Explore Park behind schedule -- again
Developer Larry Vander Maten has asked for an extra year to gather more money for a makeover.
By, Mason AdamsRoanoke Times, November 18th, 2009Developer Larry Vander Maten said Tuesday that Wall Street's "spigot is off" for financing and he's therefore unlikely to make a June 2010 deadline to break ground on a proposed $200 million makeover of Explore Park.
He therefore asked for another year -- the latest of several such requests -- to give him time to find the money necessary to begin construction on a resort intended to draw tourists from Washington, D.C., and provide an economic development boon for the Roanoke Valley.
The Florida-based developer has a 99-year lease to develop his "Blue Ridge America" plan on the 1,100-acre Explore Park property. He said he has spent about $1.5 million so far -- most of it on consultants -- but said Tuesday that "there simply ... is no capital funding available to anybody anywhere."
Vander Maten's contract with the Virginia Recreational Facilities Authority, which oversees the park, requires that he break ground by June 13, 2010, or his lease expires.
"The economy stinks, as we all know," Vander Maten told the authority's board. "The bottom line is -- I can say in my opinion with 90 percent certainty -- in the next six months there isn't going to be anything that's going to change that would all of a sudden enable me to start this project."
A year's extension on the deadline to begin construction, he said, would allow him more time to find financing while also giving the board more time to explore other options.
The authority has put together an economic-development consortium to develop a backup plan, but the group is only in the early stages of developing a master plan for the site. And Vander Maten said that if his proposal can't draw capital funding, other plans won't either.
"The funding is just not available for something like this," Vander Maten said. "It may not be available, quite frankly, for another year or two years."
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The board won't make any decision until January at the earliest. It has three options: extend Vander Maten's lease as-is, let it expire, or negotiate a new lease.
"I really want to hear what the other board members say," longtime board member Barry Baird said. "I don't want to use the word 'factions,' but there's people who are pro-VLH-approach [Virginia Living Histories, Vander Maten's group], and others who say, 'If this isn't going to work, we need to be looking down the road.' We all need to get together and think on where we want to go as a board."
Former Roanoke County administrator and board member Elmer Hodge said he was inclined to use the delay as leverage to build more requirements into Vander Maten's contract, while at the same time pursuing other options.
"That way we really aren't limiting ourselves," Hodge said. "At this point I'm interested in seeing both go forward in parallel to see which is going to be the better alternative for us."
In particular, Hodge said he'd like to see more public access and more detail on the path of a proposed greenway through the site.
Even in good economic times, the Virginia Recreational Facilities Authority board would face a difficult challenge in looking for ways to make the Explore Park land profitable.
During another portion of Tuesday's meeting, Blue Ridge Parkway Superintendent Phil Francis was asked during his keynote speech how many commercially leased sites on the parkway are profitable. Only one, he replied: the Pisgah Inn, near the Great Smoky Mountains National Park. The rest, Francis said, run in the red.
Francis also weighed in with his own opinion on what Explore Park should become: "We would hope that whatever you decide to do would incorporate the values that are consistent with those values that have made these mountain regions so attractive and important. That is not telling you specifically what to do but maybe tells you a bit about what characteristics it should have.
"That's one opinion. And it was a free one, too."