A redevelopment plan for the Broadway Building will continue into 2017.
The Lorain Port Authority board of directors on Dec. 20 granted a year-long extension on the needed agreements with Lorain Hotel Investors LLC.
The company, led by Chicago-based developer James Louthen, hopes to build about 60 senior residential units in the Broadway Building.
A Dec. 31 deadline is approaching for the developers to assemble a financing package, but more time is needed, according to the Port.
“They’re showing some progress with the Louthen deal, and he needs some more time to secure his financing,” said board Chairman Carl Nielsen. “We feel that this is the best alternative to see progress on that building. There’s nobody else behind him that we know of looking at that building, so we want to have him play out all the options that he possibly can.