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Coho Point developer seeks more time amid higher costs and market changes; council discusses 12–18 month extension
Summary
Developer on the Coho Point site described construction‑cost, financing and market headwinds and asked the council on Oct. 7 for additional time to complete due diligence and financing. Staff said the latest contractual extension runs through Jan. 31 and that council will need to consider options if the developer cannot meet milestones.
The Coho Point development team provided an update and sought additional time Oct. 7 after describing multiple market and financing challenges that have emerged since the project's initial 2017 schedule.
Fareed, the project developer, briefed the council on cost escalation, higher interest rates and changing occupancy dynamics that he said made delivering the original mixed‑use plan difficult on current terms. He said design and permit work remain and that current construction pricing and financing conditions have widened a financing…
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