The city, along with the Madison Square Redevelopment Authority (MSRA), recently extended the deadline for proposals for the highly anticipated project to January 18.
Alan Hoops, director of Community Development, said the original deadline was in August. “We had at least two interested developers who wanted more time,” he said.
While construction might not begin as soon as city officials had hoped, extending the deadline has had at least one benefit. Since making the decision, other builders have also shown interest in the project.
“We’ve sent out requests for proposals to at least two or three developers. One of them is in south Florida and the other is from Arkansas,” Hoops said. “There is a company that advertises projects like this for developers and we were picked up.” The city didn’t pay for the advertising and Hoops couldn’t think of the name of the company during the interview.
He said the number of developers showing interest in the square is about what city leaders expected.
Contractors can make proposals to lease the property or buy the property from the city. Ideally, Hoops would like to see a developer chosen who already has tenants lined up to move in as soon as buildings go up.
The square will sit on approximately 17 acres bordered by U.S. 51, Madison Avenue, Main Street and Magnolia Street
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