait," said Aronstein.

Stonewall Audubon Circle will have 53 homes available for purchase, a mix of one- and two-bedroom residences ranging in price from approximately $400,000 to $800,000. Stonewall Communities began offering prospective buyers the opportunity to put deposits down on units last August. Aronstein declined to say how many of the units have been reserved, but said prospective residents who have put down deposits have always had the right to withdraw their offer and get a refund.

When the market improves Aronstein said the plan for constructing Stonewall Audubon Circle will resume.

"We own the property, and it has all the city approvals necessary and zoning approvals, so when the market turns around we'll be ready to go," said Aronstein.