BlogIn the LoopNews

UPDATE: Selig Project Faces ‘Significant Challenges’

The Selig developmentnow called Foundry at Broad, apparentlyhas hit some kind of snag.

Spokesman Brian Brodrick of the local PR firm Jackson-Spalding denied that the project is “on hold” and said Selig still holds options to buy the Armstrong & Dobbs property between East Broad and Oconee streets, but in response to an inquiry from Flagpole, he sent the following statement attributed to Selig Senior Vice President Jo Ann Chitty:

Over the past two years, Selig Enterprises has invested thousands of hours and more than $2 million in the Foundry at Broad project. In that time, there have been tremendous changes in the retail, residential and financial marketplaces.

At this point, the project faces some significant challenges with costing and financing reflective of larger national trends. As we work to overcome these challenges, we remain appreciative of the professionalism and responsiveness of Athens-Clarke County officials and staff.

This is an important project for both Selig and Athens, and we will continue working diligently to try to bring Foundry at Broad to market.

Brodrick said the company would have no further comment.

According to one source, Chitty has briefed Athens-Clarke commissioners on the project’s status, but several commissioners did not respond to calls and emails, and Commissioner Jerry NeSmith, buttonholed at a Federation of Neighborhoods meeting Monday night, declined to comment.

Mayor Nancy Denson could offer little additional information. “There have been some setbacks, but it’s moving forward,” she said.

What were the setbacks? “I didn’t ask,” Denson said. “It’s none of my business.”

ACC Planning Director Brad Griffin said the development hasn’t run into any problems with his department. He speculated that Selig could be having trouble securing financing for the residential portion, given the plethora of student apartments coming up downtown.