Goldridge backs out of River Prairie project Altoona moves forward with other developers
The City of Altoona announced this week that Eau Claire-based Goldridge Group has decided to not invest in the River Prairie Development proposed for the 18-acre parcel the city owns in the southeast quadrant of the property located near the Highway 53 Freeway exit.
"This is really more a restructuring of the developers. We know, in this economy, Goldridge has a number of projects in the works...and we lost $10 million in valuation, but we still have the land for sale to any other developer," said City of Altoona Administrator Michael Golat, who added that the proposed development has decreased from $70 million in value to about $60 million.
The remaining developers include Cottagewood Group of Eau Claire, TCI Construction of LaCrosse and St. Paul,MN-based Access Commercial Real Estate (ACRE). Golat said the city will soon begin receiving payments for the two parcels.
"We have two deals still in the works. In the northeast quadrant, payments are to be made in April, 2009, January, 2010, and January, 2011. That land sale totals about $900,000. The west half of the site, which is to be developed by TCI and ACRE will total $5,296,875 and the first payment is due in December of this year with the rest paid off through July, 2017," said Golat, who was optimistic that the three remaining developers will be able to attract approximately $10.5 million in residential development in the northeast quadrant and up to $50 million in new commercial facilities on the west side of the site. TBL