The developer of the $200 million retail project meant to replace the long-floundering Boulevard at Capital Centre has delayed vertical construction and will consider reducing its scope or selling off pieces of it entirely.
Retail Properties of America Inc. said Monday it would not proceed with out-of-the-ground construction on Carillon, a planned mixed-use development slated to include a 12-screen IMAX movie theater, 1-acre park and 300,000 square feet of retail, office and residential buildings, due to “current macroeconomic conditions.”
Site preparation was already underway for phase one, which was to include the theater, park, two standalone retail buildings, a 350-unit apartment building and a medical office building.
“The Company will continue to evaluate the potential resumption date for vertical construction activities at Carillon and will maintain optionality for either the monetization or build-out of components of the project,” according to a press release announcing the change.