Sonoma Developers: We Were So Close, Really!

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.

Photo of Sonoma site on Bolsover St.: Miya Shay

One Comment

  • South building wouldn’t be built anyway until Walgreens lease runs out or if the Sonoma developers buy out the lease. That would be more money they didn’t have.

    I think Ms. Clutterbuck is right. A project along the lines of Sonoma will get built there eventually if Sonoma isn’t built.

    Oh, and the silly request for this becoming a site for a new park, please get your checkbook ready and then donate the land to the city after you buy it. The city doesn’t have the funding to buy parkland especially at the price of this tract.