However, late last year, the company switched gears and asked the city for more time to consider building the hotel and garage first, instead. City leaders balked at the idea, but gave the company more time to negotiate.
Now, City Planning Director Thwing said everyone involved is trying to find a way for the project to be built all at once. The city has been struggling for decades to put a development on the corner, which also backs up to the south end of Main Street, one of Oakland County's most hopping nightspots. A city meeting is scheduled Tuesday to discuss the project, said Thwing. Schostak has until Feb. 21 to submit its final plan.
"It was said that to build the hotel and parking garage, just two-thirds of the project, would be financially difficult," Thwing told GlobeSt.com. "The company was looking to the city for some assistance. Since we were looking at assistance, the city is trying to see what could be done to get the entire project built now." He said it's unlikely the city, or even the DDA, will provide dollars for the project. However, the city could go along with a flexible payment schedule for the land, or other incentives, Thwing said.
"What's really being contemplated is how we deal with the $4 million," Thwing said. The developer has already paid the city $50,000 to the city for missing one deadline. The non-refundable $50,000 fee is part of a $1.5-million deposit paid by the company.
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