Kenmore Village Update: Financial Markets Affect Construction
Global financial problems manifest themselves in many ways. Here in Kenmore, we are not immune to the current challenges. An important example is this week’s Kenmore City Council meeting on November 3rd. Kenmoreblog.net reported on this meeting and wrote that Urban Partners, the development firm for the future Kenmore Village, asked the Kenmore City Council for a one year extension to close on the first phase of development. This extension could be as late as 2010.
According to Dan Rosenfeld, an Urban Partners Principal, there are two main reasons for the exension: 1) frozen credit markets and 2) the reluctance of specialty grocers to commit to new locations. Everyone is feeling the pressures of the fragile financial markets.It is reassuring to note that Mr. Rosenfeld reiterated his commitment to the project and that the project fundamentals were still in place. The City Council directed the city staff to prepare a 90 day extension in order to allow time for a public hearing to consider Mr. Rosenfeld’s request.
November 20th, 2008 at 11:23 pm
[...] my November 6th post, I wrote that the development company for the future Kenmore Village has asked for a one-year [...]