WHEELING - Greg Stewart has a few goals for The Highlands during 2011 including improving the Ohio County Development Authority's finances, adding more retail tenants and garnering support for a second interchange.
"We need to start to rally support in Charleston and elsewhere for that second interchange," said Stewart, county administrator, when outlining his 2011 goals to Ohio County Development Authority members.
He noted the interchange, which would serve as a second means of entering and exiting the site from Interstate 70, already has been designed and its federal justification report is finished.
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Photo by Scott McCloskey
Ohio County Administrator Greg Stewart hopes to garner support for construction of a second Interstate 70 interchange to The Highlands during 2011.
"Now we just need to start pulling everybody in the same direction. If you've been up here during some of the peak busy times, I'm sure you've seen the need for that second ingress and egress off of the hill," Stewart said.
A third westbound lane also would help alleviate congestion near The Highlands, he added. The current highway configuration makes it difficult, at times, for motorists leaving The Highlands to merge into interstate traffic traveling down Two-Mile Hill.
In addition to landing more retailers, including restaurants and entertainment venues, Stewart said he would also like the site to host additional events to attract more people.
Fact Box
Will any new businesses or additions come to The Highlands this year?
Ohio County Administrator Greg Stewart says yes, as several new businesses are being courted and a second interstate interchange is wanted by county officials.
"We do very well when we have events up here," he said. "The biggest event we still have going is the car show on Labor Day. ... We need to add a half a dozen smaller events, maybe a couple medium-size events and have a couple larger events, like the car show, to attract folks to come up here ... to spend some dollars in the retail stores and restaurants."
Stewart said he also is working to secure at least two light industrial-type tenants for the site during 2011. About 25 acres near the Cabela's Distribution Center would be used for light industry and are ready for someone to start building upon.
"We're working closely with one particular company ... We're well on our way there," Stewart said.
When it comes to finances, Stewart said he plans to seek lower interest rates for the authority's existing bonds used to develop the site. Some of the bonds' existing rates are variable. Before those rates begin to climb, Stewart hopes to "lock in" lower, fixed-interest rates.
"We're going to refinance our bonds and some of our other debt. ... Interest rates when we sold some of those bonds were a little higher. Interest rates have been lower in more recent times and there's an indication in 2011 that the variable rates are going to start to go up. ... You want to lock those in while the fixed rates are still low. And there's indications in the third or fourth quarter of this calendar year that rates are really going to start moving up again," Stewart said.
Stewart mentioned he would soon start meeting with St. Louis, Mo.-based THF Realty, the company the authority hired last October to help secure more tenants for the site. He noted a full presentation about the company's plans would be made during an upcoming development authority meeting. THF will not be paid an initial fee for bringing in new tenants, but will receive a 6 percent commission on each new lease deal it secures for the retail site.
"They're a national retail developer," Stewart said. "They know the area ... and they know West Virginia."
THF developed the Ohio Valley Plaza in St. Clairsville.
Ohio County Commissioner Randy Wharton said businesses at The Highlands yielded record sales in December.
"We're going to push hard for the first half of the year to get a hotel under way," Wharton said, noting a hotel likely will keep visitors shopping at the site longer, improving retailers' sales.
"We're going to keep moving forward and try to do things a little different," he added.
Wharton noted the site already has many "success stories," such as the West Liberty University Highlands Center, which continues to see increases in enrollment.
"That's quite an accomplishment for them and for us," Wharton said.
He noted the site's anchor store, Cabela's, also continues to perform well.
Stewart noted, to date, 3,100 jobs have been created at the site. That's not bad considering that area was an empty field a little more than a decade ago.
"We've increased the tax base from $200,000 to $270 million. Before the project was started there was something like $3,000 in taxes collected up there. These are all new companies (on the site). Now there's a little more than $4 million in taxes collected. The school board gets almost half of that," Stewart said.
Stewart noted there are some signs of the economy perking up this year. If so, he expects to add at least five to six more tenants in 2011.
"There's categories we're missing that we're working on," Stewart said, noting a sporting goods store and furniture store are on that list.