The local development company planning an office redevelopment and public park in downtown Los Altos has cancelled its plans for the project.
In an announcement released Wednesday (Oct. 11) Los Altos Community Investments said that "after much thought and analysis" they had decided not to go forward with the project in its proposed form, which had been known as the First Street Green.
"We have decided that it will be best for the community if we wait for the outcome of the City's Downtown Visioning process before finalizing our plans for First Street," LACI's Managing Director Robert Hindman wrote. "Changing plans is not unusual in real estate development, and with construction costs soaring in the Bay Area it made little sense to continue with a project of this scale at this time. We realize this news will be met with heavy hearts, especially for our friends and supporters who have worked tirelessly on community outreach efforts."
For interviews and extended reporting on this decision and the project it terminates, see next week's issue of the Los Altos Town Crier.