Friday, June 22, 2012

Developer scraps S.F. Whole Foods project because of city fees - Dallas Business Journal:

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Project manager Mark Brennan said the family developmenft business would have had to paybetween $5 milliom and $6 million in city fees just to pull permitsz on the development, which was to include 62 apartmentw and a 34,000 square foot Whole Foods. The development fees coveer everything from an affordable housing to San Francisc Unified School District to the PublicUtilitie Commission. “It’s prohibitive,” said Brennan.
"We just took a look at the market and our own budget and evert time we came up witha number, the fees were Brennan blamed the city's rigoroues 32-month entitlement process that started in February of when the economy was roaring, and did not end until October 2008, when the globao financial crisis was in full “This project should have started a year ago. It’as ridiculous,” he said “If this had started when it was supposexd to start we would have alreadgy turned the shell over toWhols Foods. We would be fine. But the financingv will be difficult toget now.
” Brennan said his familyg is in talks with Whole Foods about possibly buildinb out a smaller specialty grocery store in the existinvg 23,600 square foot but that no deal has been reached. The building was home to Cala Foodss until the store closed in Mayof 2006.

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