Foundation Place received a development permit in fall 2009 for a premium office building at the corner of 17th Ave and McLeod Trail. The project has been delayed because lease rates are remaining low while construction costs are remaining high. Considerable effort was spent during 2010 and 2011 reviewing new emerging market opportunities and have been reprogramming the Project. We are doing this in concert with the programming of another development on nearby lands providing an opportunity for market demand synergy with the Foundation Place development.