The long-stalled proposed $97 million
City Center II project in the
City of East Lansing may be able to move forward as developers announce that financing could be secured in the next 60 days.
According to excerpts from the article:
Scott Chappelle, president of Strathmore Development Co., said he expects to close on construction financing in the next 60 days. He would not provide further details.
City Center II would span about 5.5 acres from Grand River Avenue and Abbot Road to Valley Court Park. Plans include a hotel, residential units, office space, retail space and a performing arts theater.
The latest estimates peg the project cost at $97 million, Chappelle said.Chappelle said he hopes to break ground sometime this year.
But there still are issues that need to be worked out.The East Lansing planning commission on Wednesday will consider a one-year extension of the site plan and special use permit, said City Manager Ted Staton.
Chappelle is working on some changes to the project scope. It's unclear whether the changes would require separate city approval.
He had signed a deal with InterContinental Hotels Group PLC's Hotel Indigo chain to run a roughly 120-room boutique hotel. But now, he's working with a different, unnamed operator to run a hotel with more suites and meeting space.
Read the entire article here.
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