have severely hurt his chances of securing a $170 million loan from Wells Fargo Bank to augment the $50 million he and his partners would put up to build the Peabody, he said.Most council members Voted Thursday against imposing $4,000 a day fines on Betz and against issuing the notice of default.
Betz now has until Jan. 26 to secure the money. If he fails again, the city could issue a notice of default, giving him until the end of April before the deal is officially declared dead.
Hayden Ferry North
The less-controversial, 17-acre project also is far from becoming reality because owners have yet to secure the $40 million needed to construct the 258-room hotel.
Ross Robb, one" of the waster developers, said the money will come, but it's, taking longer than expected.
'The project also features residential, retail and office space.
"We're very optimistic about this project," Robb said. "But these are very complex developments. It takes time."
Hayden Ferry South
Plans to triple the size of the center has. mobilized residents against it, saying, the development threatens to 'destroy a portion of Tempe Butte.
The proposed expansion of the shopping, office and entertainment complex around the former Hayden Flour lour Mill -, converting the white silos into condos, for instance - Is prompting calls to preserve the mill by designating it a historic structure.
Developer MCW Holdings originally had until Dec. 18 to pursue a building permit for the approved 312,000-square-foot project. It now wants to expand the development to nearly I million square feet and has asked for an extension.
City Attorney Brad Woodford found a loophole in a revised state zoning law, giving MCW until September of, nextyear to seek a building permit for. the original plan. That way, the company could put in plans for the larger development and, if it is rejected, have plenty of time to submit the original, less-ambitious plan.
Meanwhile, Giuliano is asking city staff members to come up with suggestions for Hayden Ferry South.
The mayor wants to limit it the height. of the buildings to five mill. stories or half the height of the mill.
The Historic Preservation Commission is also recommending he City Council designate the mill,
historic. Such a designation would delay construction of the luxurious townhomes and other entertainment features for the site, Robb said,
ASU's role
Perhaps the least worry about a Speedup development around Town Lake is ASU
University officials hope to start approaching developers for the 25-acre site on the southern bank of the lake later this year.
Although the university doesn't have firm dates to lease its properties, Steve Miller, assistant vice president for institutional advancement, said he hopes to finalize contracts
,0
sometime next year.
concepts for the
include
lu
-space, Miller said.
."We're making progress," he said. "It's being slow, because we're dealing with complex projects."
Elvia Diaz can be reached at (602) It 7937 or at elvia.diaz@pni.com