Deadline May Be Set for Broadway at Center Project
Rochester, MN (KROC AM News) - Rochester developer Gus Chafoulias may soon be facing a deadline to begin construction on his long-planned Broadway at Center project.
The final development plan for the downtown project was approved by the City Council in November 2014. The council approved a development assistance agreement for the project six months later. Since then, the city has been waiting to hear when work will begin.
City Administrator Steve Kvenvold has told the council that Chafoulias continues to have trouble finalizing the project’s financing. Kvenvold says members of a Saudi royal family have backed away from the project for a second time, forcing Chafoulias to look elsewhere for investors.
Kvenvold may ask the Council to consider setting a deadline to begin construction by the end of the year. If the deadline is not met, Kvenvold says the Council may consider terminating the development agreement.
The $145 million project is expected to consist of a 264-room Hilton hotel, retail and commercial space and 33 luxury apartments.
The city has become increasingly concerned about the delay because it is having an impact on the planned construction of a new ramp that would accommodate the project, which has a two year construction schedule.