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A Big Project Bites the Dust

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The proposed $800 million Central Park upscale retail development is dead, the latest victim of the uncertain economy.

Developer Peter Rubin told city officials on Friday that his Coral Co. no longer needs a rezoning issue on the Nov. 4 ballot for the project, billed as a transformation of the city's business district into a town center.

Council voted to withdrawing the rezoning issue Monday night. The issue still will appear on the already-printed ballots. The county elections board told the city the votes won't be counted, Mayor Kevin Patton said. Notices will be posted at the polls informing voters the issue has been removed.

Stores, parks, restaurants, a hotel, housing and offices all were part of the plan for 90 acres bordered by SOM Center, Solon, Bainbridge and Sharondale roads.

Rubin informed residents whose property made up the parcel last week that his company would not exercise its option to buy their land.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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