At 800 E. Central Entrance, ledge rock is found in great quantities. This has presented a challenge as it has discouraged other developers from proceeding. Construction management firm ICS is acting on behalf of Ostreicher in Duluth. Jeff Schiltz, an executive with the company, revealed that the groundbreaking was postponed from summer due to various factors such as delays in obtaining financing caused by economic uncertainties and rising construction costs. Additionally, site studies were conducted to minimize blasting and rock removal. The city has granted a few extensions to the agreement stipulations, and earth work is set to commence this week. By spring, the site will be ready for foundations. Local architects and construction firms have already joined the project.

Project's First Phase and Redevelopment Tax Increment Financing

The first phase of the project will receive $75 million in redevelopment tax increment financing (TIF) from the city. This funding is intended to reimburse Ostreicher for infrastructure expenses like utility connections. However, subsequent TIF districts, which are required for each phase, still need to be approved.

Alternative Urban Areawide Review

The multibuilding project underwent an Alternative Urban Areawide Review to assess how different development scenarios would affect the environment. This review was completed last spring, ensuring that the development is in line with environmental considerations.

Marketing of First Condos and Project Timeline

Jordan DeCaro, a real estate agent who graduated from the last Central High School class, is responsible for marketing the first condos to be built. A one-bedroom unit is listed at $650,000, while a two-bedroom unit costs $850,000. The rest of the first phase, which will consist of 220 apartments and retail sites, is expected to be completed in 2029. This provides a clear timeline for the development and gives potential buyers and investors an idea of when they can expect to see the completed project.