RM 02-26-88 - Laserfiche WebLink

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South Ben0edevelopment Commission Regular Me ting - February 26, 1988 6. NEW BUSINESS (Cont.) j. Continued... Mr Sowinski explained the reason for the chEmges. Shortly after Combined Capital Associates XVI was awarded the bid, they were approached by three different out-of-town firms interested in doing a joint venture project. After much discussion and research into Kirco Realty and Development Corporation of Bloomfield Hills, Michigan, they have decided they would like to proceed in a joint venture project with them. Kirco has extensive experience in office development as well as contacts with major companies nationwide. The lease -up of the office buildings they have built is very successful. They do quality work and ha -4e a style similar to the project which was approved for parcel C4 -3. Mr. Sovrinski indicated that if pre - leasing activities continue to be favorable, they ma construct a 100,000 s.f. office building instead of the proposed 70,000 s. f. building. He also indicated that he wo ld continue to be the primary person in charge of the project. Ms. Auburn asked if they anticipate any difficulty securing financing. Mr. So inski responded that he sees a "window of opportunity" at the present time due to the recent fall of the stock market, ca sing investors to look for an in estment that won't lose one third to ono half of its value over night. Ms. Derbeck asked if the building design will change from the original proposal. Mrs. Kolata responded that the initial pr sal is a preliminary proposal. As the project proceeds, it is usually necessary to change the design to some- extent. That may happen in this project, but not necessarily as a result of Ki o's involvement. Any changes will require approval of the Design Review Coninittee. crZ