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Main Street Oak Ridge site plan to be considered Aug. 6

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Oak Ridge Mall

A site plan for Main Street Oak Ridge, the $80 million redevelopment of the former Oak Ridge Mall, which is pictured above, will be considered by city officials on Thursday, August 6, 2015. (Photo by John Huotari/Oak Ridge Today)

 

A site plan for Main Street Oak Ridge, the $80 million redevelopment of the former Oak Ridge Mall, will be considered by city officials next week.

The site plan was submitted on Monday, June 29. It’s one of several steps that have been recently announced on the eagerly anticipated 60-acre redevelopment. Other steps include pre-demolition activities and bid reviews, and roughly $500,000 worth of pledges from six local employers to help cover public infrastructure costs.

The City of Oak Ridge has also received and is considering a preliminary subdivision plat that details construction plans for East and West Main Street and Wilson Street, which are private roads but could become public streets. [Read more…]

Companies contributing $500K to Main Street Oak Ridge wanted to help

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Ray Evans

Ray Evans

Note: This story was last updated at 7 p.m.

The six companies contributing $500,000 for public infrastructure at Main Street Oak Ridge approached the city and volunteered to help, a consultant said Friday.

The companies are Methodist Medical Center; Oak Ridge Associated Universities; UCOR, a federal cleanup contractor; Restoration Services Inc., a cleanup contractor; Consolidated Nuclear Security, which manages and operates Y-12 National Security Complex; and UT-Battelle, which operates and manages Oak Ridge National Laboratory.

The companies understand how important the project is to the city and to them, said Ray Evans, retail consultant for the City of Oak Ridge.

“They approached us and said, ‘How can we help?'” Evans said. “They just want to ensure the success of this project.” [Read more…]

Six employers pledge $500,000 for Main Street Oak Ridge infrastructure

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Warren Gooch

Warren Gooch

Six Oak Ridge employers have pledged $500,000 to support public infrastructure at Main Street Oak Ridge, the $80 million redevelopment of the former Oak Ridge Mall.

Officials said it shows unprecedented community support for the project.

The six companies are Methodist Medical Center; Oak Ridge Associated Universities; UCOR, a federal cleanup contractor; Restoration Services Inc., a cleanup contractor; Consolidated Nuclear Security, which manages and operates Y-12 National Security Complex; and UT-Battelle, which operates and manages Oak Ridge National Laboratory.

“All Oak Ridgers realize the successful development of the Main Street town center project is of critical importance not only to the citizens of the City of Oak Ridge and the business community but to the region in general,” Oak Ridge Mayor Warren Gooch said. “We appreciate these great corporate citizens stepping up the plate to help make Main Street Oak Ridge a reality.”

Tim Sittema

Tim Sittema

Project executives said critical final decisions are being made on the ramp-up to the project.

The relocation and reconstruction of public infrastructure such as Wilson Street and the two Main Streets are key elements of the project and the Oak Ridge City Council and the Industrial Development Board have pledged $1.5 million toward these improvements. According to the city’s consultants, costs will exceed this amount, so the corporate pledges are a welcomed addition to the development’s financial backing, a press release said.

[Read more…]

Mall redevelopment close to goal line

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James Downs of Crosland Southeast Retail Update

James Downs, Crosland Southeast partner, gives an update on the redevelopment of the former Oak Ridge Mall during a Tuesday morning Rise and Shine, sponsored by the Oak Ridge Chamber of Commerce, at The Courtyards Seniors Living on Briarcliff Avenue. (Photo courtesy Kathy Gillenwaters)

 

Ray Evans

Ray Evans

Note: This story was last updated at 1 p.m. Nov. 3.

If it were a football game, the long-awaited redevelopment of the former Oak Ridge Mall would be in the “red zone”—not across the goal line yet but close enough to score, a project executive said Tuesday.

Seventy-five percent or more of the new retail space has been leased or is under negotiation, said James Downs, partner of Crosland Southeast, the North Carolina commercial real estate firm that has proposed the project.

The company could have a groundbreaking in the spring of 2015. Construction work, which will include demolition of areas between anchor stores, could be completed by the summer of 2016, making it available to retailers by the fall of 2016. [Read more…]

Mall project clears critical hurdle Monday

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Oak Ridge Village Area Rendering

 

Tim Sittema

Tim Sittema

Council, IDB approve TIF extension, grant, roadway work

The proposed redevelopment of the Oak Ridge mall cleared a critical hurdle on Monday when city officials agreed to extend a property tax agreement for the 59-acre project, authorize $2 million in roadway and other infrastructure work, and offer a $500,000 grant if some federal funding is not approved.

