There is news that investors may be ready to take over the stalled Running Horse project.
CBS47 has learned that the Southwest Fresno real estate project has new backers; a local development group, Echo California, and Miami-based Omega Commercial Finance Corporation.
Local developers, Echo California, appear to be serious about resurrecting the Running Horse project. Gary Vigen of Echo California said, “We tentatively have, out of the 440 acres, we probably have 350 acres under control.”
Fresno City Councilwoman, Cynthia Sterling says she just began hearing rumors that someone had regained interest in running horse.
Vigen says the fact that the city knows nothing about the project was all by design. “The reason why we haven't talked to the city is because we want to get financing available and get the project ready to go back and talk to the city,” Vigen said.
Vigen also says acting prematurely could be disastrous. “This project has had enough scrutiny, had enough embarrassment - we don't need that.”
Councilwoman Sterling hopes Running Horse does take shape like the community has always dreamed. “It would be a great thing if someone did have the capacity to come in and do something out there.”
The bottom line is the city does need to be involved.
Vigen says he will meet with city leaders when he has something concrete to present. Vi “We've got the money," Vigen said. "Here's the money, here's the proof of the loan, now let's move ahead. I know the city will be behind us, but they can't be behind us on a kiss and a promise.”
Echo California plans to move ahead with the original plan of putting in a PGA golf course. They are also going to incorporate some of their own unique designs.
The plan goes back to last year when Scott Webb, the Running Horse developer, who passed away in September, was trying to make this deal with Omega happen. Echo California picked up where he left off and they were able to keep their negotiations off the radar until now.
Fresno Mayor Ashley Swearengin released this statement: "While the city is not directly involved in the transaction announced today, we are encouraged to see the continued interest in private sector development of projects benefiting southwest Fresno. We look forward to hearing more from the company about their plans."
