As first reported here yesterday, recovery zone bond financing for the Deep Roots Market relocation is looking like a no-go.

The developers had hoped that underwriting fees would be spread across all bond projects, but instead each project appears to be responsible for its own fees. Even with low-cost bonds, these fees make the effective rates too high for a smaller project.

Not sure where this leaves the other small downtown deal, the Miller Loft project on South Elm.

Deep Roots has not formally pulled the plug on bond financing, but it has stopped pursuing it actively, says developer Bob Isner. He hopes another option, new market tax credits, can still make a downtown Deep Roots a reality.

How did we get here? DRM manager Joel Landau says the bond program "is new, and it's complicated, and it's hard to get information about it."

Comments

[anonymous]

which reminds me...whats going on with that hotel thingy? Haven't heard any thing in weeks and usually when you don't hear about a project for a long time, its dead.