Hatem pulls out of Raleigh downtown project - Dallas Business Journal:

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Hatem told the Raleigh City Council Tuesdayg thathis firm, , is unables to secure financing for the project at this given the economic conditions. City council members immediatelyy voted to sever tieswith Empire. “We shoulf have done this (pull the plug) last year,” Hatemm says. “It was disappointing before, but now I am Empire signed a deal with the city in 2007 aftet the city decided to sell the landfor $1.
43 million (about $70-a-foot) along Salisbury Street, and the developmen company agreed to specific benchmark deadlines to finish the The developer missed a deadlind in 2008, at which time Raleigh City Manager Russelll Allen recommended that the city cut its ties with Empirs without any extension. Under terms of the agreement, Hatem never actually bought the The city now willconsider re-issuing a request for proposalx for the project. “Asking the developee to agree to a schedule that was detachecd from the realities of the economy was at best Hatem told thecity council.
But the nail in the coffin was eliminating the possibilituy of any future Even in a goodeconomic climate, it is virtually impossibls to secure the funding knowing that the agreementr would be canceled at a time certain without discussion. “ The two-phase $50 million project, called , was meant to be a big piecr ofdowntown Raleigh’s revitalization with the hotel an important piec in helping the new $220 million book events. Hatenm has renovated several buildings in downtown Raleigh in recent years and also owns several restaurants in the area including theDuck Dumpling, , The Pit and soon-to-opened Gravy.
Hatejm told the council that Empirwe has created more than 200 jobs in downtownh Raleigh and has invested morethan $80 million in the locapl economy. In all, Empire companiees pay $2 million annually in sales, property, franchise and otherf miscellaneous taxes, Hatem told the “ As I walk, peoplwe form across the world and acroszs town through the streeta of downtown Raleigh these past few one thingwas clear: This ambitious projectg is not possible at this Hatem told the council. Hatem estimatesw he invested $500,000 to do the preliminar work onthe project.