Downtown Project

December 2005

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Status Update

Provided by Oak Ridge City Center, LLC – April 19, 2004.
Aerial View added on March 14, 2005.

Primary Achievements

  • IDB incentive proposal authorized by City Council – December 2003
  • Tenant commitment process toward achievement 50,000 SF commitment – December 2003 - Ongoing
  • Preparation of conceptual master plan responding to IDB proposal – January – March 2004
  • Negotiation with potential new anchor tenant – January – March 2004
  • Negotiation with existing anchor tenants for development plan approval - Ongoing
  • Negotiation with existing anchor tenant for expansion and lease renewal - Ongoing
  • Legal Counsel requested to prepare draft IDB – ORCC lease agreement – March 2004 ongoing

Supporting Achievements

  • Site topographic surveying and civil engineering for site master planning - January – February 2004
  • Architecture and Planning services to develop conceptual master plan – January 2004 - Ongoing
  • Liaison with City planning staff to verify compliance with approved PUD – Ongoing
  • Negotiation with potential construction lenders – January 2004 – Ongoing
  • Acquisition of Tinseltown from Crown American – February 2004
  • Coordination with City staff associated with EDA $800,000 grant application – March 2004 - Ongoing
  • Starbuck’s commitment – March 2004
  • Presentation of conceptual master plan to IDB – IDB endorsement - March 15, 2004
  • Click on image above for a larger view

Current Anticipated Timeline (*)

  • Initial review IDB – ORCC lease DRAFT lease agreement – May 2004
  • Achievement of 50,000 SF tenant commitment – 3rd Quarter 2004
  • Finalize Master Plan and define Phase I Construction – 3rd Quarter 2004
  • Preparation of Bid and Construction Documents Phase I – 4th Quarter 2004
  • Initiate Phase I demolition and new construction – 2nd Quarter 2005
  • Complete Phase 1 demolition and new construction – 4th Quarter 2005 to 1st Quarter 2006
  • Phase I ready for tenant occupancy – 4th Quarter 2005 to 1st Quarter 2006

* Timeline is based on best current projections; however, as with all retail developments of this type, timeline guarantees are not possible due to need to satisfy regulatory and business requirements of the extensive number of parties involved in the Project, i.e., new and existing tenants, governmental entities, legal counsel, engineering, financing entities, etc.
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