It is the sixth such extension for the Glendale, Calif.-based firm, which acquired the development rights last summer. The project was started in 1997 by Portland developers Selwyn Bingham and Sylvia Cleaver, who began the project with their own money but slipped into bankruptcy in 1999 when they were unable to secure financing.
In July 2001, shortly after the City and Enron gained control of the project in court, they accepted a $2.3-million buyout offer from Dorn-Platz. The new development agreement reportedly does not include the $500,000 in tax and fee waivers that were in the city's agreement with Bingham and Cleaver. And, of course, this time around, there is a very clear financing requirement.
In July, the Dorn-Platz said it expected to resume construction of the unfinished office and apartment building in September 2001 and complete the projects by February or March 2002. At that time, two more office buildings, another apartment building and a parking structure with an athletic club were scheduled for completion in late 2004.
Assuming financing comes sometime soon -- and that's a big assumption given that unemployment here is topping the nation and major local office users continue to reduce their space requirements -- all those dates would be pushed out by at least a year.
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