From Brian Lockhart, CT Post:
The long-delayed next phase of the Cherry Street Lofts housing complex may be permanently canceled by a wrecking ball.
With the city seeking bids from demolition contractors, time is rapidly running out for Gary Flocco to break ground on the redevelopment of the four blighted structures in question.
“It is a race,” Flocco acknowledged this week. “And I understand it. The buildings are in bad shape.”
He anticipates closing on the loans needed to finance construction by mid-September, before Mayor Joe Ganim’s administration can actually move forward with razing 62, 72 and 80 Cherry St. and 1325 Railroad Ave.
…Economic Development Director Thomas Gill, in a brief statement for this article, said, “The city’s position has been consistent that there will be no change in the demo process unless a formal commitment letter for the financing is received by the city.”
Full story here
This sounds like it will turn out to be like Anthony Stewart’s Locust Square debacle.Trouble getting financing,and needing the city/ state to bail Flocco out in the end to finish the project..
Meanwhile Aidee makes it sound like there are developers waiting in the wings to develop the property “ we have a city to develop”lol.Let’s face it,when that building is demolished,that lot will remain empty for years..
“ Meanwhile, City Council President Aidee Nieves, who had previously supported giving Flocco more time to settle his legal and financial woes, indicated this week that she is out of patience. “The city has to do what it has to do,” Nieves said. “Developers need to complete their projects on time…. (Flocco’s) taking a very long time to get this money together. We have a city to develop. You’ve got to keep moving.”
AGREE IT WILL REMAIN EMPTY.