After receiving approval on a $56 million loan from the U.S. Department of Housing and Urban Development, the Lawrence Group is nearly ready to begin the redevelopment of the former Union Pacific headquarters building at 13th and Olive as the Park Pacific.
Considering the current state of the economy and the fact that the Lawrence Group lost the commitment of a major office tenant – accounting firm Larson Allen, which instead decided to lease space at One City Centre – this is fantastic news.
The $109 million project will feature 232 apartments, 45,000 square feet of office space, 35,000 square feet of ground-floor retail space and parking for 580 cars. According to the Business Journal, the Lawrence Group has already received letters of intent from several tenants.
The financing for the Park Pacific is scheduled to close in January, with construction beginning in February and anticipated completion coming in summer 2011.
With this project and several others finally about to begin, downtown’s list of vacant, developable buildings is starting to dwindle – a very exciting thing.