Developers Withdraw from Central Property Purchase Agreement
Plans for Central Property Fall Through in Duluth
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ISD 709 officials announced today that they have received notification from Harbor Bay Real Estate Advisors that terminates the purchase agreement for the Central High School property.
According to ISD 709 officials, budget planning for the next school year did not include the sale of the Central property so the withdrawal will not require any budget adjustments.
“The property will go back on the market, “said Bill Hanson, Business Services Director for ISD 709. “The real estate market is stronger now which may provide more opportunities for development.”
In a letter to officials Harbor Bay representatives stated that “the site provides a unique opportunity in Duluth to develop a truly “mixed-use” project that could include: for-sale housing, apartments, retail, office space, senior housing and hotel” and “we have received significant interest from each of these uses.”
The developer also stated that “the pre-development timeline is fairly extensive and costly” and “we estimate 18-24 months to complete necessary design, civil engineering, cost estimating and entitlements.”
Based on those and other findings, which are included in the letter, the developer indicated a need to re-evaluate the feasibility of the site and withdraw from the purchase agreement.