Addressing some 50 national developers at ULI's UrbanDevelopment Mixed-Use Council this morning, Tabing explained thatdelays in the project--caused mostly by what he termed"architectural tweaking"--has fanned rumors that the project willfail.
To quell the scuttlebutt, the city has made "specialarrangements" for the disbursement of TIF funding. Of the $40million earmarked for the project, $15 million will be paid out atthe anticipated closing this spring. Normally, all TIF funds aredolled out downstream.
"Perceptions that the project is failing are reallymisperceptions," he told GlobeSt.com in a post-presentationinterview. "We'll only be a month or two behind schedule."Theproject, originally announced in April, will deliver a 160,000 sfLord & Taylor's department store, 200,000 sf of additionalretail and a 40-story condominium/hotel tower.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
