Construction at the Vive townhome site has been delayed until the city and waterfront redeveloper Asbury Partners, led by its majority owner iStar Financial, can come to a financial agreement.
The agreement involves infrastructure work in the waterfront area, city manager Terence Reidy said. The agreement will “establish a template that will move all of the redevelopment in the waterfront forward, not just one project,” he added.
“We’re very close” to reaching an agreement, Reidy said yesterday. “The goal is for iStar to get out of the ground this year with that project and we’re all working to make that happen.”
While redevelopment and planning official Don Sammet handles redevelopment plans for the city, Reidy is responsible for the financial component of redevelopment, he said.
Brian Cheripka, vice president of land of iStar Financial, said the redeveloper has “received a tremendous interest in Vive, and truly appreciate[s] those buyers who stepped forward to purchase the first units.”
Construction will start again when the financial agreement’s terms are finalized and iStar’s application is approved by city council, he said.
“This financial agreement will help set the stage for all future projects in the redevelopment area and will greatly benefit the entire city,” Cheripka said.
The Vive complex will include 28 two-or-three-bedroom units. Most will have three floors, with an option for a fourth floor to function as either a rooftop terrace or a bedroom. Square footage will range from 1700 to 2200 square feet. Each unit is slated to have a two-car garage.
