Developers are offloading parcels for mixed-use, condo, townhome and multifamily projects, as some struggle to land equity investors or bank financing.
The new development will include both market-rate and workforce housing apartments, along with parking facilities for residents and visitors.
Plans for the Class A tower include 750,000 square feet of creative offices, structured parking for 1,000 vehicles and 7,500 square feet of ground-level retail space.
The county’s robust film industry went into decline in the past decade after the state discontinued its film incentives program, with films and industry professionals leaving the state for areas with higher incentives.
The historic Trinity Episcopal Cathedral that has stood on the property since 1923 will be preserved and enhanced.
While 76% say ESG is either “somewhat” or “very” important to their companies, there’s still progress to be made in all the letters, not just the E and G.
The project is slated for nearly 370,000 square feet of offices, 558 residential units, and a hotel.
In addition to seeking to foreclose on the mortgage, the bank wants the court to appoint a receiver over the property.
“Depending on how much they’re willing to implement, they could save between 5 and 20 percent” of their energy bill, said Ramin Moghaddass, an associate professor of industrial and systems engineering at UM and the director of the Industrial Assessment Center.
A townhouse or condominium development could be suitable for the assemblage, which is called The River Line and is in the largely residential Spring Garden Historic District.