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Future of major downtown development is a moving target

Exchange PlaceAbout three weeks ago, Michael Elzufon said his development company’s $51.5 million residential and retail project in the heart of downtown could fail without more help from City Hall.

That could be a setback in the city’s push to revive downtown — though it’s unclear how it would ultimately play in the emerging long-range revitalization plans.

A lot more should pop up during a public hearing on the additional financing at the 9 a.m. council meeting today. (Watch online.)

Top city officials are recommending only a shred of Real Development’s request. And developers aren’t sure the city’s suggested alternatives would work — at least as of a Monday morning briefing by Allen Bell, the city’s director of urban development. So a lot is at stake. (more…)