Several condominium projects are under construction in downtown Austin, but changes in national real estate trends are forcing at least one major project developer to change plans.

The Monarch Tower is wedged between several other downtown residential properties. It will open shortly after January as planned.

Those living in the 29 story high-rise will not own any of the 305 units -- they will be renters

Renting the property was the original plan for the Monarch, but back in the summer, the developers decided to get into the condo market.

About 20 percent of the units were sold in 60 days -- almost one a day.

Despite those sales, property managers say the investors wanted a faster turn-around and got nervous. Most of them are based in Orlando, which is experiencing a condo sales drop.

The national mortgage lending crisis also influenced the decision, according to the property managers.

So now, the 305 units will once again be marketed as apartments.

Those who are keeping a close watch on the downtown residential scene, like Charles Heimsath, say the switch should keep investors happy; because it's the original financial plan they bought into.

"I think they were looking at two different pathways," Heimsath said. "And they were saying if this pathway seems to be more profitable, well go down this road, and if the other pathway seems to be the more profitable logical then we will go down that road. I don't think it is an indication at all that the market in downtown is soft. I think it is an indication, it is a business decision, that one company made based on one asset."

A little more than 50 people put down deposits. They will get their money back.

When the Monarch opens, it will be only one of two new apartment complexes to go online at that time in downtown Austin.

Rents will start at around $1,600 a month.

It's estimated there are more than 1,000 condos under construction downtown, with another 3,000 slated to be built in the next few years.

Mayor Will Wynn says he wants to have 25,000 people living downtown by the year 2015. Right now, less than 6,000 call downtown home.