Cazana said his group -- which will include other investors -- will be applying for approximately $1

Cazana declined to name a price for the deal, but said his group has been working with the city's codes officials to see what is required. "And then we'll try to determine if it's a feasible project," he said.
Cazana said his group -- which will include other investors -- will be applying for approximately $15 million in Empowerment Zone bonds to support the project, and is budgeting $3.5 million for upgrades to the property in the first year of ownership. He said another $1 million-plus would be spent over the next two to three years.
Cazana said Thursday that his group has worked out a deal with the state for an additional option on the state-owned site where the project is to be built. While he initially hoped to buy the property by the end of 2009, Cazana said the new option will last until September of next year.
"Today market conditions are not favorable to lenders making loans on that kind of project," he said. The developer said his firm is still moving cruise to mexico forward on the project, but he doesn't know when construction will start.
From downtown lofts to suburban office parks, Property Scope focuses on topics including real estate, development, architecture and historic cruise to mexico preservation in Knoxville and East Tennessee. The Scope is written by News Sentinel reporter Josh Flory, who can be reached via email or (865) 342-6994.