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Monday, June 21, 2010

Memorial Parkway Apartment Update

Back in 2007, Darrin first began to chronicle the development of the proposed apartment developments by Wessels Contruction on Memorial Parkway. At that point, Wessels Construction just had their best year ever, the dirt from the Bear Creek Capital development (now known as Newport Pavilion) was filling up the hillside as fast as they could dump the dirt, and the expected completion date for the apartments was mid 2009.

Fast forward almost 3 years later and everything is still in a holding pattern. "By no means are we doing poorly, but we can't justify starting the building process in this enviroment," said Bernie Wessels, owner of Wessels Construction.

You really can't blame the company for not wanting to start construction right now. Like Target at the Newport Pavilion and Wessels, companies are doing what they can to stay ahead of the game amid these turbulent markets. Financial decision makers will outlay revenue when confidence is back and people are spending.

That includes new construction.

Until then, the story here lies with the frustration due to the holdup on the project with both the citizens of Fort Thomas and Wessels Construction.

The residents have been without a sidewalk on that side of Memorial Parkway for years. The fill that has been dumped caused the developer to tear out part of a hillside and trees to prevent erosion.

"We want nothing more than to get started for the citizens of Fort Thomas. We have already committed a significant outlay of capital to the project." Wessels said. "It's on hold, but it's something that will get done."

Until then, it's another wait and see.

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