Developers said the nation's financial crisis may force changes in the $230 million Baum Liberty Crossing project in Bloomfield, including reducing its size and asking for public financing for part of the project.
One change may be building 70 apartments instead of 50 condominiums in a proposed seven-story building that's planned in the first phase, said Mark Dellena, executive vice president of Doc-Economou, part of the development team.
Dellena, speaking before about 100 residents from seven neighborhood groups at a Monday night meeting to review a traffic plan for the project, said today's financing markets seem to have more money for apartments than for condos.
"We may later convert the apartments to condos," he said.
And, he said, the developers will seek public financing, although he declined to identify how much or from where.
"We need public support for infrastructure that includes parking, trees and sidewalks," he said.
A traffic impact study, prepared by Trans Associates, is being reviewed by the City Planning Department and was not available at the meeting.
"Depending on market conditions, we may have to scale down the building by a floor, or provide only 1 1/2 levels of underground parking beneath the building instead of two levels," he said.
City Councilman Bill Peduto arranged the meeting in hopes residents could review the traffic and parking plan for the development, to be located on the former Don Allen Auto site at the corner of Baum Boulevard and Liberty Avenue.
His hope is to have a traffic/parking plan that is acceptable to residents prior to an Oct. 23 hearing before the City Zoning Board of Adjustment on variances sought by the developers to permit a seven-story building in a zone that permits four stories.
"Without the support of the community, I will not support the project," Peduto said.
Current plans call for the first floor and portions of the second floor for retail, three floors of about 140 to 160 hotel rooms and two top floors for condominiums. The project involves four city blocks, stretching from Ritter's Diner on the west and the Children's Home on the east.
The master plan for the 5.5-acre site includes four buildings -- two of four stories and one of three stories, plus the seven-story structure -- which would house about 300,000 square feet each of office and retail space, the extended-stay hotel and condominiums.
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