THIS JUST IN: McGrath Proposal Update

I just received this note from Lance McGrath regarding his company's proposed redevelopment of 222-232 E. Olin Ave:

Hi Tag,

FYI - I just notified City Staff that we need to take a different approach to the project.  Significant construction cost increases coupled with the cost to relocate the Wonder Bar have made our 12-story project financially unfeasible.
We are still planning to go forward with a project but it will be a lower scale project (likely 4-5 stories of Wood frame over 2 levels of parking) and the Wonder Bar will remain in its current location.
Our Informational Presentation at UDC this Wednesday 12/1 will not be happening.

It's safe to assume the December 8 information meeting Alder Carter had scheduled will not be happening either. 

When there is new information, I will let you know.

TE