SPORT Wenatchee, the company trying to build a 16,000 foot family entertainment center on Columbia Street, is having its deadline to secure financing and a building permit extended to May 1st.
The Chelan-Douglas Regional Port board voted Wednesday that SPORT must show proof of financing for the land’s purchase price and construction costs by the deadline. SPORT will likely need to secure $2-3 million cash to finance Phase 1 of the project, which would cost roughly $10 million. The entire project could cost as much as $20 million.
Called the SoCo Crossing Project, the facility would include an Adventure Zone, gymnastics, batting cages and a restaurant & bar.
Regional Port CEO Jim Kuntz said if SPORT does not meet the deadline the property would go back on the open market.
“This is a pretty important date. It’s their date, not our date.” Kuntz said, “The financing is something that they are going to have to clearly articulate on May 1st.”
Regional Port Commissioner Donn Etherington said SPORT has never mentioned who its major investors are and that has him concerned.
“At the end of the day the building permit is going to be issued. It might take (the City of Wenatchee) a little bit more time, but really the lynchpin is their equity in this thing.” Etherington said, “They haven’t demonstrated that they’ve got those people on board yet.”
The SoCo Crossing Project is associated with the property on the northwest corner of South Columbia Street and Orondo Avenue in Wenatchee. The building on the property is a large warehouse formerly owned by Lineage Logistics.
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