By BJ Austin. KERA News
http://stream.publicbroadcasting.net/production/mp3/kera/local-kera-816540.mp3
Dallas, TX – The economic downturn has apparently hit the Trinity River Corridor Project in Dallas. KERA's BJ Austin says a major developer is facing foreclosure on 50 acres along Industrial Boulevard.
Bank of the Ozarks has scheduled a foreclosure sale on the property where JPI planned to build a 950 million dollar apartment and retail complex. City Councilmember Angela Hunt says the development is a "star" of the Trinity Corridor project. She says it's a blow, but not a fatal one.
Hunt: It may put us behind a little bit on developing the Trinity as quickly as we wanted to. But it doesn't count us out. It doesn't eliminate what this project could mean for Dallas.
Economic Development Committee Chairman Ron Natinksy agrees.
Natinsky: If they don't develop it somebody else will develop it. It's still going to be a valuable piece of property.
Hunt says she's now concerned about other JPI projects in Dallas, including one on Ross Avenue is the Arts District. JPI made cutbacks and sold assets last year.