Addressing some 50 national developers at ULI's Urban Development Mixed-Use Council this morning, Tabing explained that delays in the project--caused mostly by what he termed "architectural tweaking"--has fanned rumors that the project will fail.
To quell the scuttlebutt, the city has made "special arrangements" for the disbursement of TIF funding. Of the $40 million earmarked for the project, $15 million will be paid out at the anticipated closing this spring. Normally, all TIF funds are dolled out downstream.
"Perceptions that the project is failing are really misperceptions," he told GlobeSt.com in a post-presentation interview. "We'll only be a month or two behind schedule."The project, originally announced in April, will deliver a 160,000 sf Lord & Taylor's department store, 200,000 sf of additional retail and a 40-story condominium/hotel tower.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
