$170-million downtown project dies
By Times Staff Writer
Published September 2, 2007
A plan for a $170-million mixed-use project at Fourth Street and Third Avenue N is officially dead. Atlanta-based Miles Development decided to pass on the deal before committing to buy the land, Jason Perry, Miles' vice president of development, said in a statement. "It's a great site, and it all came down to making the numbers work," he said. "Market conditions changed, and we just weren't able to put enough density on the site to make it economically feasible." Among other things, the plan called for a high-rise office building, a hotel and upscale grocery in several different phases. Miles recently opened its 114-unit 1010 Central condo project and in November will open the Sage, a 112-unit project southwest of downtown. The company also has plans for a 159-unit apartment building at 1701 Central next to Interstate 275.
Storm helps launch Maximo Marina work
Developer Frank Maggio had just announced that he would close half of Maximo Marina for renovations when a thunderstorm moved through Wednesday night and started his demolition work for him, tearing apart some of the old tin roofs he plans to replace. "If you believe in omens," Maggio said, "it is clearly time to renovate." Maggio is closing the south basin at Maximo and offering those occupying those 170 slips space in his newly built Nautico, which replaced Huber Marine across I-275. Nautico, which officially opens in October, has 115 wet slips and a 327-space high-and-dry space that can accommodate boats as large as 45 feet long, Maggio said.