Sunday, August 09, 2009

Can Lightning Strike Twice?

The Ferchill Group is continuing its effort to redevelop a downtown strip centered along Washington Boulevard. The company responsible for saving the Book Cadillac will be lending its money and know-how to another Book building, this time the Book Tower. The building has been shuttered since the beginning of 2009 when the building 's owners filed for Chapter 11.

The Ferchill Group determined that is was not possible financially to save the Lafayette Building due to a funding gap of around $11 million. Profits from the building wouldn't have covered the cost of the restoration. The Book Tower doesn't appear to have that problem and Ferchill will embark on an $87 million renovation of the 38 story building.


Greenfield said...

Does Ferchill now own the building

A dubs said...

I don't believe that they do, but it's not clear at this point. The previous owners filed for bankruptcy protection.