Tom Loftis, a portion of Kingsgate Commons, mentioned that his being familiar with is that Redwood cancelled the job because of to their funding slipping as a result of. Loftis mentioned that Redwood experienced a clause in its deal stating that they could pull out of the project due to funding challenges.
Nonetheless, Loftis reported that he did not have a lot more specifics concerning Redwood’s financing situation. He experienced originally considered that construction for the task would move forward just before Redwood created the final decision to pull out of the job.
Loftis explained that Redwood has also cancelled quite a few other initiatives it was performing on in other places. Redwood experienced in the beginning said in 2020 that their condominium venture in Springfield would represent a $13 million to $14 million investment for them.
Gregory Thurman, with Redwood, declined to remark about why the Springfield job was cancelled. The builder has a variety of developments in the Dayton region, including in towns these kinds of as Huber Heights and Fairborn.
Thurman earlier advised this information group that it experienced picked Springfield as a site for advancement due to its place in the county and the perception that the project would be thriving in the spot.
“We have a extremely desirable progress sample and when you have potent county seats, which Springfield definitely falls into the group of a potent county seat in Ohio, we have accomplishment,” he mentioned.
The news of the cancellation comes at a time when Springfield is viewing townhomes and apartment units becoming produced in the downtown as perfectly as 3 housing developments either staying created or slated to appear to the eastside of the metropolis.
Loftis explained that his team continue to programs to construct roadway entry to the property on Center Urbana Street and is continuing to glimpse to bring in future progress on that land.