For some reason, I was thinking that phase 2 of the Harrison Square development would be triggered by a certain percentage of occupancy of The Harrison. Â I was wondering how the decrease in units to be built would affect the trigger. Â In the Condominium/Retail Definitive Agreement, page 2, it states:
(b) Commencement of Phase 2.  Subject to mutually acceptable property of approximately one (1) acre in size, to be designated as Phase 2, being made available for purchase by Company, and timely receipt of all permits and approvals from the City, the Company shall commence Phase 2 of the Project no later than the earlier of (i) three (3) years from the date of substantial completion of Phase 1, or (ii) two (2) years from the date that Phase 1 of the Project is 90% occupied, leased or sold, and shall in all material respects complete Phase 2 within eighteen (18) months of commencement thereof. Phase 2 shall consist of the items and/or parameters indicated in Exhibit C attached hereto, subject to the terms and conditions described in Section 3.07 hereof.
(c) Commencement of Phase 3.  Subject to mutually acceptable property of approximately one (1) acre in size to be made available for purchase by the Company, and timely receipt of all permits and approvals from the City, the Company further shall commence Phase 3 of the Project no later than the earlier of (i) three (3) years from the date of substantial completion of Phase 2, or (ii) two (2) years from the date that Phase 2 of the Project is 90% occupied, leased or sold, and shall in all material respects complete Phase 3 within eighteen (18) months of commencement thereof. Phase 3 shall consist of the items and/or parameters indicated in Exhibit C attached hereto, subject to the terms and conditions described in Section 3.07 hereof.Â
Barry Real Estate has up to three years from the date of the “substantial completion of Phase 1” or two years from the date the 90% occupancy target is reached, whichever is the earliest. Â Answers that question.
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