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Hill East completion deadlines extended amid financing concerns and RFK-area optimism
Summary
The committee approved extending substantial completion deadlines from 30 to 32 months for Hill East Phase 2 parcels; chair said developers cited expected RFK-area activity by 2030 as a factor making the project attractive despite tight capital markets.
The committee approved an amendment extending the period for substantial completion on Phase 2 parcels from 30 months to 32 months following the start of construction.
"The period for substantial completion of each parcel would be extended from 30 months to 32 months following the start of construction," Chair Matt Fruman said when outlining the amendment. Fruman also told members that developers had expressed concern about access to capital but said the RFK-area redevelopment could improve project economics: "The answer was RFK. The answer is that they feel that by 2030 and going forward, there will be a lot more activity happening in that space, and that so this investment becomes a particularly attractive" (remarks paraphrased for brevity but taken from the transcript).
Committee members asked whether additional action would be required later; Fruman said on this set of parcels the changes should unlock development and that staff would follow up on scheduling and budget clarifications.
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