A downtown Eugene developer is asking for the city’s approval to scale back a major project.
Beam Development of Portland will soon begin renovation of Centre Court, a major building in downtown Eugene that could help spur redevelopment in the area.
But recession problems are forcing the developer to back off on another part of its agreement with the city: the construction of a new structure on the building’s adjacent pit.
The city last year loaned Beam $3.55 million to buy the properties. It also agreed to loan Beam $6.5 million in federal funds to help finance the cost of constructing the new building on the pit and renovating Centre Court.
Now, the plan is to use the federal funds only to renovate Centre Court, which has been vacant for more than six years.
Read the full story at The Register-Guard.
{biztweet}Beam Development of Portland Centre Court{/biztweet}
