Syracuse University bookstore deal dead
Fri, 20 Jun 2014 23:05:12 GMT —
More than a year after plans to build a new Syracuse University bookstore and fitness center, the University is now ending its efforts to construct it.
SU says it entered into an agreement more than 16 months ago with the Cameron Group LLC to construct and operate a commercial building on SU-owned land along the 600 block of University Avenue not far from the Whitman School of Management.
In a statement to CNYCentral, SU says, "Since that time, the project has experienced repeated and material delays and failed to meet requirements of the development agreement, including failing to secure construction financing, failing to submit a construction schedule, or otherwise taking action demonstrating a likelihood the project would be completed by the contractual June 18, 2015, deadline."
SU says it has repeatedly tried to work with the developer in good faith, but that the developer "has been unable to adequately address the University's concerns or demonstrate a credible ability to successfully complete the project as it had contractually agreed to do."
On Friday, the University formally notified the developer that it was terminating the project and reclaiming the work site. "When envisioned, this project would have provided significant new space for several important University needs and made current space on campus available to meet other priorities. However, the University can wait no more and must move ahead."
In 2012, the Syracuse Common Council approved a 30-year tax exemption for the developer. Under the deal, the developer would pay the City of Syracuse $64,400 a year for 30 years. The University planned to lease the space to the developer for $1 a year.