News
Nov 04 2009
Oak Ridge mall project gets $5 million stimulus grant
Award to be used for geothermal technology demonstration at site
The would-be redevelopers of the troubled Oak Ridge Mall have won a federal stimulus award of up to $5 million for a geothermal technology demonstration project at the site.
The almost-empty mall has been renamed Oak Ridge City Center, but plans for it to be converted into a downtown village of shops and anchor stores have languished for seven years.
According to a news release Tuesday from the developers, the Department of Energy's Geothermal Technologies Program in Golden, Colo., will manage the geothermal project.
The project's goals: reduce the front-end costs of geothermal heat pump systems, which use the earth's constant heat instead of outside air for heat exchange in cooling and heating systems.
Geothermal heat pumps are more efficient and should trim energy costs by 40 to 60 percent, said developer David Thrash.
That should serve as a compelling lure to prospective tenants, he said.
Thrash is with Core Properties of Charlotte, N.C., the leasing agent for the property.
According to Thrash's news release, senior engineers at Oak Ridge National Lab - a partner during the project - will do energy research and provide analysis, design and engineering expertise.
Negotiations with DOE on the project are under way, Thrash said.
The $5 million award has to be matched by the developers.
"The $10 million is the project cost for the work we've submitted," Thrash said. "That includes demolition (of part of the existing mall), some construction, the GHP (geothermal heat pump) system and research," he said.
"You can't build a lot for $10 million today," Thrash said.
"Basically, it will get the GHP system installed and set the stage for the rest of the redevelopment," he said.
To win the federal funding, Thrash said, "I have to commit to complete the work that I agree to do for the grant."
Don't expect any visible changes soon to the site, Thrash warned Tuesday. "There is much work to be done before the first spade of dirt is turned," he stated in the news release.
Still, Thrash called his announcement a boon to efforts to revive the retail property. "I think it will enhance the efforts by creating a very unique retail property that's probably unlike any other in the country."
"This grant announcement is very positive news for the Oak Ridge community," Oak Ridge Mayor Tom Beehan said.
The almost-empty mall has been renamed Oak Ridge City Center, but plans for it to be converted into a downtown village of shops and anchor stores have languished for seven years.
According to a news release Tuesday from the developers, the Department of Energy's Geothermal Technologies Program in Golden, Colo., will manage the geothermal project.
The project's goals: reduce the front-end costs of geothermal heat pump systems, which use the earth's constant heat instead of outside air for heat exchange in cooling and heating systems.
Geothermal heat pumps are more efficient and should trim energy costs by 40 to 60 percent, said developer David Thrash.
That should serve as a compelling lure to prospective tenants, he said.
Thrash is with Core Properties of Charlotte, N.C., the leasing agent for the property.
According to Thrash's news release, senior engineers at Oak Ridge National Lab - a partner during the project - will do energy research and provide analysis, design and engineering expertise.
Negotiations with DOE on the project are under way, Thrash said.
The $5 million award has to be matched by the developers.
"The $10 million is the project cost for the work we've submitted," Thrash said. "That includes demolition (of part of the existing mall), some construction, the GHP (geothermal heat pump) system and research," he said.
"You can't build a lot for $10 million today," Thrash said.
"Basically, it will get the GHP system installed and set the stage for the rest of the redevelopment," he said.
To win the federal funding, Thrash said, "I have to commit to complete the work that I agree to do for the grant."
Don't expect any visible changes soon to the site, Thrash warned Tuesday. "There is much work to be done before the first spade of dirt is turned," he stated in the news release.
Still, Thrash called his announcement a boon to efforts to revive the retail property. "I think it will enhance the efforts by creating a very unique retail property that's probably unlike any other in the country."
"This grant announcement is very positive news for the Oak Ridge community," Oak Ridge Mayor Tom Beehan said.
