Next steps for the city-owned land at 7th and Market will likely be declaring the site surplus, as required by state legislation, and re-starting a process for redevelopment, with the emphasis on affordable housing.
to develop city-owned land at 7th Avenue and Market Street. In a letter sent Feb. 3, the city said it was taking the action “because of the Developer’s inability to carry out the Project or otherwise perform its material obligations under the DDA .”
As recently as the last couple of weeks, the partners said they had been discussing options for improving the project to make it financially workable. As part of the original agreement, Cisterra had agreed to pay the city $20 million for the block bounded by 7th Avenue on the west, Market Street on the north, 8th Avenue on the east and Island Avenue on the south.
A grandfathering clause in the statute gave the city and the Cisterra team some leeway, but a Dec. 31, 2022, deadline for closing deals on former redevelopment projects like 7th & Market has now come and gone.
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