Source: Real Estate Daily News
Work at 75 E. Broadway could soon recommence after the Rio Nuevo Board reached an agreement with the developers of the mixed-use project planned for the site.
Last year, the Board learned that JE Dunn, the original developer/general contractor, wanted to transfer its ownership share to its co-developer Dabdoub Schwabe Properties. Marcel Dabdoub said that an agreement had been reached with a lender to provide the funding for such a transfer. The Board unanimously voted to give the group a 60-day extension to finalize the deal.
Dabdoub said the potential investors have expressed a desire to increase the size of the development, and that it could reach 19 stories. Plans are for two floors of retail, five to seven parking levels with about 350 parking spaces, five floors of office space and two to four floors for residential.
The $38M conversion plan for 1 S. Church moved forward after the Board voted to spend up to $10K to hire an appraiser and property tax consultant for the project. Those experts will give Rio Nuevo a third-party independent evaluation on the property and how plans for the site will affect the building’s value.
OpWest Partners plans to revitalize the 23-story tower and convert eight lower floors into a hotel with about 150 rooms, 1,500SF of meeting space, a 4KSF restaurant and a fitness center. Floors 11-23 would remain office space.
Read more at Real Estate Daily News.