Manchester, Navy Ink Lease

Published: Friday, December 1, 2006 2:26 PM PST

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Perry Dealy, the president of Manchester Development, confirmed that today's "major announcement" is that his company signed a lease with the Pentagon to redevelop the Navy Broadway Complex.

The lease had to be signed before Jan. 1 or the Navy facility would be closed and made available to other federal and military agencies.

Dealy acknowledged that the redevelopment project has some legal hoops it must jump through before construction can begin -- such as the City Council's consideration of an appeal on the environmental study, the Coastal Commission's contentions that a new development permit is needed and that condo-hotels are not allowed on site, and the downtown planning agency's review of the buildings. Aside from those hurdles, construction could begin mid-2007, he said.

-- EVAN McLAUGHLIN