Michelle Bruch

Long-stalled Reserve condo project might be moving forward

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The developer of the eight-story Reserve project is negotiating to restart construction without any presales, according to Magellan Development Group.

Brian Gordon, Magellan’s vice president of development, told the North Loop Neighborhood Association Jan. 24 that they have finally found a bank that might be willing to provide financing for the project. The parties have drawn up a term sheet that lays out the terms of the financing proposal, and they are negotiating a commitment letter. Magellan has spent the past year working to obtain financing.

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