The much anticipated mixed-use Kensington Terrace development, slated to replace the gas station and vacant lot on the corner of Adams Avenue and Marlborough Drive, is officially on hold for at least a year, according to Allard Jansen of Allard Jansen Architects, the architectural firm of record for the development. Jansen addressed a packed room at the June 10th public meeting of the Kensington-Talmage Planning Group, where he explained that the reason for the hold was due to the state of the economy and financial system.
“The banking industry is not lending to the construction industry at this time,” Allard said.
The property is being developed by Rick and Eric Vann, a father and son team from Cushman & Wakefield commercial real estate brokers and consultants. In a telephone interview, EricVann confirmed that the recession is behind the delay in obtaining construction financing and added that they were “waiting for capital markets to improve.” Pre-leasing has also been slow, according to David Bradley of Cushman and Wakefield. “It’s a tough site. In this market people are simply not building.”
— By Charles Shaw