Company planning to redevelop the Americana not moving forward
REDDING, Calif. - Hignell Companies, the company planning to redevelop the Americana in Redding, has announced they will not be moving forward with their plans.
In a press release sent out Tuesday, Phil Larios, President of The Hignell Companies said, "With our entry into the Redding marketplace we desire to lend out time, expertise and capital to develop projects that make a positive difference for the City of Redding and the community to be proud of. In the final analysis, the cost to purchase the Americana and retrofit it into viable apartment units is not financially feasible enough to make it possible to move forward."
Larios also spoke highly of the discovery process and all involved noting, "We wish to thank the City of Redding, and their excellent leadership, who worked diligently to assist in the financial viability of the project. They were very creative in trying to help. We have never worked before with such responsive City Council and administrative staff."
Larios added, "The community of Redding should be proud of their administration and their efforts to work out the best solution for both Redding and the Hignell Companies as the developer."
Moving forward the Hignell Companies will continue to be part of the Redding community, with their Hignell Property Management division and Experts In Your Home operations, while continuing to look for development opportunities. It is their desire to continue to work with the community to see Redding prosper through appropriate growth and redevelopment.