Tenants wary to sign on at Morrison Ridge, blame economy, developers say
By Eric C. Deines
A 765,000-square-foot commercial development given the green light by Concord in 2007 is seeing some delay as the current economy has cautioned possible tenants.
Developers of the project said the Morrison Ridge development, at Stough Road and N.C. 49 just outside Harrisburg, remains very much an active project, but that they are in the process of confirming their list of tenants.
“These kind of projects, of this scale and size, take years to pull together,” said George Dewey, president of Charlotte-based Aston Properties, which is developing the project. “It’s going to take several more months to pull this together. In the (economic) climate we’re in, everyone is slightly more cautious. And it’s caused a slow in the process.”
A project opening once slated for 2009 or 2010 is now estimated for late 2010 or 2011.
Boyd Stanley, development review administrator with Concord’s Planning Services, said the city has recently met with Aston Properties and that the project continues to move forward.
“It seems they are going to move forward with a big box (development),” Stanley said.
Stanley said a Target store and a Lowe’s Home Improvement store have been discussed for the project, but that the project is still very much subject to change.
“I think everything is still speculative,” Stanley said.
Stanley said the city has looked at similar projects in other municipalities to gather information in making each building in the development of a uniform style and facade.
Dewey said his organization would not push the project through, as he said it is important to identify the right tenants for the project.
“What’s important to us is not compromising the quality of the tenants and the quality of the project,” Dewey said.
• Contact Eric C. Deines: 704-789-9141