Thursday, October 16, 2008
Construction on McKinney’s Bridge Street Town Centre stopped
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Artist's rendition of Bridge Street Town Centre
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.
Pegasus News content partner - McKinneyNews.net
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alexander troup Verified
It had to happend one day it had to happend here, and now its going to happend all over, what is there to fear, so you get layed off...and then you wait, along comes a peice of good luck to change your fate and so you change, and that is what this years economey has been about, the things we want to build and the things we cant afford to live in sorry McKinney maybe next year, until then Alex Troup, Christian developer.
8 months, 3 weeks ago ( Link to this comment | Suggest removal )
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