Another day, another developer

Star Tribune Tue, 27 Nov 2007 21:40:28 CST
New Hope weighs next step on apartments

Redevelopment of the Bass Lake Road Apartments site remains uncertain after the city's deal with the property owner fell through. After years of planning for redevelopment at the Bass Lake Road Apartments site, the New Hope City Council is cautiously considering how to move forward after a purchase agreement with the property owner fell through this fall. On Monday night, the City Council passed a motion to grant a 90-day extension for an interim agreement with Insignia Development, the company that the city has been working with to redevelop the site. Insignia previously had a deadline of Dec. 1 to complete a market study for the project, which the city wanted to be owner-occupied housing or a mixed-use development. During the 90-day extension, council members asked the city attorney to draft a new agreement with a contingency that will give the city a period of time in which it could cancel the agreement with Insignia if another developer is interested in the project. "We're committed to working with Insignia," City Manager Kirk McDonald said. "But the city doesn't want the site to be tied up if another developer came along and was interested." ...

[[keywords: LandUse;Metro;]]