Negotiations over the Laura Street Trio falter in Commission meeting with Kuhn Properties Sources at JEDC today confirmed that negotiations with Kuhn Properties came to a standstill today after the Commission changed an important tie in clause with Kuhn regarding the renovation of the beleagued historic Properties.
The Laura Trio is a group of historic structures most recognizable by the Marble Bank thats stands at the corner of Laura and Forsyth.
It was recently sold to Kuhn's company by the Police and Fire Pension fund after being rescued from the clutches of a German ownership group by the City after the Germans threatened to demolish them. The two towers on either side are original Klutho buildings built after The Great Fire.
Kuhn's company had agreed with the city to spend 39 million to renovate the interior of the buildings, and the city agreed to match a 1 million dollar commitment to renovate the exterior of the building.
However according to those present in today's board meeting, the Commission decided to tie the 1 million dollar contribution to the facade renovations to a stipulation that the interior renovations be completed first, leaving Kuhn with the burden of completely renovating the interiors before the exteriors can begin.
This is of course the opposite of the arrangement which the Kuhn Companies reached with the City on the historic Barnett Tower across the street.
Kuhn's representatives confided that under the new stipulation, they would probably have to give the deal a miss, bringing the long awaited renovations of these properties to a grinding halt.
It is conventional wisdom that it is exactly these kinds of shenanigans which make downtown so difficult to redevelop.
Insiders are baffled as to the thoughts behind the change, and many today are left wondering: What the hell?
More developments to follow.