development project. The 140-acre site near Interstate 81 Exit 5 has attracted national retailers including Lowe’s, Hobby Lobby, ALDI, and Texas Roadhouse. Yet the development’s promise remains partially unfulfilled, burdened by approximately $70 million in debt stemming from the city’s initial $40 million land acquisition and site preparation costs beginning in 2013. “Our ultimate vision is to continue to grow that area,” Chapman says. “We’re working with the property owners at The Falls to try to get stuff to move forward. With pricing going up, it’s made it even more stagnant than we’d hoped.” Construction costs are the primary obstacle. “With costs rising, you have a lot of backfill taking place instead of ground up building,” he explains.The city lost a major anchor in January 2020 when Cabela’s closed after its parent company Bass Pro Shops consolidated operations at The Pinnacle development across the state line in Bristol, Tennessee. Despite these setbacks, Chapman maintains focus on creating a walkable, mixed-use destination.“We need 58 CIVIL AND MUNICIPAL VOLUME 06, ISSUE 12
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