A major development project is gaining momentum in Harrison County, as discussions among city officials, county representatives, developers, and bond trustees have led to a significant restructuring plan for a 23-acre retail site. The project, which has received positive feedback from prospects at a recent conference, is set to move forward through a joint venture between Interstate Retail Development and Genesis Partners.

Key to this advancement is the need to address existing liens held by 2019 bondholders on the property. These liens, secured through a deed of trust and CED assessments from 2008 bonds, must be subordinated or released to allow the developer to secure necessary financing. The proposed term sheet outlines the conditions under which this can happen, paving the way for a substantial $60 million loan aimed at covering construction and related costs.

Before the construction loan can be finalized, the joint venture must complete essential steps, including architectural planning, civil engineering, and securing leases with tenants. This project not only promises to enhance the local economy but also reflects a collaborative effort among various stakeholders to bring new retail opportunities to the area. As discussions continue, the community eagerly anticipates the next steps in this transformative venture.