Local developers weigh in on city not offering retail incentives
A cruise down Pecan Drive in Paducah reveals a business boom.
"The new artery that’s been opened up of the new Pecan Drive, just making it so accessible from everywhere in Paducah," said Nicki Falconite-Roof, a partner in Falconite Development.
Her latest project is a 17,000-square-foot shopping center anchored by IMAC Regeneration Center. "We have 7,000 (square feet of space) available to rent with no one signed yet. But, we have several leads," she said.
Some of those leads could bring the possibility of retail stores. Falconite Development put its stamp on the Jordan’s Crossing development about five years ago. It’s a 70,000-square-foot, mixed-use shopping center, which includes several retail stores.
"We built that completely on speculated basis, and we were very pleased," Falconite-Roof told Local 6.
Sansone Group wants to build a $50 million shopping center off Highway 60. It’s asking for $3.5 million through a tax incremental financing agreement to help build the infrastructure around it. Roof said Falconite Development never got a cent from the city on any of its projects.
"We’ve developed over 3 million square feet of commercial space, and we’ve never received any incentives from the city," she said.
Falconite Development paid for the installation of all its gas, sewer and water lines, and even the roads leading up to its businesses were built by them.
"Obviously you can tell, even back here if not out in the front of the mall, there’s always a traffic jam out there. So, I don’t think the city sees any reason to incentivize that type of development," Falconite-Roof said.
The company has more than 50 acres under option across from the proposed Sansone site. Roof said that could be used for retail space down the road, and she doesn’t expect the city to foot the bill.
"We’re working to put something together there," she said.