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Developer given six-month extension for Rio Apartments; will revise site plan to reduce costs
Summary
Council granted a six-month extension to Oct. 1, 2026 for the Rio Apartments project after the developer said construction costs were roughly $4 million over budget; the developer plans to revise the plan from three buildings to two while maintaining unit count and will return for site-plan approval.
Counsel presented resolution No. 2092 to grant a six-month extension for the Rio Apartments project; staff said the extension would push the deadline to Oct. 1, 2026. Developer Dustin Baker (Alcove) told council he had submitted plans and received plan-review comments but that bids came in about $4 million higher than his budget.
Baker said he intends to revise the plans from three buildings with podium structures to two buildings (maintaining the same unit count) and to return to the city for site-plan approval. He said he has authorized his design team to revise the plans and believes the change will bring the project back into budget; he asked the council for the additional time to complete those revisions and secure permits.
A councilmember moved to approve resolution No. 2092 as written; the motion carried by roll call.
