PARKERSBURG, W.Va. – The secretary of the state Department of Commerce confirmed Tuesday that five companies are considering the former Coldwater Creek distribution center in Wood County for potential future development.

“Currently, we have five active prospects, all of which are as big or bigger than Coldwater Creek looking at the facility and, while that process is always slower than I like, I suspect we’re going to turn that facility over and put a new company there,” said Keith Burdette.

Burdette was in Parkersburg on Tuesday to meet with the lenders who helped finance the 1,000,000-square foot warehouse through multiple expansions and provide outlines about the possibilities.

Non-disclosure agreements prevent the companies involved from being named.

In addition to three private banks, one of those lenders is the West Virginia Economic Development Authority.

Burdette said an estimated $27 million total is still owed on the property.

The Wood County Development Authority owns that building which sits off of Interstate 77 in Mineral Wells, so a lot has been on the line since Coldwater Creek, the women’s clothing retailer, first announced plans to file for Chapter 11 bankruptcy and liquidate in April.

At different times, between 300 and 800 people had worked at the distribution facility.

Burdette sounded optimistic about its future on Tuesday’s MetroNews “Talkline.” “At the end of the day, Wood County could actually end up with more jobs and they could maybe make a little money off of that building,” he said. “It’s an incredibly attractive asset.”

He said it could be several months before any deal is finalized.

Coldwater Creek, which was based in Idaho, operated the Mineral Wells distribution facility for nearly 15 years.

bubble graphic

2

bubble graphic

Comments

  • Chris

    So how much did the state of WV lose on these loans?

    • Wirerowe

      This loan allowed between 300 to 800 people to be employed for 15 years. The state lending authority has a position in an asset whose value appears to be in excess of the debt in the building. It is a first class facility that appears to very marketable. There is foregone interest for the period for which Coldwatercreek did not make payments, this is far out weighted by the benefits.