Tuesday, April 26, 2011

HUD Hurdle Cleared Today for CityMarket at O

The CityMarket at O HUD loan deal was approved by the HUD Central Loan Committee today. HUD financing for CityMarket at O is moving forward.  Next step is the long awaited invitation which in the development world is like a term sheet.   There is a lot of work to get done before a CityMarket construction start but this is the beginning of getting construction funding in place.


  1. So... any progress to report? We've only got a couple of months before the window closes on being able to demolish the Giant and get started in 2011.

  2. You haven't posted since April. We're hearing rumors that the HUD loan closes in August and construction starts in September. Can you give us some details or at least confirm this? It would be good to get actual information from the developer! Thanks.

  3. In separate emails, Alex Padro noted to the Shaw Neighborhood Yahoo group listserv on 7/8/2011...

    "HUD loan closes in August. Store to close at end of August. Demolition of store and excavation to begin in September."

    "Base building permit has been issued. Steel will be delivered in the next two weeks."

    Can you comment on these things and let us know if this is still true or not? Or are things being pushed back again?


  4. All things depend on HUD and TIF closings. The project is absolutely moving forward. We will be starting facade bracing of the historic market and carefully removed each brick from the west wall for reuse in the new market building. This is a very complicated project and a very complicated and intense process. We appreciate the community's patience and interest.

  5. I realize this is a complicated and lengthy process but what exactly does this latest comment mean? Is there a timetable for anything? If everyone's expectations have been set for closing of the HUD loan and construction to begin in August 2011 is it possible to get a more comprehensive update on August 31st? What is the purpose of having this blog?