EVERETT -- The banner for Colby Tower -- promising panoramic views of the water and mountains -- hangs on a building next to where the nine-story tower could rise in the future.

Construction on the handsomely designed structure, with nine luxury condominiums on the upper floors and mixed-use commercial space below, originally was scheduled to start last fall.

No date has been set for it or several other big projects around downtown Everett.

It's not a unique situation for commercial developments. The chilly economy and a tighter lending climate are delaying or killing projects around the nation.

Timothy Corpus, Colby Tower's developer, said five of the nine condos are reserved and he's trying to secure leases for the building's commercial space. That needs to happen for the building to go forward.

"We are confident we will be able to pre-lease space sufficient to satisfy lending requirements," he added Wednesday.

Also still looking for financing is Maritime Trust, the Chicago-based company that is partnering with the Port of Everett in a $400 million redevelopment on a portion of the city's waterfront. The Port Gardner Wharf project would include some 660 condominiums, along with a mix of retail shops, restaurants, offices and other buildings.






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