Despite Default Payment, Town Home Plans Continue - WICU12 HD WSEE Erie, PA News, Sports, Weather and Events

Despite Default Payment, Town Home Plans Continue

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Despite being owed $70,000, the Erie Redevelopment Authority is continuing to work with Fourth River Development on downtown town homes.

Located at 12th and Peach Streets, these town homes are known as Union Square. They've been unoccupied for nearly a year and because of that, the developers have not been able to pay the Redevelopment Authority.

The developing firm has had some set back in planning, due to the untimely death of their previous project manager.

The Redevelopment Authority says they have invested time, money and resources into this project, and despite the lack of payment, they are looking forward to continuing work with Fourth River as they go forward.

Right now, Fourth River and the Redevelopment Authority are currently working on a new deal, but during meeting on Monday, John Watson, a principal with Fourth River, revealed the first unit in Union Square has been sold.

 "This is what we were waiting for," said Watson. "I think the unfortunate circumstances of the past, while they're behind us they certainly won't be forgotten, it's time to see this thing move forward."

 "Of course we're concerned about the $70,000 that's owed to us, but we feel very, very confident that as the units sell, the developer will be making those payments to us," said KimGreen, Executive Director of Erie Redevelopment Authority.

Now Fourth River also plans on expanded the project, and adding more rental properties in the future. They also said that Caribou Coffee still plans to open up shop in the corner of the unit.

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