The opening date of The Forge, a proposed downtown Birmingham entertainment district, is being pushed back until early 2010, a Memphis developer said. John Elkington, CEO of Performa Entertainment Real Estate, said a the nation's credit crunch has delayed financing for the project, so will not be able to meet his self-imposed opening deadline of August 2009.
He vowed to Birmingham-Jefferson Convention Complex board members earlier this year that he the district would open by then.
"I'm very optimistic we'll be able to do this, we're just changing our strategy to target smaller banks," Elkington told board members of the BJCC this week. "We are having good talks with our lenders and I am confident we will get things worked out."
Performa is best known for the Beale Street entertainment district in Memphis. On Wednesday, Elkington said Atlanta comedian Jeff Foxworthy will open a restaurant in the $42 million district, joining previously announced tenants that include nightclubs by "American Idol" winners Taylor Hicks and Ruben Studdard.
The 136,000-square-foot BJCC entertainment district will include more than two dozen nightclubs, restaurants and retail shops, and will be book-ended by two $20 million hotels on Richard Arrington Boulevard between 22nd and 24th streets North.
Elkington, who earlier this year said he had secured $10 million in equity from an investment firm, said he has brought in another partner putting in an additional $10 million in financing.
Source: AL.COM
Just as well this is pushed back. Taylor will be so busy in the next 12 months with the touring company of Grease and the release, promotion and tour for his new album (due out February 10, 2009), it would be difficult for him to do any sort of promo for his new nightclub. If, indeed, it is opened in 2010, he might have more time to put into opening his 'hot spot'. More details posted as they become available!
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