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Last December, retail developer Jim Rhue said he expected to begin demolition this spring on several retail and motel/restaurant properties that occupy a 7.5- acre site along the east side of South Nevada Avenue between St. Elmo Avenue and Brookside Drive.
In a CSBJ story, he outlined plans to attract upscale or high-end retailers interested in appealing to an underserved market in southwest Colorado Springs.
City officials supported the project, which was expected to apply for status as a Colorado Springs Urban Renewal Authority redevelopment site.
However, financing-fueled hurdles have forced the project to the back burner. In an update earlier this month, Rhue said he had informed members of the South Nevada merchants' group that forward motion at Broadmoor Gateway Pavilions was on hold.
"Our revised construction kick-off is now September 2010 rather than this spring as originally planned -- with an opening now set for October 2011," he said.
In addition to the difficulty CSURA would have getting the bonding necessary to support tax incremental funding which, in turn, would help secure...