KBIA Local
(2009-11-24)
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COLUMBIA, MO
(KBIA) -
The proposal for a downtown apartment and retail project has been withdrawn. KBIA's Celeste Miller has more.
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Trittenbach Development withdrew its proposal for an eight-story high rise with office space, apartments and a street-level grocery store. Columbia City Council member Karl Skala says the developers are planning a different project in place of the one that is being withdrawn.
"As I understand it, there is going to be a project to replace it, somewhat more modest and not requiring TIF, Tax Increment Financing, for the project."
Skala says the project was withdrawn because of the economic downturn and high risk associated with such a large project. The withdrawn project was estimated to cost 17 million dollars, but no money was invested in it yet.
Those at Trittenbach Development were unavailable for comment.
The downtown apartment and retail project was one of two Tax Increment Financing projects recently proposed. TIF developments are private projects partially funded through public tax dollars. The other, the Tiger Hotel renovation, already received final approval from the Columbia City Council, and is scheduled to start next year.
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