Richter first spotted his dream parcel about three years ago.The only structures on the site were small, dilapidated shops. Thedeveloper envisioned a mix of residential, office and retail.
The project has been a struggle from the start, but Richterrefused to be discouraged. Talks with Texas-based Whole FoodsMarket as an anchor tenant collapsed. With no retailer signed,Richter concentrated on bringing more residential units intoplay.
He turned to local developer Clay Grubb to become a partner inthe project. There were 10 land parcels that had to be acquired andfour leases that had to be bought out. Richter also needed thesupport of the neighborhood and enough financial partners to keepthe deal alive.
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