CPC Resources tells the Brooklyn Paper that they are not selling out, just looking for a “reputable developer” experienced in waterfront development and affordable housing to partner with on the project. Which is to say, they want to sell part of the project. CPCR also acknowledged that they are working to renegotiate a $120 million loan – the same loan they apparently defaulted on in late 2011.
Meanwhile, the developer has officially pushed back the start date for phase one of the project to a very squishy “end of 2013”. That puts it a full two years behind the original schedule, and a year and half behind the most recent party line.