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CRA revisits 447 Harrison breezeway after developer says $800,000 financing gap
Summary
City staff told the CRA board that a proposed public‑private project at 447 Harrison Avenue (the breezeway) faces an estimated $1.2 million construction cost and an $800,000 financing gap; the board discussed options including sale, long‑term lease, scope reduction or DIB‑led partnership and stopped short of committing CRA cash.
City staff and CRA board members discussed options for 447 Harrison Avenue — the downtown “breezeway” project — after the prospective partner, Virtuous Cycle, said its preferred plan would cost about $1.2 million and leave a financing gap of roughly $800,000. The city previously authorized staff to negotiate with the group, but the new board asked whether the agency still wants to proceed in light of the gap. Brandy Waldron, CRA staff, told the workshop the CRA had funded about 90% of a design that included leasable space, public restrooms and a preserved breezeway. “When we reached about…
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