Spring Break
Shopping center plans on hold due to economy
New businesses in Charleston, Mattoon affected by recession
Krystal Moya/City Editor
Issue date: 12/11/08 Section: News
Mattoon and Charleston construction plans for shopping, dining and hotel services have slowed over the winter season.
Mattoon's approval to build Coles Centre and Charleston's plans for a shopping center and hotel have been subject to the slow economy, making further approval, construction and leasing fall well beyond the timeline.
"We understand that today's economy doesn't exactly support growth," said Charleston Mayor John Inyart.
Mattoon's Coles Centre is a hotel, restaurant and convention center combination that would serve the city's business districts.
Charleston's shopping center would focus on bringing brand name retail and restaurant dining to the area near Wal-Mart and University Village.
Both centers face economic difficulty for different reasons. Mattoon faces the fiscal problems of the future, with the concept plan placed in the Interstate 57 East Tax Increment Financing District.
Because the TIF district is an area for growing commercial properties, the building of Coles Centre might hinder future roadwork that would be needed to aid the new construction.
In October meetings, Mattoon's City Council expressed concern over approving too early because of the imminent roadway repair if the area grew. This could leave Mattoon short in the projected revenue they could receive from the TIF.
However, the Mattoon City's Planners Commission has approved the concept plan on the convention center, though with stipulations to road name changes if need be.
Charleston's shopping center was already subject to the loss of the hotel.
The hotel chain pulled out of concept plans in September.
Now, the shopping center faces a slow leasing process as the economy threatens retailers nationally.
Contractor Thomas Realty Group has stretched the leasing process first announced in January to end in early spring of 2009.
"It's about a 50/50 chance still on whether we will be able to fill all the storefronts by then," said leasing agent Tony Gagliano.
Krystal Moya can be reached at 581-7945 or at ksmoya@eiu.edu.
Mattoon's approval to build Coles Centre and Charleston's plans for a shopping center and hotel have been subject to the slow economy, making further approval, construction and leasing fall well beyond the timeline.
"We understand that today's economy doesn't exactly support growth," said Charleston Mayor John Inyart.
Mattoon's Coles Centre is a hotel, restaurant and convention center combination that would serve the city's business districts.
Charleston's shopping center would focus on bringing brand name retail and restaurant dining to the area near Wal-Mart and University Village.
Both centers face economic difficulty for different reasons. Mattoon faces the fiscal problems of the future, with the concept plan placed in the Interstate 57 East Tax Increment Financing District.
Because the TIF district is an area for growing commercial properties, the building of Coles Centre might hinder future roadwork that would be needed to aid the new construction.
In October meetings, Mattoon's City Council expressed concern over approving too early because of the imminent roadway repair if the area grew. This could leave Mattoon short in the projected revenue they could receive from the TIF.
However, the Mattoon City's Planners Commission has approved the concept plan on the convention center, though with stipulations to road name changes if need be.
Charleston's shopping center was already subject to the loss of the hotel.
The hotel chain pulled out of concept plans in September.
Now, the shopping center faces a slow leasing process as the economy threatens retailers nationally.
Contractor Thomas Realty Group has stretched the leasing process first announced in January to end in early spring of 2009.
"It's about a 50/50 chance still on whether we will be able to fill all the storefronts by then," said leasing agent Tony Gagliano.
Krystal Moya can be reached at 581-7945 or at ksmoya@eiu.edu.
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