August 18, 2004

A feasibility study and a market analysis concerning a $50 million, 10,000-seat arena for the city of Albuquerque both indicated the facility would be profitable, prompting Mayor Martin Chavez to say the project can go forward. The city council currently is evaluating the results of the studies during a 14-day review period. In order to terminate the proposal, the council would have to take a vote within the 14 days. The plan is contingent on the finances being raised, according to Albuquerque's CFO, Gail Reese.

A new developer is being sought for Hartford, Connecticut's Front Street project -- an eight-acre retail, entertainment and residential complex being built across the street from the new convention center - slowing down the project. Expected to include a $5 million ESPN venue as well as $12 million worth of educational centers and museums, Front Street has been without a developer since the state terminated its relationship with Capital Properties last week. The Capital City Economic Development Authority has already begun drafting an RFP for a replacement, according to a spokesperson, but a delay of at least three months will be inevitable, ruining plans for a simultaneous unveiling of the convention center and Front Street.