On Monday evening, CASTO and North Pointe Realty (NPR) provided an update to City Council Committee of the Whole on the status of the Downtown Development project. CASTO and NPR spent the summer updating estimated construction pricing and analyzing the current rental market. While there are positive signs, there are challenges related to inflation, rising interest rates and tightening debt and equity markets for large projects such as this. As a result, CASTO and NPR are exploring opportunities to phase the project build-out in a manner that addresses these challenges. Over the next 60-90 days CASTO, NPR, and the City will be exploring the feasibility of phasing. If a path forward is identified, CASTO and NPR will advance the preliminary approvals that have been issued to final approvals for the entire site and move forward with the first phase of construction. View the recording of the Committee of the Whole meeting here.