Thursday, September 30, 2010

One Possible Step Forward; One Possible Step Back

Today is the LCRA's deadline to submit proposals to redevelop the long-vacant Arcade Building at 8th and Olive.  It will be interesting to hear how many developers responded and what their plans are.

Meanwhile, another important building in the Old Post Office District may be suffering a setback, as the owners of The Alexa (formerly the Chemical Building) have filed for Chapter 11 bankruptcy protection after one of the project's creditors - Centrue Bank - nearly foreclosed on the building.  What does this mean for the future of the development?  The ownership group claims that it still plans to redevelop the building as opposed to selling it off, but it's hard to consider this encouraging news.  Seeing this building sit empty for several years since redevelopment plans were originally announced has been incredibly disappointing, and the unnecessary loss of Dooley's Pub merely compounds the pain.