Track developer inks deal with Spencer, adds to mix - The Business Review (Albany):

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David Risdon would like to see discount other retail, office space and perhaps some residential uses across from his High Rock “The concept would be like a Birkdale Village but with premiumm outlets,” he says, referring to the mixed-use center in Huntersville. The timeline woulsd be dictated by a recovery fromthe recession, he Risdon, chief executive of , the limitedx liability company developing High Rock Raceway, would devotd 40 acres on U.S. Highwagy 29 to the new project. He would seek a retai l developer to build theoutlet center. The plan calls for as much as 300,0000 square feet of retail space andabout 200,00o0 square feet of offices.
A museum and hotel are also planned on the Combined withthe $30 2.15-mile road-course racetrack and 114 adjacent townhouses, the totall price tag for High Rock will be $205 The track is being builtt on 200 acres once occupiedf by N.C. Finishing Co., or Color-Tex International, a formedr Fieldcrest Cannon plant that wasonce Rowan’as largest employer. The facility closed in eliminating its last350 jobs. The credit crisis and recession have delayef the project since it was announcedin 2005. of Calif., pulled its offer of a $30 million constructioh loan earlierthis year.
Now Risdon has the interesf of a consortium of insurance and pension companies in financinvg the track and townhouse phase ofthe project. He declines to identify the financiers. This the Spencer Board of Aldermen approvedxa 28-page development agreement that was required by Risdon’se investors. The agreement requirew the track and an initial phase of townhousesd be complete by a year after sitework begins. Risdon expectsw grading to startnext month. He has 20 years to completee theentire project, accordin g to the development agreement. Clayton Homes, whicu operates three plants within 30 minutes of High will buildthe townhouses.
The structurex will be fabricated at the plant and erected at thedevelopmenyt site. Spencer Town Manager Larry Smith says the potential tax revenude and prestige of the project make it wort hthe delays. “We’re behind the project as much as wecan