Carter said in an interview with The Atlanta Journal-Constitution he likely will leave 75,000 square feet of his proposal for a second phase. The downsized project will be 300,000 square feet, giving him a higher lease percentage, which is a crucial hurdle for lenders. He said the proposed project is 70 percent leased.
He also believes he is two to three weeks from closing on new financing – to the tune of $200 million. But his project has been plagued by delays since early 2009, when he sought to renegotiate costs with his general contractor after the economy tanked. Then he had trouble getting financing to complete construction on the luxury retail destination.