Here ya go biggie......
October 8, 2007
Harbor Walk construction delayed
By Leah Square
leah.square@mcherald.com
Harbor Walk construction has been delayed, yet again.
Developer John Burwell, manager of Main Harbor Development, said last week that the company was in the final stages of securing a loan to begin Phase One and construction was to begin today. But today, construction crews were non-existent and Main Harbor was still without the loan.
“We’re working on it,†Burwell said. “They’re going to start (construction) this week.â€
Harbor Walk, mapped for the old Main Harbor location of the Ross Barnett Reservoir, includes retail shops, restaurants, about 2,000 upscale condominiums, office space, a marina, a boardwalk, a parking garage and at least three hotels.
With many existing residential developments like Lost Rabbit and Overlook Pointe, Harbor Walk has been described as the “town center†of the 33,000-acre Reservoir.
Phase One, a $250 million venture, promises a fuel dock and at least 15 establishments. About $50 million of that money will go toward a luxury hotel, Burwell said.
The developer said he was unsure when Phase One would be finished, and contractor Reed Nelson of White Construction Company said he could not discuss completion dates because he is under a confidentiality agreement with Main Harbor Development.
The $750 million project may take 12 years to complete, Burwell said.
Harbor Walk was first pitched in 2004, but funding and legal issues caused delays for three years.
Burwell’s company was sued by Jubilee Capital LLC, Main Harbor Inc. and North Harbor Inc. in May for allegedly defaulting on a $4.5 million a loan, according to Madison County Chancery Court records.
“There was a note that was due in July 2008,†Burwell said. “They tried to accelerate it, and they claimed a default, which we said didn’t occur.â€
Main Harbor paid the parties the full $4.5 million out of court, according to records.
Lawyer Michael Cory, who represented the plaintiffs, could not be immediately reached for comment.
Burwell also became the butt of criticism when Harbor Drive closed for construction for more than a year in anticipation of a project that seemed to be at a stalemate.