The building that will be the home of Urbane’s 3,500-unit affordable housing development is slated to be completed in late 2019, just a few weeks before the end of the fiscal year.
Urbane is the developer of the development and will be responsible for a portion of the costs, which are estimated to be around $1 billion.
However, that figure is still up in the air and some developers are already saying they will be moving forward with projects if there is any chance of getting that money back.
Urbana Construction Corp., which has been a developer of apartments and condominiums in the city for decades, is now asking the city to return the money.
It’s the first time Urbane has asked for a refund of its money, and city officials say they have no choice but to take the money back and put it toward the cost of the housing.
It appears the city won’t be able to do that.
City officials say Urbane must pay for the costs of the construction and construction equipment as well as pay for utilities and other related costs.
It will also have to make repairs and other improvements to the housing once the building is complete.
If the city is forced to return that money, Urbane could be on the hook for another $3.5 million, according to an email Urbane sent to city officials last week.
Urabanes financial woes are only the beginning.
The developer also has a long history of not paying its employees the wages they are owed.
Last year, the company agreed to pay workers a $13.9 million settlement after it was found to be in breach of a labor agreement.
Urabus and Urbane did not immediately respond to a request for comment from The Associated Press.