Rumors about Sweetwater downsizing not true - WAFF-TV: News, Weather and Sports for Huntsville, AL

Rumors about Sweetwater downsizing not true

By Bobby Shuttleworth - Bio | Email

DECATUR, AL (WAFF) - Many new business ventures are being scaled back during our nation's economic crisis.     

Some projects, like Decatur's Sweetwater project, were already in the works before the economy began to have problems.     

There's been some talk about Sweetwater being downsized.     

There have even been e-mails sent out saying the project will become merely an outlet center and the whole project will be downsized.

Barney Lovelace is the attorney for the developer of Sweet Water.

"The Sweetwater development, just like practically all retail development, across the country came to a grinding halt, the last two quarters of '08.

Lovelace says as far as he's concerned that e-mail is just gossip. 

He says the proximity to the interstate advantages still make this a lucrative project.

 "I went out week before last to Springfield Missouri, with my client, the developer, and met with the president and CFO of BASS," said Lovelace. "They're still committed to Decatur and this site. As soon as the economy and the credit markets get straightened out,  we'll resume."

He says they're ready to move when the economy and credit markets look a little more stable.

He says that could be in 2010, at the latest.

"This has always been a project that was always going to be a 6 to 8 to 10 year build out," said Lovelace. "The first phase of it was 125, our contract with the owner of the property for the eventual purchase of all the land...the 540 acres, so no we do not have any plans to downsize."

The residential section of the project is also still an important component, according to Lovelace.

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