axilecyqih.wordpress.com
The partnership 1600 Pacific Building LP, whic h is based out of La Jolla, Calif., intend s to move forward withthe project, attorneyy Robert Nicoud, who is an attornety for the partnership, confirmed on Wednesday. In the bankruptcy the owner of 1600 Pacific said it has up to 49 creditorsx and liabilities that fallbetween $1 millionj and $10 million. Nicoud said the building was completelyy vacant and facing foreclosure by itslendintg bank. He added that the source of the owner’xs troubles stems from the threat of foreclosure and a delay in obtaining a combination of tax incremengt funding from the Cityof Dallas.
Curtizs Lockey, manager of the partnership, added that 1600 Pacificc Building LP is pursuing a financing package with the city that will help subsidizsthe project. He added that getting througjh the entire process is taking longer thanthe building'xs owners had expected. "Ww are moving fast and furious with our partner already in place and hope withthe city'sd support and participation we will be able to come out of said Lockey. Lockey added that therre are varying levels of approval that the partnershil has to go through and it expectsx to meet with city officials by the end of the month to learn more about the possibilituy ofsupplemental funding.
The projectg is expected to result in 590 multifamily residential units that the partnership says will contribute tothe city's goal of creating 1,000 affordable units in downtown
No comments:
Post a Comment