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Park Fifth Receives Final Approvals, Construction Loan

By Eric Richardson
Published: Thursday, June 26, 2008, at 02:53PM

Downtown mega-development Park Fifth sent an excited email out to its mailing list today to say that all necessary city approvals were now final, having passed their appeal periods. The project is now fully entitled.

Additionally, the development broke the news that it has received a construction loan commitment from Beijing Construction Engineering Group. While the agreement has been reached, details will be worked out over the coming months.

Though many have expressed skepticism that this project would break ground, it has continued to move forward steadily. Most recently, the TFAR package was approved in late April, and the EIR documents were finalized just a few weeks earlier.

For those who aren't looking to buy a condo, the development is most interesting for its potential to commit $9.1 million to Pershing Square renovations.

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