Saturday, February 02, 2008

Fifth and Race: Back to the Drawing Board

Once again, Eagle Realty has failed to deliver on promises for the Fifth and Race site. This time, it appears that the City is unwilling to grant it another extension, and Eagle will no longer retain the development rights.

Eagle looks to blame the City for its failure to come up with $3.8 million in funding. I'm curious about the nature of that money. Surely it isn't the case that Eagle had secured $96 million in funding, and the City wouldn't close the remaining gap to get to $100 million, is it? Or is this one of those situations where an initial $5 or $6 million was needed at the outset, Eagle wanted the City to foot half or more, and there was no guaranteed source for the balance of the $100 million? Anyone have the details?

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