“Nearly 16 months ago, Syracuse University entered into an agreement with a development company to construct and operate a commercial building on SU-owned land within the 600 block of University Avenue. The building was to house the University bookstore and fitness center and, as a result, make existing space on campus available for other important priorities.
“Since that time, the project has experienced repeated and material delays and failed to meet requirements of the development agreement, including failing to secure construction financing, failing to submit a construction schedule, or otherwise taking action demonstrating a likelihood the project would be completed by the contractual June 18, 2015, deadline.
“Nevertheless, the University, in a spirit of good faith, has repeatedly tried to work with the developer to overcome these material failures. However, the developer has been unable to adequately address the University’s concerns or demonstrate a credible ability to successfully complete the project as it had contractually agreed to do. As a result, earlier this afternoon the University formally notified the developer that it was terminating the project and reclaiming the work site.
“When envisioned, this project would have provided significant new space for several important University needs and made current space on campus available to meet other priorities. However, the University can wait no more and must move ahead.
“We very much appreciate the support this project received from City of Syracuse elected representatives, officials and community leaders when it was proposed in 2012. We look forward to working together with them in the future as we continue assessing and planning the University’s space needs.”
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