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Gleannloch Farms Commercial Property At Spring Cypress And Champion Forest

smudgemiller

By smudgemiller
in The Great Northwest

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smudgemiller

smudgemiller

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An excerpt of the December 2006 Gleannloch Farms Newsletter giving an update to it's commercial proprties. FYI

"...The other large commercial project to the west of Champion Forest has been working to establish utilities for their site. This has presented a slowdown to the project. At a recent site meeting with this developer they announced they were back on track and expected to complete the center by February 2007. New tenants to expect in the center are Powerhouse Gym, Lonestar Tae Kwon Do, Dry Cleaners, and MJ

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ENGcons

ENGcons

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This eyesore at the front of my neighborhood has been stagnet for almost a year. And for what it is worth, a problem with Utilities would not halt construction for that amount of time. Perhaps a probelm with payment to the Contractor would, but utility hookups are easily resolved and should not hold up any work. I will be glad when they finish.

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  • 3 months later...
Avabamse

Avabamse

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There has still been little movement on this development, other than hauling off much of the huge dirt hill on the Champion Forest side of this property.

It is possible that the developer may have run out of money (hopefully, only in the interim :rolleyes: ) based on another development that they did off of 2920 and Kuykendahl that suffered the same "stopped in their tracks" fate.

I am certain that this will come up at the GF HOA next month.

If anyone has any news, please share. Supposedly, there were tenants signed up (i.e. fitness center, restaurant, I can't remember the others) before work stopped.

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Avabamse

Avabamse

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At the HOA last night, we were told that the developer is in bankruptcy presently. Thus, the HOA is hoping at best to receive some relief from the courts by cleaning up the mess of a job site and extending the sidewalk along Champion Forest to the north.

Additionally, the developer is attempting to close on financing for its restructuring. This baby is fustercluck for the community because everyone's hands are tied with the court's / trustee's involvement deciding everything.

:angry2::angry2::angry2::angry2::angry2::angry2::angry2::angry2::angry2::angry2:

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Avabamse

Avabamse

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Is Satya the developer on that project?

No, it's Camco Development.

My friend who owns My Le is getting hosed because he completed build-out on his new restaurant at south of 2920 and Kuykendahl, but he can't open because Camco is not finished with the building. Totally sucks!

By the way, My Le is absolutely the best Vietnamese in the Great Northwest. I encourage everyone to support Sam's current restaurant at Spring-Cypress & 249 as that shopping center is under redevelopment (discussed in this other thread).

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Avabamse

Avabamse

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What's going to happen to the property now that the developer has went bankrupt?

I have no idea. There are too many contingencies here. Yet, being that this was discussed openly at the HOA, the impression that was given is that some relief to the community through clean-up of the site is on its way. Additionally, the refinancing possibly could occur sooner than later too, but this is my speculation.

I would be encouraged by the value of this lot so another developer may want it. I hope that Camco does not hold up whatever improvement is coming next.

~*~*~*~*~

By the way, on a separate note, Gleannloch Farms Golf Club is now Gleannloch Pines. The original developers of Tour 18, who now own Augusta Pines, purchased Gleannloch and they are on a 12-18 month major renovation. This will include considerable play improvements to the course, aethestic enhancements, and a new ballroom at the clubhouse (amongst other enhancements to this facility). Stay tuned here for more.

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Tolarwan

Tolarwan

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Does anyone have an update on this project. I am in the electrical industry and we re-bid this project about 6 months ago, but even then it was way over budget because the general could not tell us everything that had been installed on the underground portion on the project. I also can't imagine that the integrity of the beams is in great shape due the rust, but I could be wrong. Is Camco now shutdown? Their office is right behind Chick fil A on 249 and there is never anyone there. Just looking for some info on the "Eyesore."

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jimcas

jimcas

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Not sure if this is the same property or not, but the chronicle mentioned another On the Border Mexican Restaurant was going in at Spring Cypress and Champion Forest.

RETAIL: On The Border has leased 4,693 square feet at Stables Town Center at Spring Cypress and Champions Forest Drive. Jim Smith and Clay Graham of Staubach Retail represented the tenant. Rebecca Nguyen of NewQuest Properties represented the landlord, Inland America Retail Management.

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klein

klein

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I think the "On The Border" restaurant will happen. I saw the real estate website showing that it's planned to replace the Mexican restaurant on the corner of the Kroger shopping center.

http://www.inlandgroup.com/american/images/400b44528_Bro.pdf

I thought the developer of that shopping center was NewQuest

http://www.newquestproperties.com/property...erty.asp?id=742

I thought you were talking about the unfinished one across the street :ph34r:

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Joe Schmoe

Joe Schmoe

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So what will happen next and how soon normally?

