Hotel Hive developer: extension request ‘inevitable’ amid financing struggles

Updated at 4:10 p.m.

THE DEVELOPER OF a $39 million redevelopment project known as Hotel Hive says it is inevitable he will need an extension on the December deadline for his tax agreement with the city. The PROVIDENCE CITY COUNCIL gave final initial approval on legislation that creates wage standards for large development projects that receive property tax breaks. The Hotel Hive Providence project, pictured here, is one of the projects that has received a tax break from the city. / COURTESY ABDO DEVELOPMENT
PROVIDENCE – The developer planning to turn the former Providence Journal building into a boutique hotel with retail and loft apartments will not meet the December occupancy deadline set in his tax deal with the city. Jim Abdo, the Washington, D.C.-based developer behind the $39 million Hotel Hive Providence project, told Providence Business News Monday…

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