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, â€œWe 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.â€
She said a number of factors contributed to the financing falling through, â€œnot the least of which is historical world economic crisis that is unprecedented…â€
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 â€œsaddenedâ€ by the announcement, she expects to eventually â€œsee a project similar to what was presented to the communityâ€ 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 â€œkept it in the manner befitting the community.â€
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