Under a 2014 bankruptcy court agreement, creditor Financial Guaranty Insurance Corp. was to hire a developer to build a hotel with at least 300 rooms, plus office, retail and residential uses. The agreement gave the city 90 days to review a development agreement once submitted.Later, however, FGIC sued to get more time to submit a development agreement and the city and creditor ultimately
reached a mediated agreement for an extension.
That lawsuit said said the city's planning department has, "consistent with [[FGIC's) view, questioned whether the Development Proposal should still include the contractually specified hotel or whether the Property would be better utilized in another form."