Wake Forest Wake Union Shopping Center Denied (Star: lenders, asbestos)

[Star Stream]

Wake Forest Wake Union Shopping Center Denied by town board members. Sounds like we need come new town board members come election time!

[StoneOne]

Originally Posted by Star Stream

Wake Forest Wake Union Shopping Center Denied by town board members. Sounds like we need come new town board members come election time!

The last thing this economy needs is more retail space devoted to selling imported goods from China, which, at this point in time, can only be financed by further accumulation of debt.

Far better than a shopping center would be a Ford plant to produce the high fuel-efficiency diesel cars that they're selling in Europe, a biodiesel plant, an oil refinery, or a host of other productive enterprises that North Carolina, like the U.S. at large, is seriously lacking.

[dansdrive]

Great decision! Thank-You board! Enough is enough empty retail space. Now the court battles will begin to twist the arms of the board to say YES to growth and YES to their NO vote!

I like growth like the next Developer but Wake Forest has got to much commercial Development going on right now. Let the economy catch up to the commercial space either already built or under construction. I'd rather see a field of trees and grass than a bare almost cleared site like the former Parker-Hanifin site.

[weluvwakeforest]

Originally Posted by dansdrive

Great decision! Thank-You board! Enough is enough empty retail space. Now the court battles will begin to twist the arms of the board to say YES to growth and YES to their NO vote!

I like growth like the next Developer but Wake Forest has got to much commercial Development going on right now. Let the economy catch up to the commercial space either already built or under construction. I'd rather see a field of trees and grass than a bare almost cleared site like the former Parker-Hanifin site.

Has anybody heard anything about the site being contaminated??? Notice how one small building is still standing.. it looks weird ... I heard there is some kind of problem with asbestos.. but that doesn't really make sense..

[dansdrive]

Originally Posted by weluvwakeforest

Has anybody heard anything about the site being contaminated??? Notice how one small building is still standing.. it looks weird ... I heard there is some kind of problem with asbestos.. but that doesn't really make sense..

The soil is contaminated with a solvent and it is in the courts. The Parker-Hanifin had money set aside for clean up but apparently it is not nearly enough based on todays clean up costs. So the courts will decide who pays the difference. It something like you cannot get a new car from the junk yard. So it maybe in the courts for some time.

The people from St. Ives should be happy with this decision as they had real concerns about one of the access roads going into their area when they built the empty retail space.

A perfect example is the Caveness Farms Shoppes or lack there of. It is now a big empty field with no building in site except the out parcels.

[North_Raleigh_Guy]

Originally Posted by Star Stream

Wake Forest Wake Union Shopping Center Denied by town board members. Sounds like we need come new town board members come election time!

I don't have an opinion on this particular project, but I'm curious why you think you need new town board members becasue they denied this project. Do you want town board members who approve every thing that comes in front of them, or do you support this project for a particular reason and feel it was unjustly denied?

[saturnfan]

We don't need this retail when lots of existing retail space is vacant.

More vacancies will soon occur as overexpanded retailers fail.

Why are lenders still financing this stupidity?

[JJingle]

Originally Posted by saturnfan

We don't need this retail when lots of existing retail space is vacant.

More vacancies will soon occur as overexpanded retailers fail.

Why are lenders still financing this stupidity?

Mostly financing is coming from prior commitments, which are legally binding. It takes sometime for the financing to cease if the company is still in compliance with covenants and other preset hurdles. I seriously doubt there is a lot of new money originations occuring.

[saturnfan]

Originally Posted by JJingle

Mostly financing is coming from prior commitments, which are legally binding. It takes sometime for the financing to cease if the company is still in compliance with covenants and other preset hurdles. I seriously doubt there is a lot of new money originations occuring.

A good explanation. Thanks.

[sergeisnotmyname]

Originally Posted by Star Stream

Wake Forest Wake Union Shopping Center Denied by town board members. Sounds like we need come new town board members come election time!

No, it sounds like our current ones are doing their job. I had mixed feelings about the whole project, there are some good things going for it, but in the end there really are too many unknowns and negatives.

It's not like development has stopped in the entire area.