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Bolsover in limbo into 2015?
By MICHAEL REED
The 2400 block of Bolsover could remain undeveloped and in the possession of Lamesa Properties another seven-and-half years, according to the terms of the ordinance approving the street’s abandonment.
A spokesman for the city said Monday in addition to the five years the agreement allowed for the completion of the retail-residential project and some traffic-related construction, an additional three-year extension can be granted at the “sole discretion” of the director of Public Works.
Under the terms of the sale of the street, the additional time could be allowed “for extenuating circumstances,” city spokesman Alvin Wright said.
Those circumstances were not defined by the ordinance, which went into effect Aug. 21, 2007.
The sale of the street was contingent on completion of the project “as substantially presented to the community” and the installation of left-turn bays approaching Kelvin Street and Morningside Boulevard at the Rice Boulevard intersections within five years of that date.
An extension by the Public Works director, which does not require council action, could push that date back to Aug. 21, 2015. Failure to grant an extension request cannot be appealed by the property owner.
According to Wright, “The developer has satisfied all commitments and contract requirements to date, and there are no others until Aug. 21, 2012.”
Following a series of delays in its groundbreaking plans, the developer recently announced the project will be placed on indefinite hold due to a lack of financing.
As recently as Oct. 18, developers claimed to have had financing in place.
In an e-mail sent on that date to parties who had expressed interest in buying units at the project, the Sonoma sales team wrote, “the developer has obtained financing for the property. We anticipate groundbreaking February of 2009 when Walgreens lease expires.”
Lamesa spokeswoman Julie Tysor said of the change of plans in a recent e-mail to the Examiner, “We had secured a substantial majority of the financing for the south building through the cooperation of some local lenders who have also supported this project since its inception.”
Meanwhile, Walgreens spokesman Robert Elfinger told the Examiner the Rice Village store — located at 5313 Kelvin St., where the south building of the project had been planned — will close Dec. 31 and will not be relocated.
A spokesman for the city said Monday in addition to the five years the agreement allowed for the completion of the retail-residential project and some traffic-related construction, an additional three-year extension can be granted at the “sole discretion” of the director of Public Works.
Under the terms of the sale of the street, the additional time could be allowed “for extenuating circumstances,” city spokesman Alvin Wright said.
Those circumstances were not defined by the ordinance, which went into effect Aug. 21, 2007.
The sale of the street was contingent on completion of the project “as substantially presented to the community” and the installation of left-turn bays approaching Kelvin Street and Morningside Boulevard at the Rice Boulevard intersections within five years of that date.
An extension by the Public Works director, which does not require council action, could push that date back to Aug. 21, 2015. Failure to grant an extension request cannot be appealed by the property owner.
According to Wright, “The developer has satisfied all commitments and contract requirements to date, and there are no others until Aug. 21, 2012.”
Following a series of delays in its groundbreaking plans, the developer recently announced the project will be placed on indefinite hold due to a lack of financing.
As recently as Oct. 18, developers claimed to have had financing in place.
In an e-mail sent on that date to parties who had expressed interest in buying units at the project, the Sonoma sales team wrote, “the developer has obtained financing for the property. We anticipate groundbreaking February of 2009 when Walgreens lease expires.”
Lamesa spokeswoman Julie Tysor said of the change of plans in a recent e-mail to the Examiner, “We had secured a substantial majority of the financing for the south building through the cooperation of some local lenders who have also supported this project since its inception.”
Meanwhile, Walgreens spokesman Robert Elfinger told the Examiner the Rice Village store — located at 5313 Kelvin St., where the south building of the project had been planned — will close Dec. 31 and will not be relocated.
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