Tetrad Property Group, the company selected redevelop the Civic Auditorium site, has pulled out of the project.
According to a letter to the mayor signed by Tetrad co-founder Zach Wiegert, there were obstacles that gave them "grave concerns."
Some of those obstacles include the delay in the demolition of the Civic Auditorium, other property developments in the area by the City, an inability to reach an agreement with the City on business terms and Conagra relocating.
"It is with regret that it did not work out between our two organizations," the letter concluded. "I know we both had high expectations for this project. As unfortunate as it is, we wish you the best of luck in the future."
Mayor Jean Stothert said the developers kept wanting more and a lot has changed in the four years since they took over, "If Tetrad could not find this major tenant or for whatever reason that they decided that the market wasn't calling for that development that they wanted to put there, that is their decision and hopefully again we will find somebody else and we will work with them just as hard."
The property is in Council President Ben Gray's district and was disappointed in Tetrad's decision, 'I'm kind of perplexed by the one that says about the redevelopment going on downtown because I would think you would want to be where the action is and not where it isnt."
