The Greater Baton Rouge Business Report – It’s Your... -
[Cached Version]
Published on: 9/30/2004
Last Visited: 10/1/2004
Back then, Charles Landry- a Jones, Walker attorney who is Wal-Mart's counsel in Louisiana- predicted construction would begin in the summer of 2003.But the site is still vacant, and Landry now says Wal-Mart does not foresee breaking ground until late this fall.
Landry reports that the sole reason for the delay has been environmental concerns over an "outparcel" near Wal-Mart's site.An outparcel is land near a core development that is bought on the cheap prior to construction, and then sold or leased at a huge premium later on.Outparcels let big destination retailers like Wal-Mart cash in on the real-estate windfalls that they create by increasing customer traffic in an area, an effect that could be capitalized upon by speculators or other developers.Many big box projects now rely on outparcels to maximize their numbers.
The outparcel that is holding up Wal-Mart is Kokomo's Lounge, a shuttered night club on the site of a former truck stop.Landry says it has the type of problems typical for retired truck-stop properties, such as underground fuel tanks and other petroleum-related soil contamination.
"Wal-Mart is extraordinarily cautious when confronted by environmental issues," he adds.
Wal-Mart has a purchase agreement that is contingent on the current owners cleaning up the problems.Wal-Mart will not move on the larger project until it acquires the outparcel, which it plans to sell or lease out.
Landry says the state Department of Environmental Quality will probably issue a permit by September, and the cleanup will take about 30 days.
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"After numerous meetings with residents and property owners, Wal-Mart took some dramatic steps to address their problems," Landry says.Those included adding 16 acres of buffer-space facing the subdivisions behind the site and "extensive landscaping" along Old Perkins.
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For his part, Landry is aware that some neighbors are still upset, but is confident that "the vast majority of people in the area just want the store to open so they can start shopping for less."
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Back then, Charles Landry- a Jones, Walker attorney who is Wal-Mart's counsel in Louisiana- predicted construction would begin in the summer of 2003.But the site is still vacant, and Landry now says Wal-Mart does not foresee breaking ground until late this fall.
,,Landry reports that the sole reason for the delay has been environmental concerns over an "outparcel" near Wal-Mart's site.An outparcel is land near a core development that is bought on the cheap prior to construction, and then sold or leased at a huge premium later on.Outparcels let big destination retailers like Wal-Mart cash in on the real-estate windfalls that they create by increasing customer traffic in an area, an effect that could be capitalized upon by speculators or other developers.Many big box projects now rely on outparcels to maximize their numbers.
,,The outparcel that is holding up Wal-Mart is Kokomo's Lounge, a shuttered night club on the site of a former truck stop.Landry says it has the type of problems typical for retired truck-stop properties, such as underground fuel tanks and other petroleum-related soil contamination.
,,"Wal-Mart is extraordinarily cautious when confronted by environmental issues," he adds.
,,Wal-Mart has a purchase agreement that is contingent on the current owners cleaning up the problems.Wal-Mart will not move on the larger project until it acquires the outparcel, which it plans to sell or lease out.
,,Landry says the state Department of Environmental Quality will probably issue a permit by September, and the cleanup will take about 30 days.
...
,,"After numerous meetings with residents and property owners, Wal-Mart took some dramatic steps to address their problems," Landry says.Those included adding 16 acres of buffer-space facing the subdivisions behind the site and "extensive landscaping" along Old Perkins.
...
,,For his part, Landry is aware that some neighbors are still upset, but is confident that "the vast majority of people in the area just want the store to open so they can start shopping for less."