In this economy TIRZ is just glad they're moving!
AMARILLO, TEXAS -- Those who drive down Polk Street on a regular basis may be disappointed in the slow progress of the remodeling of two vacant historic buildings.
The Fisk Building is supposed to become a Courtyard Marriott Hotel and the Barfield Building is to become office, retail and living space.
But what is taking so long?
The Tax Increment Reinvestment Zone Board (TIRZ) says the process is complicated. In the Fisk Building's case, the Marriott wants to make sure the company does it right.
"They want to really make sure this project works because of the type of project it is: a rehab of a historic building, that it's done right and looks good so a lot of people are involved in it. And that's good but sometimes it's bad because it slows the process down," said Kelley Shaw, TIRZ planning director.
But, more importantly, Shaw says at least these projects are moving forward.
Some communities have seen builders bail out, citing the slow economy.
The occupancy rates and revenues are down and they just don't feel it's the right time to pursue some of those projects," said Shaw. "Here in Amarillo they feel it's such a beneficial project for them that they in fact have made it a priority."
One reason the Barfield Building is progressing slowly is because of recent changes in the banking industry.
"Now Wells Fargo has merged with Wachovia and so they're having to go through some of the processes that they went through with Wachovia," said Shaw. "So just some extra added time that wasn't really anticipated."
Shaw says work on the Fisk Building is expected to begin in the next 60 to 90 days.
The TIRZ board is also hopes to get moving on a downtown convention center hotel.
A bill in the state senate, sponsored by Kel Seliger, would help them use monies to get that project started. Right now, it is still in its infancy.
