AUBURN, AL (WTVM) - Auburn will no longer move forward with plans to build a new parking deck, hotel, and grocery in the downtown area.
The City of Auburn released the following statement on Wednesday:
"The City of Auburn has ceased negotiations to enter into a public-private partnership agreement with Auburn Ventures, LLC to build a new parking deck, hotel and urban grocery on the site of the City's current parking deck and Gay Street Parking Lot.
Both parties worked diligently and in good faith to reach an agreement but unfortunately were unable to finalize a deal in accordance with the conditions that were agreed to in the term sheet approved by the Auburn City Council on Jan. 5, 2016.
While there are no further plans in motion at this time regarding the current municipal parking deck and Gay Street Parking lot, the City of Auburn will continue to seek cost-effective and innovative solutions to provide additional downtown parking and foster a vibrant downtown core."