Beale Street developer John Elkington is facing price increases and delays in building an entertainment district in Birmingham.
Earlier this year his firm Performa Entertainment Real Estate was chosen by the Birmingham-Jefferson Convention Complex to develop the downtown project, but economic factors, including a credit crunch, have slowed progress there. Although Elkington had hoped to secure funding in the amount of $50 million by the end of 2007, he told The Birmingham News that the total investment would be closer to $80 million. A Birmingham firm is helping Elkington find funding. If obtained by spring of 2008, the district would open by summer 2009.
Despite delays, Birmingham officials are excited about the project, which includes hotels and nightclubs opened by American Idol winners Taylor Hicks and Ruben Studdard. The city is also exploring the possibility of a domed stadium.
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