Despite rumors to the contrary, the Whole Foods project at the new development Fauntleroy Place is still a go, but some measures are underway to reduce the total cost of the $65 million project, according to the developers BlueStar Management/Development.
The decision to conduct "value engineering" was made after the first phase of the project was completed at the end of November, said Eric Radovich, managing director of public relations, marketing and human resources for BlueStar.
It will include rebidding on some existing materials and some structural redesign work. However, the changes will not alter number of apartment units, 170, said Radovich.
"This gives us a great opportunity to bring the (overall) cost down and room to make money on this as apposed to a break even situation," he said.
Radovich said with the current economy, they might not be able to get as much as anticipated from the project. The apartments will probably have to go for less than the expected $2.20 per square foot.
The timeline for the project is still in line, with a completion date set tentatively for early 2010. Ground broke at the site, on the corner of 39th Avenue Southwest and Southwest Alaska Street in August.
The ground was dug up to create the foundation of new the parking garage (four floors of underground parking).

More information on the project can be found at http://www.bluestarmi.com/commercial/projects/fauntleroy.asp.