Deanna Hon of Phoenix Real Estate Investment, L.L.C., spoke at The Platte City Area Chamber of Commerce & Economic Development Council's Annual Development Update Luncheon on Jan. 18, 2007, about our shopping center Fox Hill Center. Link: www.foxhillcenter.com
In all there were 7 presenters representing various residential and commercial developments in the Platte City Area. What follows is the text of of Deanna's presentation:
We're glad Karen asked us here today because after being forced to stop marketing since last June and being at a complete standstill for the past 4 months, it made us sit down and take a look at what progress we have made in the past year. We were actually surprised at how much progress we have been able to accomplish, considering the obstacles we have had to face.
What progress have we made since this time last year?
Ø Our preliminary plat and preliminary site plan for Fox Hill Center was approved by the county commissioners a mere 2 hours after the last time I spoke here. At that time we began our marketing campaign for Fox Hill Center. By last June, we were in discussions with several potential tenants who had expressed an interest in locating at Fox Hill Center.
Ø We accepted a proposal from Trans Systems for a traffic impact study and that was completed last spring. If anyone is interested in the traffic counts they can be viewed on our website at www.foxhillcenter.com.
Ø After submitting our traffic study to the Special Road District, Platte County Planning and Zoning and MoDot we have resolved several issues related to internal roads, our phase one entrance and also timing and amount of public infrastructure that we will be required to be responsible for.
Ø Wallace Engineering submitted their construction estimates and we used those to complete our Development Pro Forma for phase one. An appraisal has been obtained and Wells Bank has expressed their firm intention to finance the initial development of phase 1 for Fox Hill Center.
Ø Wells Bank is still committed to locating a branch at the Center.
Ø Last spring Timber Creek Sewer District completed the extension of their sewer main from Fox Creek Town Homes to Fox Hill Center in preparation for our connection to the sewer district.
At this point in time we had hoped to be further along in the progress of Fox Hill Center. We made the decision to put our marketing efforts on hold last summer when the City of Platte City started their initial annexation attempt. We felt it was the only course of action we could take since the situation with utility providers and political subdivisions is so confused at this time. While we understand Platte Clay Electric and Aquila have come to a tentative agreement, we have not seen anything in writing and we feel issues with the remaining utilities have not even been approached. Frankly speaking at this time we feel its best to keep our chips on the rail.
We are happy that Fox Hill Center is surrounded by so many experienced residential developers and home builders and that they are represented by successful residential real estate brokers. We are looking forward to a very active spring in the local housing market.
I would like thank Karen, Susan and the chamber for providing us with results from their retail survey last November. It will help show us what services and the type of retail that is in demand when we start our marketing efforts again.
The past year has been enjoyable; we have made a lot of new friends and have expanded our business beyond just managing our own personal real estate investments into becoming a full service commercial brokerage firm. |