http://www2.statesville.com/content/2009/jan/10/recession-zoning-slows-construction-exit-42-troutm/news-local/
http://www.shannongriffithrealtor.com/content/article.html/2416181
Recession, zoning slows construction at Exit 42 in Troutman
Economic woes have stalled the development and construction
By Bethany Fuller | Statesville R&L
Published: January 10, 2009
About a year ago, Troutman residents were talking about how development near Exit 42 was going to take off once Lowe's Home Improvement Center opened its doors.
The biggest concern they expressed at that time was they didn't want the exit off U.S. Interstate 77 to look like Exit 36 in Mooresville.
Today, Lowe's has opened, and with the exception of Wendy's Old Fashion Hamburgers opening across the street and some disheveled plots, the area remains the same.
"I think it was getting ready to move, but the economy slowed it down," Troutman resident Reginald Ostwalt said. Developers are putting their multimillion dollar projects on hold for the time being, Town Manager David Saleeby said. The zoning process is taking some time because the town wants to create a consistent image, Saleeby said.
The county's extra attention to zoning has actually helped some of the developers. Banks aren't lending a lot of money right now, and the economy is simply making people nervous.
Troutman Hospitality partner Jim Leonard said the original timeline for the 80-room Country Inn and Suites behind Arby's had the hotel opening next month. However, they had to go through some zoning hoops. By the time they were finished, the economy seemed too shaky to proceed.
"We wanted to get it done by now," Leonard said. "It would have been a disaster. We want it there, but you just can't go out and spend $7 million and then not have any occupants, either."
Leonard said he and his partners don't consider the delay a bad thing after Smith Travel Research reported a 3 percent in drop in occupancy.
Instead, the group plans to start construction sometime this summer and hopes to complete the hotel by race week in May 2010.
Mike Neader, who owns the six McDonald's restaurants in Iredell County, said his fight to get his seventh McDonald's approved had more to do with paperwork than the economy.
"This has to go across untold desks before putting a shovel in the ground," Neader said.
Neader hopes to break ground on a cafe-style burger joint in February. He said a lot about the company's layout and design has changed since he opened his last franchise in 2003. He hopes customers appreciate the Lake Norman State Park-themed restaurant.
"We are looking for the 'wow' factor," he said.
While the slow-moving economy is giving some developers a chance to reassess their projects, it is spoiling the plans of some property owners who wanted a developer to buy their land for hotels and restaurants.
Reginald Ostwalt rezoned a portion of his property to General Business in 2007 so he could sell the land to a prospective hotel developer.
Because of the economy and some miscommunications with the N.C. Department of Transportation, the buyer backed out of the deal.
"We got some more people who are interested," he said. "I think things are on hold because no one wants to stick their neck out until they see what this administration is going to do. I think if the economy hadn't slowed down we'd already be there."
