By the end of 2008, the Belvedere had been put up for sale, at a time when many local condo projects were suffering the effects of the Great Recession. More than 200 liens had been filed against the property, as well as two foreclosure default notices. Only 157 rooms in the south tower had been converted to condos before work stopped on the project. Completion of the tower had previously been expected in 2009. By 2010, the city had fined the project numerous times over code violations. Later in the year, clean-up began on the site, which included repairing and repainting the burned portion of the tower and removing a giant "condominiums for sale" sign.
