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Developers of stalled University Corners complex return checks

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Posted: Tuesday, May 13, 2008 12:00 am

Developers and real estate agents of the stalled University Corners development are refunding deposit checks to about 105 people who reserved units.The project, which is planned for the northwest corner of 13th Street and West University Avenue, has remained an empty lot since April 2007.University Corners had been depending on money from a Gainesville tax-incentive program. However, a September 2007 Florida Supreme Court case decided Florida cities are not allowed to reimburse property tax money over more than a year without a voter referendum. "We were in the last phases of finalizing the $37 million in CRA funds pledged by the city when the Court ruling halted negotiations," read the refund letter from University Development of Gainesville. The decision to redesign the development will not be made until the Florida Supreme Court rules on an appeal, said Henry Rabell, a broker associate for Bosshardt Realty. The eight-story development would include more than 400 luxury condos and condo-hotels, as well as about 70,000 square feet of retail space.

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