Construction on McKinney’s Bridge Street Town Centre stopped

by Rodney Williams of McKinneyNews.net

Multiple sources familiar with the situation have verified for McKinneyNews.net that construction has been halted on the Bridge Street Town Centre project at Hwys. 75/121.

The move comes on the heels of a letter sent by O&S Holdings to Beck Construction, the construction firm handling the $71 million dollar project. The letter, received Friday, told the construction firm to cease work immediately.

The reasons for O&S - the development company for the project - deciding to halt the project are not clear. Those familiar with the situation have cited multiple factors involved in O&S’s decision, among them the lack of permanent funding (no bank has yet agreed to finance the project) and an ever-changing economy.

What isn’t known is how much a request for $5 million to the City for the project plays into all of this. O&S, citing drastically increased construction costs, requested the additional funds at a McKinney Community Development Corporation board meeting on Oct. 7. The request was passed for Oct. 16 when MCDC will hold its Board Retreat at the Holiday Inn & Suites on Craig Dr. It isn’t known whether a decision will be made at this time.

It is doubtful, according to sources, that the funding request had much to do with the move. The lack of permanent financing could have had O&S considering the move before it approached MCDC for extra funding.

It is not known at this time when permanent financing will be acquired or when construction on the project will resume.

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