Officials described the proposed redevelopment, named Main Street Oak Ridge, as an $80 million project that could fill a “hole in the heart” of Oak Ridge, bring new retail life to the city’s downtown, and build a lasting legacy.

Monday’s moves were meant to reduce the risk for four local lenders that could combine to offer $13 million in loans to part of the redevelopment under a tax increment financing, or TIF, agreement. That incentive would use new property tax revenues generated at the mall site and 120 surrounding acres included in the TIF area to repay those loans. Officials said the loans could be repaid in 18 years, according to financial models.

David Bradshaw

David Bradshaw

But in two separate special meetings on Monday, the Oak Ridge Industrial Development Board and Oak Ridge City Council agreed to extend the TIF term from 20 years to 30. That extra 10 years is meant to act as a “shock absorber” and help make sure that the banks are repaid if there is a “glitch” in the project that would push the repayment past the previously approved 20-year term, officials said.

“This is not a ‘home run’ project for us as financial institutions,” said David R. Bradshaw, Oak Ridge president of CapitalMark Bank and Trust, one of the financial institutions that could participate. But, he added, “It is the right thing to do for the community.” [Read more…]

IDB has special meeting on Oak Ridge mall on Monday

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Oak Ridge Village Area Rendering

 

Mark Watson

Mark Watson

A city board on Monday will consider extending the tax agreement for the redevelopment of the Oak Ridge mall from 20 years to 30.

The Oak Ridge Industrial Development Board will consider the change to the tax increment financing, or TIF, agreement during a special meeting Monday afternoon.

It’s one of a series of resolutions expected to be considered by the IDB and Oak Ridge City Council during special-called meetings on Monday, September 29. [Read more…]

Oak Ridge mall to have new name, banks considering financing

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Oak Ridge Village Area Rendering

 

Tim Sittema

Tim Sittema

The redeveloped Oak Ridge mall will have a new name, and local banks and credit unions are considering helping with project financing, executives said Tuesday.

The redeveloped mixed-use property will be known as Main Street—Oak Ridge, said Crosland Southeast, the North Carolina development firm that has been working with the city of Oak Ridge to redevelop the site, including through significant demolition and new construction. The name was chosen after long consideration of a new brand identity for the development, including involvement by Oak Ridge High School students.

“Most everyone we talked to in Oak Ridge was positive about creating a downtown destination for the community—something that says this place is the heart of the city,” said Crosland Southeast partner Tim Sittema. “The site already has Main Street running through it; so Main Street—Oak Ridge is the obvious choice.”

David Bradshaw

David Bradshaw

Construction is expected to begin in early 2015, with an opening anticipated in the third quarter of 2016, based upon completion of the financial arrangements.

In a press release, Crosland Southeast said a consortium of local financial institutions, led by CapitalMark Bank and Trust of Oak Ridge, is considering substantial involvement in the financing of the redevelopment “due to the transformative nature of this project in the city core.”

“In addition to our bank, ORNL Federal Credit Union and others have held discussions together about providing lending support to the mall project,” said David Bradshaw, executive vice president of CapitalMark. “Although details have not been finalized and commitments have not yet been made, there is very strong interest among our local banks and credit unions to be engaged in this important long-term investment in the Oak Ridge community.” [Read more…]

Mall TIF could be worth $13 million, last 20 years

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Oak Ridge Mall Concept Plan Featured

The proposed tax financing agreement to help redevelop the Oak Ridge Mall could be worth up to $13 million and last 20 years, and when complete, the 60-acre site in the center of the city could include a mix of mostly retail and some office space, a hotel, and up to 50 multi-family residential units.

The proposed tax financing agreement to help redevelop the Oak Ridge Mall could be worth $13 million and last 20 years, and when complete, the 60-acre project in the center of the city could include a mix of mostly retail and some office space, a hotel, and up to 50 multi-family residential units.

The developer, C4 Investments LLC of North Carolina, could spend more than $85 million converting what is now a mostly empty enclosed mall into an open-air, retail-driven, mixed-use property.

The redevelopment plan calls for about 400,000 square feet of retail space and roughly 60,000 to 100,000 square feet of office space, according to an economic impact plan to be discussed at a public hearing at 5 p.m. today (Thursday) and considered during a special meeting of the Oak Ridge Industrial Development Board. [Read more…]

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