A number of planned residential developments in the South Bronx have fallen through due to uncertainty surrounding the area's rezoning and the declining economy. The Bloomberg administration is planning to rezone Melrose Commons, the Lower Grand Concourse and the Bronx Civic Center to allow mixed uses with denser residential development. Plans for mixed-income condos in Melrose Gardens have been canceled, investors have lost interest in Lower Grand Concourse warehouse properties, and Bronx Civic Center residential development opportunities are severely restricted by the area's current zoning. City officials say that since 2000, $3 billion has been invested in various projects and more than 2,300 residential units have been built or are under construction in the 63-block area, but that further plans are slowing down. Key Real Estate Services owner Allison Jaffe says that many properties were purchased based on the assumption that the area would be rezoned, and that many owners cannot afford to wait for a rezoning. She also feels that if Mayor Bloomberg is not elected for a third term the rezoning will not occur. Veteran affordable housing developer of the Blue Sea Development Company, Les Bluestone, calls threats to redevelopment efforts in the South Bronx “the perfect storm.”