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I figuered Corpus Christi has enough going on development wise, so I figuered why not give the city it's own thread here.
Anyways to kick things off. :cheers:
Anyways to kick things off. :cheers:
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City spends $900,000 to encourage redevelopment of Ward building downtown
By Jessica Savage
Posted January 7, 2012 at 3 a.m.
CORPUS CHRISTI — The city has spent about $900,000 to entice redevelopment of an anchor building in downtown that's remained unoccupied for years.
Assistant City Manager Oscar Martinez said time and money are running out for the city's interest in the Ward Building, at 540 N. Chaparral St., as the city continues to negotiate an agreement between the building's owner and a private developer.
The city spent most of the money to acquire the building's leasehold rights and purchase and improve a parking lot next to the building so it could lease spaces to downtown residents. The leasehold rights mean the city has control of the building and could even demolish it without the owner's consent.
The money came from community development block grants and a one-time allocation from the Corpus Christi Housing Finance Corp., a fund that collects developer fees and spends them on housing improvements. In less than two years, the city won't be able to cover monthly lease payments out of block grant funds being used because that money expires.
"It's a little frustrating," Martinez said. "We're going to have to make a decision on whether we're going to stick to this strategy."
A year ago the city began negotiating with San Antonio developer Bill Hoover to redevelop the Ward Building. Hoover owns the 1920s-era Nueces Lofts building across the street, which he redeveloped into loft apartments with a fitness center on the ground level. His redevelopment of the Nueces Lofts building was hailed as an inspiration for downtown redevelopment.
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