From the Birmingham News: Memphis developer John Elkington said Friday that he must scale back his plans for a planned entertainment district in downtown Birmingham because he has been unable to get a bank loan for the project.
The head of Performa Entertainment Real Estate informed members of the Birmingham-Jefferson Convention Complex board at a meeting that he has made “major revisions” to his plans for The Forge, a proposed district of nightclubs, restaurants and retail shops.
“No one will lend $20 (million) to $24 million in an economic climate like this,” Elkington said in an interview.
Read the story at the Birmingham News website.
