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City Won’t Give Land to APCC Project
It’s back to the drawing board for the Asia Pacific Cultural Center’s plans for a gigantic mixed-use development in the Brewery District.
A year ago we were looking at some inspiring drafts of plans for an extensive mixed-use project for the APCC.
Those plans asked the City to give the APCC a large chunk of City-owned property just up the hill from the Brewery District, with an ambitious groundbreaking date of 2013. The City ruled out gifting the land to the organization, but left the door open for talks on purchasing the property.
The City and the APCC took a year to study the project, conduct feasibility studies, financial planning, and other due diligence. We hadn’t heard much in a while, but last week the City gave the APCC a firm “no” on the idea of gifting the land to the project. The site has millions of dollars in encumbrances on it, and if/when the City sells it, it will go at market rate. Assessed in 2009 at $3.9 million, the debt on the land now tops $12.3 million.
That doesn’t necessarily kill the project, but it does mean the APCC and its supporters will have to raise a significant amount of money, beyond the already substantial project cost, to purchase the original site. Otherwise it will have to consider another location. According to The News Tribune, Lua Pritchard of the APCC says she’s confident that it will happen in the next seven years.
We still like the idea of an APCC mixed-use development…
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