Sonoma’s would-be developers try to explain to West U Examiner reporter Michael Reed why the Rice Village retail-and-condo project was put “on hold” only a few weeks after the sales team sent out an email to prospective buyers claiming it had received financing:
Julie [Tysor], president of the Appelt Companies, said in an e-mail response to Examiner questions about the financing, “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.”
She said a number of factors contributed to the financing falling through, “not the least of which is historical world economic crisis that is unprecedented…”
So what’s going to happen to the site — which includes that block of Bolsover St. purchased from the city — now?
Councilwoman Anne Clutterbuck of District C, where the project is located, said while she is “saddened” by the announcement, she expects to eventually “see a project similar to what was presented to the community” at the site. . . .
Clutterbuck said it is her understanding [developer] Lamesa [Corp.] intends to fence off most of the property from the public for the time being, and that it will be “kept it in the manner befitting the community.”
She said there has also been talk of using part of the site for such things as a community market or a staging area for other projects in the area.
- Sonoma and its off-again financing [West University Examiner]
- Sonoma in Translation: Not Gonna Happen [Swamplot]
Photo of Sonoma site on Bolsover St.: Miya Shay