Developer Seeks Two Year Extension On Already Approved Project
Tuesday night, the city council approved a development extension to Archstone-Smith Inc, a Colorado based Real Estate Investment Trust to start building an already approved housing project at the corner of Hollis and Powell Street. The developer claimed the recession has made building the project, dubbed Papermill, too expensive at this time and the council granted a two year extension on the contract. The vote was 3-0; Ruth Atkin was absent and Jennifer West recused herself and abstained from voting since she lives closer than 500 feet from the proposed project.
|This building on Powell Street will be demolished|
The developer has already used up one extension since the project was approved in November 2008. The approval proved contentious at the time since it involves the tearing down of two brick buildings, one of which was classified as "architecturally significant" by the city's general plan. The plan specified the building was not to be substantially changed.
The city received an October 15 letter from a company representative asking for another extension, claiming it is still interested in building the project but is having difficulty financing it.