| Marketplace developer says deals are close |
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Posted: Monday, July 21, 2008 7:57 pm
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By RUTH ANN HAGER
News Editor
WASECA — Darcy Winter left Waseca City Hall Tuesday night with more than she had expected.
Winter, the developer who is searching for tenants for the 7.31-acre site near Wal-Mart, got a three month extension on her agreement with the city, which was scheduled to expire Aug. 15.
The extension came from a 6-1 vote on a motion by council member John Clemons to give her three additional months. Voting against the motion was Matt Johansen, who said he preferred to see a proposal in writing before granting the extension.
In January Clemons voted against the Market Place sale to Winter.
“I knew this would be piece meal from day one and come back to us; that’s why I voted ‘no’ in the first place,’” he said.
“The most viable option will be to split it up.”
He said he offered the extension because he believes Winter is very close to developing part of it.
“The whole thing would be such as burden; in this economy, it’s unrealistic,” he said.
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The vote to give Winter more time shows the confidence the city council has in her to make something happen there, he said.
Clemons feels she has done the best she could do to market the property.
Winter prefaced her remarks to the council by saying she “couldn’t imagine” being able to meet the Aug. 15 deadline and without an extension, she would “have to go home.”
The retail market started to slide shortly after she agreed to purchase Market Place, she said, and “it gets worse on a daily basis.”
With the Waseca project, Winter said the biggest problem she has encountered is Waseca’s proximity to Mankato and Owatonna.
“It is the overall resounding comment,” she said about the people she has talked to.
Still, she said she has enjoyed marketing the property and it has been “a treat to get to know the people” in Waseca.
Winter’s original plan called for a 24,700 square foot shopping center with two major retailers.
She now favors an 11,400 square foot version but has secured only three of eight users, which she said, is not enough to get financing.
Winter said she has a user for Outlots A and B and that deal “could be done by the end of the year.”
She has someone interested in building on Outlot D, but the party is “still not sure.”
As for Outlot E, Winter said it is no secret that its use is unknown; however, she said she is actively working on filing it.
“Think about what you want to do,” she said, indicating that housing could be a possible use for the back portion of the property.
While the purchase agreement she signed was for the entire site, Winter said splitting the site into separate parcels would allow her to move forward with development of some of the property. And development could spark interest from other tenants, she said.
“It also starts getting money back to you,” she told the council.
She will use the additional time the council gave her to put together a proposal for “carving out pieces as appropriate” to develop Market Place.
Winter purchased the property for $1,086,740. If it is split into sections, the purchase price would be adjusted accordingly, she said.
Ruth Ann Hager is at 507- 837-5446 or rhager@wasecacountynews.com.
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