The latest attempt at developing an entertainment center complex in Irving is not yet in the planning stages, but already money has become an issue.
News 8 has learned the new project developers — the Ark Group based in North Carolina — wants to reduce its financial commitment to the project by 10 percent.
The City of Irving has contracted with the Ark Group to build a $165 million live music and restaurant complex to replace the Irving Entertainment Center project that never got off the ground.
The new developers have told Irving officials that they need to reduce their costs due to higher than expected interest rates.
Irving Mayor Beth Van Duyne, who voted against the new development, said as a result, the total cost of the project will be reduced by $17 million.
“You know, I hate to say, 'I told you so,' but we warned that this was going to happen,” Van Duyne said. “I will tell you, though, that some of the Council members are shocked that it happened before we've even begun the project."
The Ark Group says it remains committed to developing the full project, however no architect has been selected, and plans have yet to be drawn up.