City Growing Concerned About Chafoulias Delay
Rochester, MN (KROC AM News) - The long-awaited groundbreaking for the planned Broadway at Center project in downtown Rochester apparently won’t be taking place anytime soon.
Developer Gus Chafoulias has informed the city that he has terminated the participation of an investment group led by a member of the Saudi royal family and a Minneapolis businessman.
The decision comes more than a month after Chafoulias announced he had lined up the necessary funding for the $145,000,000 project and had started the official closing process. Chafoulias is now looking for other investors.
The City Council was told Wednesday night Chafoulias has apparently had talks with a well-known Upper Midwest businessman.
The city has become increasingly concerned about the delay because it is having an impact on its planned construction of a new public parking ramp that would accommodate the project.
The City Council approved the preliminary plan for the ramp project Wednesday night.