The developer of the East End's Residences at RiverWalk project is seeking a one-year extension of its planned development district (PD-16) agreement in the hopes that the real estate market will pick up.
The City Planning Commission approved of a revision to developer Urban Equity Partners' original concept plan on January 6, 2006, allowing for Phase Two of the development to be built as up to 21 townhome units directly west of its condominium development at Riverside Drive and Collins Avenue.
This revised agreement will end on January 6, 2008.
The developer blames a soft housing market and the inability to obtain financing for the delay on Phase Two. A one-year extension will allow Urban Equity Partners to finalize a site plan, obtain project financing and to begin pre-sales.
The final development plan will still have to be approved by the City Planning Commission.
The first phase of RiverWalk contains 28 units and was completed in 2004.
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Monday, December 10, 2007
Urban Equity seeks extension for RiverWalk plan
