"They have until September 26 to close the deal and pay us $4 million for theproperty," Thwing tells GlobeSt.com.

The move is seen as a large step toward getting this property developedafter several halts and cancellations of other projects.For more than two years, Schostak has been working with the city to developthe property. The company has pushed back extension after extension of plansfor the property in the downturn of the economy after the Sept. 11, 2001,terrorist attacks.

On paper, the company has agreed to build a 170,000-sf office building, aparking deck with more than 650 spaces and a 140-room hotel, Thwing says.The hotel became the leading portion of the property as office demand driedup in the area. Residential demand in the area brought the recent change.

After talks with the developer, the city says that it is willing to consider a plan that could include about 50 condominium units built on top of the office and parking structure."The council will take the next month and consider option 'B' of theproject, which would include the residential. If the change is accepted, theagreement could be modified by the September 26 deadline," Thwing says.

He said the company is talking about converting the top floors of the officebuilding and the west bay of the parking deck into condominiums.Thwing said he's pretty confident the company will be closing a deal by thedeadline. If Schostak doesn't close, the city will keep a $135,000 deposit,Thwing says. "If it's a go, they probably won't start building until September."

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