On a follow up to my earlier post about the East End Gateway at 16th an O by Loftworks being delayed due to cost over runs, the Business Journal has an article today that the project is now canceled.
Damn. I was sooooo looking forward to this one. This one is much more disappointing to me than the DR Horton projects.
Earlier reports were they were 10% over budget, but the article today says that number is 25%. 28M budget, 35M in bids.
CADA says now that the site is cleared and clean a new developer can go straight to work on something after they put the project back to bid in a couple of months. I am going to the CADA meeting next Friday so I will report back any details I get from this project, as well as sites 1 and IV by Lambert Development.
I'm not liking this trend of projects being canceled due to construction costs, couple that with a slowing housing market and this could be real trouble for more projects.
This couldn't have come at a worse time given how much interest there is in developing in the central city.
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That is bad news indeed . That project (IMO) was one of the more important for the central city , specifically the midtown/16th st area.
I wouldnt mind seeing the council step in and somehow intervene ( up to a point)financially .While it is bad news , I believe (hope)that it is only a hiccup and the overall pace of development will continue and should remain largely unaffected. I will say that another high profile project termination would not be good for the city or pysche of either the development or general community .
"That project (IMO) was one of the more important for the central city , specifically the midtown/16th st area."
I agree. That area has the chance to really create some awesome synery. It was part of the reason I moved into that area of the city. 16th Street could, and should be an amazing place in a few years.
That location is still excellent though. I have to imagine someone is going to come along and pick up the torch. I'm not sure we will see something of as high quality as what Loftworks was planning though.
The article said they "shot too high" with design and it wound up costing too much to build.
I wish they would just take a little more time to make some changes and still move forward
"That location is still excellent though. I have to imagine someone is going to come along and pick up the torch"
Agreed , which is really the only reason im not that upset about it , i view it as more of a delay than a stoppage . One project im acually more excited about is MARRS over near K , I really like how 18th st is turning into quite an ecclectic strip .
As long as the momentum stays the same i think we will have far more development than not .
Project "cancellations" like this are a sad inevetatibility of progress. I can remember a day dtwn when one project 1/2 this scale was front pg news !
No kidding. Lot A was the only thing in the pipeline for a long long time
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