Covell and I-35 Development Updates

[onthestrip]

Looks like a Starbucks along with a new retail center will be coming to Covell and I-35. The hearing has been continued to September 5th.

Another note: the site plan for the movie theatre has been discontinued indefinitely. I don't know what that means exactly. I hope this development isn't in trouble.

A blurb in the paper says Showbiz is looking for a real estate partner who will build and own the theater and I assume lease back to showbiz. So Showbiz cant even build their own building but still took nearly $5mil in incentives.

[Plutonic Panda]

A blurb in the paper says Showbiz is looking for a real estate partner who will build and own the theater and I assume lease back to showbiz. So Showbiz cant even build their own building but still took nearly $5mil in incentives.

That figures. Is this common practice? I've never heard of a movie theatre doing this.

[jerrywall]

A blurb in the paper says Showbiz is looking for a real estate partner who will build and own the theater and I assume lease back to showbiz. So Showbiz cant even build their own building but still took nearly $5mil in incentives.

Of course those incentives haven't been paid and are based directly on performance which if doesn't happen they get nothing. So, no, not really. The EEdA is pretty smart in how it operates.

[onthestrip]

Of course those incentives haven't been paid and are based directly on performance which if doesn't happen they get nothing. So, no, not really. The EEdA is pretty smart in how it operates.

True. Maybe I didnt word it properly. Its just kind of astounding how they are getting one helluva incentive package yet here they are delaying things because they cant get started on a building. It shouldnt be hard to find a real estate partner to help with the actual development of the building. I guarantee you there'd be several local folks who would do a build to suit for them.