The developers of Turlock's proposed new bowling center remain unable to secure financing, a representative revealed Thursday.
Despite financing woes the developers remain committed to the project according to Jerry Powell, a partner in the Ten Pin Fun Center development.
“We think it's a great project and we don't want to let it die,” Powell said. “We think it'll be a huge hit when we get it done.”
The Ten Pin Fun Center would be a 52,060 square-foot entertainment center featuring 34 lanes of bowling, a multi-level laser tag arena, an arcade, outdoor bocce ball courts, and a sports bar and grill featuring a two-story Jumbotron. The development was approved for construction near the corner of Crowell Road and Monte Vista Avenue, behind the existing Rite Aid, in November 2010.
At that time, Powell said, developers thought they had financing in place. But the lending environment has gotten progressively worse.
“The last couple years have been pretty tough out there financially,” Powell said.
Powell noted there are many factors that have contributed to lenders' hesitancy. The building would be new construction, at a time when many storefronts sit empty. And the entertainment center would be good for only one purpose; should Ten Pin fail, banks would have difficulty leasing or reselling the property.
Ten Pin's financing troubles aren't unique, Powell said.
The developer has worked for three years to build a Rite-Aid in Sacramento, and cannot secure lending even with a nationally-known tenant in place. In another deal, a bank would lend a client only $200,000 to purchase a building which appraised at $600,000.
“Commercial banks aren't lending money,” Powell said.
And it could be a while before lending starts back up.
“At least another year or two years,” Powell said. “And with a project like this, it could be longer.”
Even after funding is secured, construction and development could take another two to two-and-a-half years, Powell said.
Despite the delays, Powell said developers are still working vigilantly on the Ten Pin Fun Center, having met with business partners in San Jose just last week in hopes of moving the bowling alley forward.
“I have a project I've been working on for 15 years,” Powell said. “You don't give up. You just keep working on it.”
Related Articles:
Turlock Family Fun Center with Bowling Alley Progressing Forward
Family Fun Center with Bowling Alley Approved by Turlock Council
Turlock Planning Approves Family Entertainment Center After Debate
Turlock Bowling Alley Part of Family Entertainment Center Plans
