If approved by the Board of Estimates Wednesday, this fourth extension would give Lexington Square Partners LLC until June 30, 2013, to purchase 3.6 acres from the city for its proposed $152 million mixed-use development on the west side of downtown.
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Lexington Square Partners has agreed to buy the superblock site for $12.2 million, though the developer is receiving credits for all but $2.85 million of that price, the agenda said.
The development, delayed by legal challenges and a floundering economy, would be bounded roughly by Lexington, Howard and Fayette streets and Park Avenue. When complete, it is expected to have about 300 apartments and a parking structure with space for 650 vehicles plus more than 200,000 square feet for retail.
The board is also being asked to authorize a $22.1 million tax break for Lexington Square, which was approved by the City Council earlier this month.
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