10/26/2009 3:14:00 PM Decorah True Value project on hold
Construction is continuing
By Sarah Strandberg News Editor
Plans for a new True Value store in Decorah have been delayed, although construction is continuing, according to owner Scot Farver of Newton.
"We're still working on the building, but things have slowed down with the economy the way it is. It's on hold until the economy looks a little better," he said recently.
Farver, who owns the True Value store in Newton, purchased the former Walmart building in Centrum Plaza earlier this year and planned to open True Value there in May.
However, there were some delays in finalizing the sale closing, and with the nation's failing economy taking longer to rebound than anticipated, the decision was made to open at a later date.
Farver is remodeling the west third of the building - about 25,000 square feet -- for the True Value store. He is seeking tenants for the remainder of the building. The property is zoned C-4 shopping center commercial.
"Like a lot of projects around the country, it's getting put on hold until the economy gets a little stronger. It's pretty soft everywhere in the country ... it's not like anything we've ever seen," he said.
Anxious
Farver said he's anxious to open a True Value in Decorah.
"Decorah is a nice market and a nice town - everything you would want in a community," he said.
True Value officials consider Decorah one of its top markets for a store, according to Farver.
"It's a very viable project, we just need to see some improvements in the economy," he said.
Farver said there's been interest by potential tenants for the remaining space in the former Walmart, although everyone is hesitant due to the state of the economy.
"The banking industry is a little tighter on their lending, which they should be," Farver added.
"The economy is going to turn around, I wish I could tell you when," he said.
