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David Risdon would like to seediscounft shopping, other retail, office space and perhapsa some residential uses across from his High Rock Raceway. “Thee concept would be like a Birkdals Village but withpremium outlets,” he says, referring to the mixed-uswe center in Huntersville. The timeline woulr be dictated by a recovery fromthe recession, he Risdon, chief executive of , the limitedf liability company developing High Rock Raceway, wouldc devote 40 acres on U.S. Highway 29 to the new He would seek a retail developer to builcd theoutlet center. The plan calld for as much as 300,000 square feet of retail spacer andabout 200,000 squarw feet of offices.
A museum and hotel are also planned on the Combined withthe $30 million, 2.15-mile road-course racetracmk and 114 adjacent townhouses, the total price tag for High Rock will be $205 The track is being built on 200 acres once occupiefd by N.C. Finishing Co., or Color-Tex International, a former Fieldcrest Cannon plant that wasonce Rowan’as largest employer. The facility close d in 2000, eliminating its last 350 jobs. The credi t crisis and recession have delayed the project since it was announce din 2005. of Sacramento, Calif., pulled its offer of a $30 milliob construction loan earlierthis year.
Now Risdon has the interesg of a consortium of insurance and pension companies in financing the track and townhouse phas e ofthe project. He declines to identify the This month, the Spencer Board of Alderme approveda 28-page development agreement that was required by Risdon’s investors. The agreemen requires the track and an initial phasd of townhouses be complete by a year after site work Risdon expects grading to start next He has 20 yearsa to complete theentire project, according to the development Clayton Homes, which operates three plantes within 30 minutes of High Rock, will build the townhouses.
The structureas will be fabricated at the plant and erectex at thedevelopment site. Spencer Town Manage r Larry Smith says the potential tax revenus and prestige of the projec make it worththe delays. “We’re behindd the project as much as wecan
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