[fla_tiger]

Riverfront Mixed Use development

Deal closes on riverfront project

By ADVOCATE BUSINESS STAFF

Published: Jan 10, 2008

Sales records show developer Pete Clements closed Tuesday on the $13.5 million purchase of a 36-acre tract of riverfront land north of Hollywood Casino.

The site was owned by Luhr Brothers Inc. of Columbia, Ill., a company that used the site to store rock, gravel and other construction materials.

Clements, who has been negotiating for the land since early last year, has said he plans to build a mixed-use development there, including 800 to 1,200 residential units, as well as 300,000 to 600,000 square feet of commercial space.

He could not be reached immediately Thursday. But in March, Clements told the Downtown Development District that the residential units would likely target midrange-income tenants.

Part of the negotiations included Clements’ offer to sell four acres to Hollywood Casino.

Both parties had been working on a plan to build an underpass under the downtown rail line that would guarantee uninterrupted access to the casino site. Access becomes blocked whenever trains pass through downtown.