The key developer for the Aerospace and Clean Energy Manufacturing and Innovation Park has pulled out, city and state officials said Monday.
The move leaves the city with continuing ownership costs for the former Agilent location, at Southwest 14th Street and Taft Avenue.
United Properties of Minneapolis pulled out of the project, saying it could not close the deal under the current lending environment and under tight deadlines.
“In our experience in commercial real estate development, a project of this complexity requires significant resources, time and the collaboration of many parties to bring the project to a successful completion,” said Frank Dutke, president of United Properties, in a press release.
“During our limited exploratory period, two components critical to us – available credit tenancy and acceptable financing terms – do not appear to be achievable within the required timeframe. Regrettably, we have decided not to pursue this opportunity at this time.”
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