The NNF itself is about to go out of business, having apparentlystruck a deal with New York-based Cogswell Realty for the latter tobuy the more than two dozen downtown parcels the group owns.Cogswell itself is a key player in the new proposal, teaming upwith local businessman Miles Berger, owner of the Hahne's building,and King of Prussia, PA-based Kravco Co. on a new if slightlyreduced version of NNF earlier proposal.
According to sources, the plan the trio will bring to the citycouncil is a $93 million redevelopment of the buildings that willinclude some 330 apartments, along with street level retailing andrestaurants. That's where Kravco comes in-the company is one of thecountry's major shopping center developers and figures to be ableto bring some national retailers into the mix for the ground-levelcomponent.
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