Despite economic recession, the nearly 100-acre Riverwood commercial center in north Douglas County is moving forward.
"The owners of this development need to be commended for really moving forward with the way the economy is," said project manager Don Smit. "Very few projects in the country are moving forward in this economy. This shows a great investment in Douglas County."
Last month, grading began on about 25 acres of the site, which sits opposite Carson Valley Plaza on the east side of Highway 395.
Topographically, the site is challenging, dipping sharply to the east. Smit said developers have already moved 220,000 cubic yards of earth and still need to move more than 600,000 cubic yards for the finished grade.
However, construction has temporarily ceased as developers re-negotiate utility contracts, Smit said.
"We should know more by the end of the week," he said.
Given the enormity of the grading stage, Smit said he did not want to estimate when site improvements would be finished, but was optimistic that vertical construction would begin as soon as "mass grading and utilities" were completed.
He said the lower corner of the existing grade still needs to rise an additional 14 feet.
"All that needs to be done before we can begin utility work and street work," he said.
In 2006, Douglas County commissioners approved $24.7 million of redevelopment money for a 4.7-acre portion of the project in hopes of establishing infrastructure, attracting businesses and ultimately generating sales tax.
According to a 2006 report by former Douglas County Manager Dan Holler, the project was estimated to generate $35.4 million in sales tax and one-time fees and charges over the next 20 years.
The redevelopment measure was controversial, as several critics argued that subsidizing part of the development could not guarantee future development or revenue.
According to the 2006 owner participation agreement, the redevelopment money is to be distributed to the developer over 16 years, with the first payment scheduled for June 2009.
But 30,000 square feet of commercial space must be built before developers receive the first payment, and 25,000 square feet of that must be leased to receive subsequent payments.
Smit would not comment on the redevelopment agreement, nor would he comment on potential future tenants.
The 270,000-square-foot Beverly Hillbillies Casino & Mansion has been proposed for the eastern portion of the area. Kohl's department store has also been proposed as a commercial anchor.
n Scott Neuffer can be reached at sneuffer@recordcourier.com or 782-5121, ext. 217.
