Plans to put a commercial mall on 100 acres in north Douglas County's redevelopment area came to an abrupt halt when developer AIG Baker failed to meet the deadline for purchasing the property.
"AIG doesn't have a major tenant," said County Manager Dan Holler. "That means the project isn't economically viable."
AIG requested an extension on the closing date for the property, but that request was denied by the owners of the property, Carson City auto dealers Michael Hohl and Dink Cryer, Holler said.
"I was very surprised, but without a major anchor, it's understandable," he said. "It was a tight project, and the economics were marginal with the cost of the land and infrastructure."
The hilly topography does not lend itself easily to development of a mall, and removal of 1.7 million yards of dirt would have cost developers $6 million, AIG spokesman Jay Timon said in an earlier interview. He could not be reached before press time.
Commissioners approved adding the area, together with another 500 acres in north Douglas County, to the redevelopment district in November.
Through redevelopment, Douglas County officials pledged more than $11 million in infrastructure improvements specifically for the project, Those improvements are linked to the completion of a small portion of the mall.
That deal was voided once AIG failed to close on the property, Holler said.
"I assume someone else will develop the property," he said. "We'll have to see who it is and what they propose, but there's no guarantee we'll reach a similar agreement with them."
In addition to more than 400,000 square feet of retail space and a multi-plex theater, more than 1,000 jobs would have been created through development of the mall.
Douglas officials estimate an additional $750,000 would have been generated for county coffers, with the money used for everything from libraries and improvement districts to the general fund.
n Susie Vasquez can be reached at email@example.com or 782-5121, ext. 211.