Monaco Towers Popping Up

The form of the double towers is taking shape above the shared parking deck. Along that base, there is some brick facade already installed. This week a worker fell from a scaffold, about 4 feet when a board broke.

Monaco Towers

Monaco Towers Above Ground

The Monaco Towers, a double tower residential project going up in the former parking lot of the Doubletree Hotel on Washington Blvd and Sixth Street, is finally taking shape above ground. This project has had a long history of breaking ground and than vanishing altogether. Last year the city granted an amended tax abatement with the caveat the project break ground or risk losing the sweetened deal.

The two towers include more than 500 apartment rental units and 11,000 square feet of retail space. A third tower, the San Remo, was originally planned for the south side of the hotel, but has been delayed indefinitely.

Monaco Mud Puddle

The construction at Monaco Towers continues at a snail's pace; the giant mud puddle has become an even big mud puddle.

Monaco Towers

Monaco Towers Break Ground

The Monaco Towers, a pair of two residential high rises long since delayed have broken ground on a Washington Blvd site. The project's location is in the former parking lot of the Doubletree Hotel.

The Monaco Towers was first approved as a condominium tower, but later switched to a rental building. Earlier this year the developer went before the city requesting a more lucrative tax abatement program claiming that the credit crisis would hurt the project's bottom line. The city reluctantly agreed but mandated the project start this year to keep the special abatement.

A third tower, the San Remo, was originally proposed for the south side of the Doubletree Hotel. Currently this third tower is likely on hold and not included in the more lucrative abatement program.

Also, the Monaco Towers project broke ground once before.

New Abatement Scheme Could Breath Life into Monaco Towers

Back in January, Roseland properties wanted to alter the terms of their 2006 abatement, from a 20 year program to 10. The developer was having trouble securing financing for the project even though they essentially broke ground last May. The council rejected the changes in January.

The 47 story project includes about 520 rental apartments; the project originally was planned as condominiums. After the council denied amending the abatement, the project was declared dead.

Now though the proposal is once again back before the city council according to the Journal. In order to keep the project alive, the council decided to revisit the issue. The developer had also made a previous payment in anticipation of construction, which the city would have to repay. With the changes, the city would no longer be liable for reimbursing the money, and there is a financial incentive for the development to be completed by 2011.

However, critics of the amendment, including downtown councilman Steve Fulop, insist that the change will lead to other developers seeking changes to abatement their plans, such as The Metropolitan, a 67 story tower planned for a lot adjacent to the Monaco towers, but that is also experiencing finance issues. Another prime candidate would be second, unbuilt Trump Tower. Like with the Monaco property, the developers have already made a abatement payment for the second tower and may leverage the money for a new payment program.

The council is expected to vote on the plan tonight.

Possible Groundbreaking At Monaco I, II

A crane and what looks to be pilings were evident today in the parking lot at the corner of Sixth Street and Washington Blvd, site of the future Monaco Towers. Renderings of the towers can be viewed at the wired forums. The two Monaco towers are to built north of the the existing Doubletree Hotel on the south side of Sixth Street. The Sanremo will be built to the south. In the below photo, the Monaco towers will be to the right of the existing hotel.



UPDATE

Ground breaking is pretty much confirmed with pilings being driven directly into the parking lot. More Photos on the Photoblog