Friday, July 11, 2008

Council Update on Garden Circle Redevlopment

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On Monday, July 7, 2008, the Monona City Council approved an amended developer's agreement for the city-owned Garden Circle property. The amendments push back the closing date from June 30 to August 31, which pushes the ground-breaking date back to October 31.

One of the developer's financial backers is only investing in the Independent Living part of the project and objected to being liable if the Assisted Living or Memory Care units failed. To offset that loss of assurance, the city tightened its agreement with the primary developer, MSP Real Estate.

The Herald Independent story summarizes it very well:
http://herald-independent.com/main.asp?SectionID=2&SubSectionID=2&ArticleID=193
Basically, these changes reflect the extraordinary tightening in the credit market as well as overall poor economic conditions.
MSP is currently constructing a senior housing development in West Allis.
Posted by Doug Wood on 7/11/2008

1 comment:

  1. AnonymousSaturday, July 12, 2008

    Is the project viable?

    Pushed backed to 10.31 for a ground breaking makes you go, huh...or what.

    ReplyDelete

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