After four years of planning and waiting through an economy in the doldrums,
Pinnacle Hospitality is going forward with a proposed development behind WestGate Mall. From left, Pinnacle executives Suresh N.
Desai, Suresh Mathur, Sam Shanbhag,
and Phil Simmons, look over plans and models of the WestGate
Pointe development, which could bring a 16-screen movie
theater as well as a variety of new restaurants to
Sam Shanbhag wants to fill some of
And the
full-time engineer and part-time real estate developer hopes the 50-acre WestGate Pointe development on West Blackstock
Road can do just that.
Four years
in the making, Shanbhag's only success on the project
so far has been a Holiday Inn Hotel & Suites that opened last year.
But that
hasn't stopped Shanbhag from working toward his goal
of giving
This past
week, Shanbhag took another big step forward on the
development when he announced work had begun on a 16-screen megaplex
theater and a 126-room Hampton Inn & Suites. Both will be open by late next
summer.
"I
owe this to
Long road
Since
announcing his big plans for the vacant land behind WestGate
Mall in the spring of 2000, Shanbhag has had to
endure a lot of ups and downs but stayed committed to the project.
He wanted
to bring two hotels, new restaurants and retailers and a movie theater unlike
any in
But shortly
after unveiling his dream, his worst business nightmare came true.
The
economy headed south, and corporate
Terrorists
then attacked the country in September 2001, and Americans began spending more
time at home and less money when they went out.
And this
left little reason for restaurants, retailers and entertainment companies to
expand.
"It
was one bad thing after another," said Suresh Mathur,
executive vice president of Pinnacle.
And even
while some work was being done at WestGate Pointe --
the Holiday Inn was under construction for much of 2002 -- it wasn't enough for
some people.
Negotiations
with Consolidated Theatres, which agreed to build a 3,200-seat stadium-seating
theatre, had its ups and downs with officials on both sides considering backing
out of the deal.
Without
the theater, which was the major draw for the entire project,
retailers and restaurants that had been interested in locating to the site
decided to hold off.
And as
with all major projects, it took some convincing to find lenders willing to
back construction.
"Everyone
questioned me," Shanbhag said. "People
didn't think it was going to happen."
Full speed
ahead
That all began to change over the summer.
A deal was
struck with Charlotte-based Consolidated Theatres to build the $23 million megaplex, with lending help from The Palmetto Bank.
Herman
Stone, president and CEO of Consolidated Theatres, said he remained committed
to the project and believes it will be a success.
Stone is
very familiar with
"This
area was a star market, and I think it can be again," Stone said.
Construction
also has started on the Hampton Inn on the back of the property that will be
linked to the former Spartan International headquarters, which will have
meeting space.
And the
dominos are starting to fall.
"We're
starting to see an uptick in real estate
action," said Phil Simmons, director of real estate for Pinnacle
Hospitality. "We haven't put up our foul-weather gear just yet, but at
least the clouds appear to be breaking up a bit."
There are
spaces for several restaurants around the property, and multiple restaurants
are now looking to locate to the site.
"People
want to be able to decide what movie they want to see, and then where they are
going to eat," Simmons said. "We are in negotiations with both local
and national operators right now."
Mathur said developers were talking a variety of national and regional
restaurants. Three of them have expressed "serious" interest in WestGate Pointe, Mathur said, and
two are close to signing deals that could bring them to
A
tentative deal has been struck with
Shanbhag also has his own restaurant concept, Demetre's
in
And while
Pinnacle Hospitality officials wouldn't discuss other specific restaurants,
it's likely that Olive Garden and Carraba's are two
of the possibilities.
Along with
bringing new restaurants to
One lease
has already been signed to bring an orthodontist to a 5,600-square-foot space
inside the 40,000-square-foot Spartan International building. Another
5,600-square-foot space is close to being leased.
With
one-third of the former office building committed to medical space, another
18,000 square feet will be used for meeting space, with the remaining space
possibly being transformed into a restaurant.
All of the
pieces will come together nicely, said Shanbhag, who
likened the process to a multiple-course meal.
"First
you get the salad or soup, and then the entree, and then…," he said.
Filling
needs
The entire
development will help
It will
give
It will
also allow
"We
are producing development that will rival anything in
Unlike the
nearby Dorman Centre development, which basically cannibalized several area
retail centers by taking nearly all of their stores, Pinnacle Hospitality
officials said they are looking to bring new money and new tenants into the
And Shanbhag remains committed to seeing the project shine in
the future, regardless of how long it takes to fulfill his vision.
"We
had to wait for the right moment," he said. "This is a dream come
true (for all those involved) and for
Amanda
Ridley can be reached at 562-7270 or amanda.ridley@shj.com.
Chris
Winston can be reached at 562-7267 or chris.winston@shj.com.