1221 Broadway
For the past six years, we’ve all had to look at, explain and excuse the ugly, unfinished structure that sits along Broadway near the intersection of I-35 & I-37 but the complicated legal troubles have been hurdled and funding has been secured so that construction can finally restart.
The stalled 1221 Broadway project was recently approved for a HUD loan for $23.4 million which will allow the current developer, Cross & Co., to move forward with plans to convert the abandoned buildings into a project with 268 residential rental units and a parking garage.
Recognizing the importance of improving the highly visible project at the entrance to downtown and the value of such a project in the revitalization efforts in the River North (or Museum Reach) area of the Riverwalk, the City has agreed to set aside the project’s property taxes for 10 years, which will be used to reimburse the cost of public improvements that the developer will pay upfront.
Courtesy Cross & Co.
For more information read Funding for 1221 Broadway secured; construction could resume Monday (MySA.com blogs, 10-1-10).
Check out a rendering of what the completed project will look like.
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