1/27/09 - THE END OF GRANT'S LANDING - And so the end of Grant's Landing looks like it will culminate with the lot being slightly improved to meet code standards, and the developer, Silverstar Communities, wrapping up some legal issues with the city before the entire property reverts to acreage. In Wednesday's meeting, the Redevelopment Agency will determine whether it wants to release the developer from their obligations under the existing DDA to develop the site, keep the $100,000 deposit and forego or retain the $400,000 letter of credit against the developer or have the developer enter into a Restrictive Covenant with the Agency (which means the developer will not obtain a building permit for new
improvements to the Property or commence construction on the Property prior to the issuance of a new letter of credit in the amount of $400,000, Developer will not be obligated to pay for any more funds as a requirement of the new Project entitlement, the Agency would retain the $100,000 without any conditions and enter into a new DDA with the Developer for a new project at a later date).
Either way, it sounds like the Redevelopment Agency could retain $100,000 to go towards building a kayak exit point, even though Grant's Landing is not being built. Out of all the projects that fell through, I must admit I am most bummed and shocked about this one. You would think being within cheering distance of the ballpark, being riverfront property, and its unique style and architecture, Silverstar would have made a go with it. But, when you can't get financing, you can't get financing. And no one is getting financing right now. The project/land is for sale now...it will be interesting to see if anyone snaps up the acreage for future development. $9,705,168 for 5.57 Acres according to Loopnet.