Roughly one year after MarketStreet Enterprises and Spectrum Properties | Emery formed a partnership in hopes of developing mid-rise office buildings in the Gulch, the two entities have parted ways indefinitely.
“Everything was taking a lot longer than anybody anticipated,” said Patrick Emery, president of Spectrum Properties | Emery. “The Gulch looks like it wants to go residential and retail. So we’re thinking ‘What’s the best use of our time?’”
The original plan (read more here) was for the team to develop, lease and manage up to five Class A office buildings (a rendering of one is seen below) in the emerging mixed-use downtown district. But since the October 2011 announcement of the partnership, no on-site work has begun on any one of the proposed buildings.
During this time, MarketStreet has been focused on completing Pine Street Flats, a large-scale retail-apartment building in the Gulch, while Emery and his team broke ground in August on Franklin Park in Cool Springs (read more here).
Emery said it is uncertain whether the two development groups will partner in the future.
“It was time to just take a breath and see what was going on,” he said. “It is what it is.”
MarketStreet officials could not be reached for comment.