Seymour says Fischer Crossing still on track

Thu, 09/18/2008 - 2:58pm
By: Ben Nelms

Fischer Crossing developer Scott Seymour says the payment now due one of the three parcels included on the large retail development at Ga. Highway 34 and Fischer Road in east Coweta will be resolved by the end of the month. Bank of Coweta last week called in the loan on the parcel situated in the northeast corner of the retail center. Work on the other two parcels will begin before the end of the year, Seymour said.

Bank of Coweta Sept. 6 advertised a notice of indebtedness on a portion of property that is the site of the future Fischer Crossing retail center located on three corners of Ga. Highway 34 and Fischer Road in east Coweta County near Peachtree City. The bank listed an $11 million loan on the property totaling approximately 60 acres of the 145-acre development.

Seymour said the loan with Bank of Coweta had matured and the bank was asking for full payment. Seymour said he has paid $4 million and is in process of having the loan refinanced with another bank. Seymour said construction on the two other parcels is expected to begin before the end of the year.

“We’re working on new financing. We’ll have this resolved before the end of the month,” Seymour said Wednesday, noting the pressures on lending institutions in the current economic climate. “We’re dealing with capital markets and we’re working through this. These things don’t happen over night.”

The property in question is situated on the northeast corner of Fischer Road. Future retail sites on the northwest and southwest sides of the intersection are not connected to the loan, Seymour said.

As for the remaining parcels slated for development on the northwest and southwest corners of Fischer and Hwy. 34, Seymour said those projects were financed by other banks are going forward, with construction expected to begin by the end of 2008. It is on the northwest side of the intersection, with a total of 150,000 square feet of retail, that a Sam’s Club will be located. The northeast corner will be the location of a multi-screen theater.

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