KUYKENDAHL/2920 BANKRUPT CENTER:

As a concerned member of the Springbrook HOA, I spoke with the property management company yesterday regarding this property. Over the weekend, it should be "cleaned out" and mowed, as it is extremely overgrown. So, hopefully, that will take place. The gentleman also said:

- He will be out Tuesday to inspect, as the bank requires a weekly inspection

- They just took over management this month. Good for them - it seems like they are on the ball!

- The bank's plan is to complete the center and then sell it. They are currently getting bids for architecture and engineering.

- Next month, the issue is the grafitti

I will be constantly following up with them, as it is a concern for my subdivision.

:)

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jsoto21

jsoto21

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KUYKENDAHL/2920 BANKRUPT CENTER:

As a concerned member of the Springbrook HOA, I spoke with the property management company yesterday regarding this property. Over the weekend, it should be "cleaned out" and mowed, as it is extremely overgrown. So, hopefully, that will take place. The gentleman also said:

- He will be out Tuesday to inspect, as the bank requires a weekly inspection

- They just took over management this month. Good for them - it seems like they are on the ball!

- The bank's plan is to complete the center and then sell it. They are currently getting bids for architecture and engineering.

- Next month, the issue is the grafitti

I will be constantly following up with them, as it is a concern for my subdivision.

:)

Thanks for the info. I am also a member of Springbrook.

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Gary K

Gary K

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Regarding KUYKENDAHL/2920 BANKRUPT CENTER, Spring Cypress and Champion Forest unfinished center:

Could someone educate me as to why these types of things happen (work stoppage before complete) with shopping center development and construction?

I understand the short answer is "money", but what was the actual mistake made? Did the developer (Camco?) not estimate costs correctly and run out of money before completion? Did they have to divert funds from these two properties to others, leaving these unfinished?

If the developer's expenses were greater than thier income, then I can see bankrupcy ... But how did it get to that? Mis-estimation of incomes/expenses, Act(s) of God, ???

Trying to understand and learn ...

-Gary K

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hornsandbraves

hornsandbraves

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It would be nice to see something done with that slab of concrete for sure! Now i see that they are tearing up a small part of the golf course close to the unfinished strip center..any clue what that is?

my wife and I are wondering the same thing about the new construction. Whatever it is, it's in a strange location. Previously there was a nice clean entrance to the neigborhood. (minus the concrete cemetary)

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Gary K

Gary K

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my wife and I are wondering the same thing about the new construction. Whatever it is, it's in a strange location. Previously there was a nice clean entrance to the neigborhood. (minus the concrete cemetary)

Can anyone update on these:

1) What is the status of the Spring Cypress & Champion Forest unfinished project (subject of this forum topic)?

2) What is the structure under construction behind #1 above?

Thanks,

-Gary K

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slash

slash

Posted
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Can anyone update on these:

1) What is the status of the Spring Cypress & Champion Forest unfinished project (subject of this forum topic)?

2) What is the structure under construction behind #1 above?

Thanks,

-Gary K

Here's the latest rumor. I have nothing to back this other than my wife talked to the contractor on site:

1) Somebody mentioned that Ross was moving in but this has been confirmed as untrue.

2) The small structure under construction further into Gleannloch on Spring Cypress was said to be a doctor's office.

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Avabamse

Avabamse

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Here's the latest information that I have - credible source:

  • Property is owned by single individual now as he bought out his other investors.
  • Property is paid off by current individual owner.
  • Local known developer with a significant adjacent development has been negotiating a joint venture with the remaining property owner.
  • Hang-up regarding JV relates to viewpoint towards recoverability of existing construction.
  • Current owner believes that current construction can be recovered and built upon.
  • Local developer for JV believes tilt-walls have sunk and the lot will need to be scraped. Fresh start necessary - redesign & construction.
  • Additionally, local developer believes current layout will not be successful, but essentially a glorified strip center, unless anchor store is secured. High-density, upper-end residential may be necessary component as well.
  • No projection in getting differing viewpoints resolved, but local developer is hopeful that a JV will be reached in time.
  • Key for future commercial development: replacing stop signs with stop lights on Champion Forest between Louetta & Spring-Cypress. Otherwise, developmentally-speaking, intersection is a bit of a dead zone for the time-being. Lots of East-West drive-by traffic, reduced North-South. Look at Jones Rd near Cypresswood for positive reference point.

Let's hope for traction on redevelopment because this is hurting all commercial corners of this intersection.

Last note - I've heard that Kroger's may eventually expand physical size of store through use (inclusion for build-out) of open adjacent lot to the east of current store.

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