CHARLOTTE, N.C. -- A well-known developer dropped its plans for southwest Charlotte.

Centex Homes said it's too nervous about the economy to go ahead with its project for the corner of Tyvola Road and Tyvola Centre Drive.

A company spokesperson, Julie Hines, told Eyewitness News, "It wasn't economically feasible to proceed in the current market conditions."

It wanted to build up to two hundred town homes on more than thirty acres there, something nearby workers, like Nirm Patel, would have liked.

Patel said, "It's kind of disappointing for me, yeah, because I think the more residential development we get around here, I think it would help out with business for us, so, I think that's a little disappointing for me."

City councilman Warren Turner represents the Tyvola area. He said he's glad the project isn't moving forward because he feels the Charlotte housing market is already building more than it can handle.

Turner said, "The market is tight right now and, in some parts, we're over-saturated. Look at downtown. I think downtown’s market is over-saturated.”