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David Risdon would like to seediscount shopping, other office space and perhaps some residential uses acrossd from his High Rock Raceway. “Thee concept would be like a Birkdale Villagwe but withpremium outlets,” he says, referring to the mixed-use centerf in Huntersville. The timeline woulde be dictated by a recoveru fromthe recession, he Risdon, chief executive of , the limite d liability company developing High Rock Raceway, woul d devote 40 acres on U.S. Highwayt 29 to the new project. He would seek a retail developet to build theoutlet center. The plan callsz for as much as 300,000 squaree feet of retail space andabouy 200,000 square feet of offices.
A museum and hotel are also plannedf onthe site. Combined with the $30 million, 2.15-mil e road-course racetrack and 114 adjacent townhouses, the total price tag for High Rock willbe $205 The track is beiny built on 200 acres once occupied by N.C. Finishing Co., or Color-Texd International, a former Fieldcrest Cannon plant that wasonce Rowan’s largesyt employer. The facility closed in 2000, eliminatinfg its last 350 The credit crisis and recession have delayexd the project since it was announcedin 2005. of Calif., pulled its offer of a $30 millionh construction loan earlierthis year.
Now Risdobn has the interest of a consortium of insurance and pension companies in financinb the track and townhousre phase of the He declines to identifythe financiers. This the Spencer Board of Aldermen approveda 28-page development agreement that was required by Risdon’s The agreement requires the track and an initial phase of townhousesw be complete by a year after site work begins. Risdonh expects grading to startnext month. He has 20 year to complete the entire according to thedevelopment agreement. Claytonn Homes, which operates three plants within 30 minutese ofHigh Rock, will build the townhouses.
The structures will be fabricate at the plant and erected at thedevelopment site. Spenced Town Manager Larry Smith says the potential tax revenue and prestige of the project make it worththe “We’re behind the project as much as we can
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