I just learned that the Arcade developers told the Village last month that they would not be proceeding with the new condo structure on the back of the Arcade building - unclear whether this means permanently or just this year. They have told Ms Rush, she said, they they will just rehab - not restore - the historic structure. With what they paid for that building and the cost of what even a cheap rehab will be it is hard to see how they could make a profit or even come out even. Prediction: we'll be stuck with an empty buiding for quite awhile, until the developers figure out how to get some deal-saving concessions from the Village. This needs very careful watching.
Riverside Info » About Riverside
Another project in deep trouble
(4 posts)-
Posted Thursday Jan 4, 2007 23:24 #
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Spatny, or anyone: Do you think that tif funds can help save this project?
miket
Posted Friday Jan 5, 2007 00:38 # -
I doubt it, and why should they be used to help a developer do what he already said he would do, create "the best restoration of any building anywhere." What a crock. TIF funds in the amount needed to turn this around financially won't be generated for years, and now that the "developer" has driven many of the tenants out what will happen to the building in the meantime?
Posted Friday Jan 5, 2007 09:27 # -
Another thought on this: If the developer has an empty building six months from now and announces he can't proceed with the "rehab" because he will lose his shirt, can he tear the building down and apply to build something new in its place? Anybody know what kind of protection, if any, that building has? Suppose he hires an engineer who says the mortar is falling out of the walls because of all the trains, and it would be better - and more viable economically - to knock it down and build another "Village Center" there, what recourse do we have? We better get a lawyer to look at this, because the fat is in the fire now. Another foul up by the Village admin.
Posted Friday Jan 5, 2007 17:08 #
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