Charlotte general contractor Pete Verna wants to build uptown's tallest residential tower at Third and Caldwell streets near the Government Center.

But his 25-story condominium project is on hold, a victim of the Sept. 11 terrorist attacks and the nation's sluggish economy.

The Park Condominiums sold well, Verna said, "but I've had extreme difficulty finding a lender."

He said buyers had signed contracts on 85 units, about 67 percent of the 126 planned in a 21-story building atop an existing four-story parking deck.

Generally, developers are able to secure financing if they sell at least 50 percent of the units in advance of construction.

The uptown housing market softened after Sept. 11, and the uncertain economic outlook caused institutional lenders to pull back.

Verna, who had hoped to start construction last fall, instead had to notify buyers that the project would be delayed. Many canceled, but 30 still are hanging on.

"The source for the money is going to have to be private investment," said Verna, who is talking with potential investors. "The banks are not players."

He might have a decision on financing in 60 to 90 says, he said.

Verna, a structural engineer as well as a contractor, included a posh rooftop park, gardens, putting green and swimming pool in the proposed tower.

Buyers agreed to pay prices from the $150,000s to more than $500,000 for units ranging in size from 526 to 1,700 square feet.

One factor in Verna's favor now is the uptown sales market, which is getting a boost from low interest rates and pent-up demand.

Emma Littlejohn, who tracks residential development for The Littlejohn Group, said the uptown market also is benefiting from several condominium projects nearing completion.

"In projects like 715 North Church and The Ratcliffe on the Green (on South Tryon Street), people can start to touch and feel," she said. "Psychologically, that makes a lot of difference."

About 20 units sold in June and 12 so far in July in the center city, according to Multiple Listing Service numbers compiled by Allen Tate Realtors' center city office.

Verna's site is across Third Street from the 114 acres in Second Ward that Charlotte-Mecklenburg planners want to see redeveloped with up to 4,000 new households.

The tract between Third Street, Brevard Street and Interstate 277 is populated mainly by parking lots, hotels and government buildings today.

If city and county leaders approve the redevelopment proposal, additional housing likely would attract shops and services to the community, benefiting The Park's owners as well.

"I'll get the money," Verna said. "Our project is a great project. The lenders just don't know how much we've put into it."