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Shops at Five Hills: EDC to finalize sale next week

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Posted: Tuesday, January 31, 2012 12:00 pm | Updated: 9:50 am, Thu Aug 16, 2012.

By Audrey Spencer

Killeen Daily Herald

COPPERAS COVE - The Economic Development Corporation is set to finalize the sale of the Shops at Five Hills property to C-Cove 90 Partners early next week.

The closing, originally set for Monday, was postponed.

"There's a lot of issues that we had to work out, and frankly, a lot of this had to do with the holidays going back to Christmas and New Year's," said Polo Enriquez, executive director of the corporation. "There simply wasn't enough time to cross all the t's and dot all the i's."

The corporation likely will be working on some details of the sale up until the last minute, said Enriquez.

Phase One of the Shops at Five Hills property includes around 128 acres of land that C-Cove 90 Partners, the developer, will buy from the corporation and then sell to H-E-B, the anchor store for the future shopping center.

"It's just a normal real estate transaction in which they purchase the property outright from us," said Enriquez.

The postponing of the sale, however, shouldn't be viewed as a setback due to the intricacy of the agreement, he added.

"It has to do with the complexity of the infrastructure work that's going on," said Enriquez. "We hope that all goes well. We have prepared for this for quite some time, and there's a lot of paper to deal with. We believe we'll be ready for a good closing with no hitches to it."

Contact Audrey Spencer at aspencer@kdhnews.com or (254) 501-7476.

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