Developers of Downtown Superblock Asking City for More Support
Updated: Friday, August 2 2013, 09:22 PM EDT
Developers who are part of a downtown renovation project seven years in the making keep asking for more time and more money from the city.
The plan was to transform a section of Lexington Street into a so-called "Superblock," with stores and apartments. The cost will be around 150 million. The city has approved more than 20 million dollars in tax breaks but developers are still struggling to come up with their own financing or tenants to lease the retail space.
Developers keep asking the city to give them more time; the project has dragged on now for seven years and still nothing has happened.
Some city leaders are fed up, and Carol Stokes says it is time to consider scrapping the deal and putting it out for new bids.
Stokes said, "There is a drop dead date and we've extended it now five times. This would be the sixth time if we're extending it again and I think the better tool right now would be to send it back out and see who possibly may be interested."
A city committee will consider the latest request for delay next month.