It’s been a pretty quiet summer over at Carriage City Plaza — apparently a little too quiet. The Redevelopment Agency approved a settlement agreement with Carriage City Properties (CCP) in May but the developers still have not signed it and have provided little information to the city, according to City Administrator and Redevelopment Director Peter Pelissier.
The developer has until this month to execute the agreement or the city will reach out to the financing bank for information, said Pelissier, adding that they’ve heard little from Carriage City about how many units have been rented or sold. No units at Carriage City have appeared in property transactions since early in the spring.
There have not been any new temporary certificates of occupancy (TCO) issued for the building, according to Pelissier. Under the agreement, the Redevelopment Agency is supposed to receive 10 percent of the rent from each rented unit — only the city doesn’t know how many are rented and has yet to receive a dime from rents. Last we heard, there were about 57 units sold and about five rented while 76 TCOs had been issued at the 222-unit development.