Here's an update on the recent development drama from the Bench Triweekly Dispatch-Intelligencer online (and only) edition. We didn't read the entire article, but if the lede is any indication, The Korner is sitting pretty into the foreseeable future! Bust a nutgraf:
Arizona developer eying Boise Bench declares bankruptcy
EUCLID revitalization plan on hold
By D'Arcy Stroud, Staff Writer - Feb. 19, 2014
Rio Rancho Con Fuego Del Sol LLC of Gilbert, Arizona has declared Chapter 11 bankruptcy, stalling the development company's plans for a large-scale rehab of the Bench's Emerald Urban Corridor Local Improvement District (EUCLID).
In an interview with the Dispatch-Intelligencer, Rio Rancho head Hart Packard expressed his dismay over the news but remained confident that redevelopment of the Bench is inevitable.
"It's not a matter of 'if' but of 'when'," Packard said. "I may have fallen, but there's a whole legion of developers behind me waiting in the wings, and they're poised to leverage the necessary assets to make the Bench a value-add for Boise."
Rio Rancho's demise was met with alacrity by some Bench-dwellers. Huey Dood, spokesperson for The Kreation Korner, mentioned that he and his team are elated that the cityscape of the Bench will remain largely unaltered, at least for the time being.
"The Bench is Boise's last outpost of authenticity," Dood said in an email. "Its urban grittiness and modest lease rates are kritical (critical) to our endeavors."
The Boise City Mayor's Office declared that it will establish the Bench Commission, an independent working group tasked to investigate Rio Rancho Con Fuego Del Sol and determine whether or not the City acted too eagerly to allow a single developer to essentially have carte blanche over the reshaping of an entire neighborhood.
A secondary objective of the Commission is to conduct an inquiry into how the controversial practice of "Kreation" has allegedly been occurring unchecked for years in direct violation of Boise's zoning ordinance for medium-density commercial areas.
Wednesday, February 19, 2014
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