Jul
30

Contract Lapses; West Columbia’s Rivertown on the Ropes?

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West Columbia tract again for sale, but developers aren’t giving up

July 30, 2008

By Jeff Wilkinson – The State

The economy is delaying another high-profile downtown riverfront project.

Developers Wade Caughman and Wes Taylor have let a contract to buy a prime four-acre tract on the West Columbia Riverwalk slip.

A year ago, Caughman and Taylor signed a contract to purchase the property from the city for $3.85 million.

Caughman said he had trouble inking tenants for office space in Rivertown, the planned $20 million, three-story, 150,000-square-foot complex of shops, restaurants and offices on Meeting Street between State Street and Alexander Road.

The property is on the most-used section of the Three Rivers Greenway and promised to be the centerpiece of Vista West, a West Columbia retail district at State and Meeting streets.

“It’s taking us some time, and the option ran out. But we’re looking for an extension,” he said. “We need about a third more office space” leased to be able to get a loan to build the project.

In the tough economy, banks typically are requiring 50 percent to 60 percent signed leases for office space or pre-sales for condos and homes before approving a loan for a project, experts have said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thestate.com/local/story/475253.html

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