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No Comments [ Add Comment ]Clearfield Midtown project still on track
By SCOTT SCHWEBKEFirm says it's still interested in Ogden deal
CLEARFIELD -- Midtown Development is moving ahead with a $150 million project here despite encountering delays on similar projects in Ogden and Orem.
Construction on the first phase of the Midtown Village project to be built near the Legend Hills area in east Clearfield is scheduled to begin in June, Rob Storey, a business development manager for the company, said Tuesday.
"It's a go," he said.
Clearfield City Manager Chris Hillman believes the project will be a success because Midtown Development has flexibility to adjust the scope of the development during construction to accommodate changes in commercial and residential markets.
"We have confidence in the developer and the development," he said.
Midtown Village likely will be built in three phases, Storey said. The initial phase should be completed in 2009, and will feature condominiums, retail space and a restaurant, Hillman said.
Overall, the development will have three towers, each eight stories, that will have about 200 residential units, a state-of-the-art performing arts center and more than 225,000 square feet of office, retail and restaurant space.
A feasibility study is nearing completion to determine the scope of the performing arts center that is expected to have about 900 seats, Hillman said. The entire project should be completed by 2012.
Clearfield has agreed to issue $22 million in special improvement bonds to Midtown Development to assist with construction costs.
Midtown Development would be responsible for repaying the bonds through commercial leases and a portion of condominium sale proceeds, Hillman said.
While the Clearfield project is moving ahead, a similar, partially completed $100 million Midtown Development condominium project in Orem is languishing.
The two projects are being financed separately, Storey said.
A slump in the economy has temporarily halted construction on the Orem project, according to Midtown Development President Larry Myler.
Economic factors have also prompted Midtown Development to delay a formal proposal to the Ogden Redevelopment Agency board for a proposed $115 million downtown hotel and indoor water park.
Midtown Development remains interested in Ogden and is working to resolve several issues with the project, including adequate parking, Storey has said.
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