"It is a step ahead we have to take. The town has been very supportive," Ruckus CEO
Ruckus' actual construction schedule is far more aggressive. The company hopes to start work as soon as late summer and to open the brewery by the end of the year or in 2015, Wood said.
"We are doing everything we can to get started," he said.
Ruckus won the right to redevelop the landmark brewery a year ago, but had been unable to produce the financing needed to close the deal after signing agreement of sale last April. It received three extensions.
Wood said the company looked into a variety of financing sources, including promoting the project on an Internet crowdsourcing website and getting buy-in from the
Ruckus will bring
An affiliate of BDH secured a related property as the site for a hockey arena before the city settled on its current location at Seventh and Hamilton streets.
The balance of the purchase price will be used to repay the city for money it advanced as part of a revolving loan fund to cover cleanup costs at the brewery.
Ruckus' next task will be to raise the financing needed to complete construction of the multi-phase
Wood said he and his partners hope to secure project approval through the
The Neuweiler project, called Brewers Hill, would convert the long-vacant brick structure into a working brewery that would crank out Ruckus' line of microbrews and sell additional brewing capacity to other beer-makers. It also would include office space, a business incubator and a brew pub.
The brewery opened in 1913 at Front and Gordon streets and closed in 1968, a casualty of competition from large corporate breweries.
Wood had said the company had planned to open this year and by 2020, employ about 50 people at an average annual wage of
The property has frustrated city officials' redevelopment efforts for years. Its location in one of the city's poorest neighborhoods and the site's need for environmental cleanup have been significant obstacles.
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