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Friday, March 19, 2010
Winrock Redevelopment: Maybe 2011
By Rivkela Brodsky
Journal Staff Writer
It's going to be awhile before we see a revitalized Winrock.
Representatives of two development companies who have plans to revamp the 90-acre area under two separate projects told a Tax Increment Development Districts board Thursday it will be at least until 2011 before construction on either project begins.
The problem, they say, is lack of financing.
Jim Dobbie, senior vice president of development for Hunt Development Group, said his company has been meeting with a hotel group that has been interested in the 7.5-acre Quorum project since the beginning. The company, whom he did not name, has been unable to secure financing for the project.
"They still think it's a very viable site for them," he told the board. "So it's good news. We're just waiting for the economy to come back."
The company has said it plans to begin construction in 2011.
Richard Sertich, senior vice president of project development for Goodman Realty Group, which owns Winrock Partners with Michael Kelly, said it was similar news for the 83-acre Winrock Town Center project.
He said the company has been trying to relocate companies to the property to fill office space and is considering residential options.
"The retail aspect of it is pretty dismal, pretty slow," Sertich said. "We keep aggressively pushing forward."
He said the company is still in talks with Regal Theaters about the project and are hoping to begin construction on some part of the project in 2011.
Gov. Bill Richardson signed legislation in April 2009 creating two separate Tax Increment Development Districts that will generate taxes to pay for infrastructure for the projects.
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