Whole Foods project delayed
The Whole Foods Project at the new Fauntleroy Place has been delayed to open in October 2010, instead of early that same year.
The owners will sell much of the property, and that sale will delay the project. A new developer will be chosen to finish the planned 170-unit development at the corner of Fauntleroy Way Southwest and Southwest Alaska Street.
Also included in the project; 61,000 square feet of retail, four floors of underground parking and five stories of residential units (apartments).
Current developers of the project BlueStar Management/Development announced measures in Decemeber to reduce the total cost of the $65 million project.
At that time, BluStar spokseman Eric Radovich said the decision to conduct "value engineering" was made after the first phase of the project was completed at the end of November.
It's unclear how the sale will effect these plans, but it would have included rebidding on some existing materials and some structural redesign work.
"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 had said.
Radovich had also 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.
This story will be updated later today, Friday, Jan. 30.