According to a Crain’s article the Jam/Freed partnership is required by court order to place $5M in an escrow account 30 days after being awarded title and have a renovation financing plan in place 90 days after that. Renovation is required to be complete in about 2 and a half years.
If Mickelson was planning on sitting on the property that’s not going to work. He better get busy shaking down the city for TIF money.
From what I’ve seen of the interior there is no way they can operate during a restoration. The city would never grant even a temporary occupancy permit. That would probably slow work and cost even more money anyway. The theatre has been closed for nearly 30 years, it can wait a couple more while being worked on.
Warshauer is the Chairman of the Retzler Development Group so old news basically. No new entity has yet secured title on the property and won’t until the court cases run their course.
From what I’ve seen it looks appears that the city would prefer Live Nation be successful in their bid given the company’s deep pockets and the fact that they have the most to gain by restoring and operating the venue as quickly as possible. Unless something remarkable happens I’d expect that to be the eventual outcome though its going to take some more time.
According to a Crain’s article the Jam/Freed partnership is required by court order to place $5M in an escrow account 30 days after being awarded title and have a renovation financing plan in place 90 days after that. Renovation is required to be complete in about 2 and a half years.
If Mickelson was planning on sitting on the property that’s not going to work. He better get busy shaking down the city for TIF money.
From what I’ve seen of the interior there is no way they can operate during a restoration. The city would never grant even a temporary occupancy permit. That would probably slow work and cost even more money anyway. The theatre has been closed for nearly 30 years, it can wait a couple more while being worked on.
Warshauer is the Chairman of the Retzler Development Group so old news basically. No new entity has yet secured title on the property and won’t until the court cases run their course.
From what I’ve seen it looks appears that the city would prefer Live Nation be successful in their bid given the company’s deep pockets and the fact that they have the most to gain by restoring and operating the venue as quickly as possible. Unless something remarkable happens I’d expect that to be the eventual outcome though its going to take some more time.