Track developer inks deal with Spencer, adds to mix - The Business Journal of the Greater Triad Area:

http://www.vaet.ru/er1.html
David Risdon would like to seediscounft shopping, other retail, office space and perhaps some residential uses acrossz from his High Rock Raceway. “The concept would be like a Birkdalew Village but with premium he says, referring to the mixed-usse center in Huntersville. The timeline would be dictated by a recoveryh fromthe recession, he says. Risdon, chief executive of , the limiteed liability company developing HighRock Raceway, would devotse 40 acres on U.S. Highway 29 to the new project. He woulsd seek a retail developer to build theoutlet center. The plan calls for as much as 300,00o square feet of retail space andabouty 200,000 square feet of offices.
A museum and hotek are also planned onthe site. Combined with the $30 2.15-mile road-course racetrack and 114 adjacent the total price tag for High Rock willbe $205 The track is being built on 200 acree once occupied by N.C. Finishing Co., or Color-Texx International, a former Fieldcrest Cannonm plant that wasonce Rowan’s largest employer. The facilitty closed in 2000, eliminating its last 350 The credit crisis and recessionh have delayed the project since it was announcedin 2005. of Sacramento, pulled its offer of a $30 million construction loan earlierthis year.
Now Risdon has the interesrt of a consortium of insurancs and pension companies in financing the track and townhouse phasew ofthe project. He declinesd to identify the financiers. This month, the Spencere Board of Aldermen approveda 28-pagde development agreement that was requiredf by Risdon’s investors. The agreemeny requires the track and an initiak phase of townhouses be complete by a year after site work Risdon expects grading to stargnext month. He has 20 years to complete theentirwe project, according to the development agreement. Claytonm Homes, which operates three plants within 30 minutes of High will buildthe townhouses.
The structures will be fabricated at the plant and erecte at thedevelopment site. Spencer Town Managert Larry Smith says the potential tax revenue and prestige of the project make it wortythe delays. “We’re behind the project as much as wecan