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Developer Says City Holding Him Hostage

ROYAL OAK, MI-After nixing a $60-million mixed-use deal, city officials say they will keep about $650,000 if Tri-Mount Construction doesn't finish its condo project. The company blames the city for much of the delays.

By Robert Carr | Updated on July 17, 2001

ROYAL OAK, MI-John Vincenti, president of Tri-Mount Construction, blames the city for slowing the finish of the Main Street Centre condominiums, once part of a $60-million mixed-use development that failed due to lack of financing. The city commission is holding $640,000 from the company until the project is done, Vincenti says.

The company built 118 condominium units between 1998 and 2000, and all were sold out as of late last year. However, the company has not finished the landscaping or paved the parking lot for the condos, located on both sides of Main Street, south of the popular Downtown area.

Tri-Mount was also supposed to build an office building, a hotel, a conference center and underground parking on an eight-acre parcel just south of the condos. However, the company ran out of funds, and could not entice a hotel chain to the project.

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