The developer of Skyrise says that a lawsuit by Norman Braman and Raquel Regalado has triggered an “unavoidable delay” to construction.
A letter from the developer states that third parties “were not willing to move forward without certainty on the outcome of the afore-mentioned lawsuit.”
Under the terms of the property lease with the city, lease payments may be deferred for up to a year under force majeure.
The developer will now defer rent payments for up to a year, with payments to begin on September 24, 2019 (unless the project opens before then).
