3:15 PM,
Jan 3, 2013
|
Sundrop Fuels Inc. is reportedly buying the former Cowboy Town
property in Boyce. Sundrop plans to build a biofuel plant on land
adjacent to the former entertainment venue. / Tia
Owens-Powers/towens@thetowntalk.com
After years of uncertainty, Cowboy Town finally may have a long-term owner.
The
former entertainment venue off Interstate 49 is being purchased by
Sundrop Fuels, which plans to invest nearly half a billion dollars to
develop a pilot plant for biofuel on adjacent land in the Rapides
Station area.
The
Cowboy Town property in Boyce includes nearly 28 acres and a building of
approximately 200,000 square feet. The Rapides Parish Clerk of Court
Office did not have a record of the transaction, but local real estate
professional Rod Noles reported a sale price of $2.5 million on his
radio show Wednesday.
Cowboy
Town's most recent owner was Yahweh LLC, a venture by local businessmen
James Greer and Richard Kyle. They purchased the property in March for
$1.5 million, though there were significant additional costs involved,
including liens.
Greer
confirmed the sale but referred comment to Steven Silvers, director of
corporate communications for Sundrop Fuels, who could not be reached
Wednesday.
Before Yahweh bought the property, it was the subject of almost constant speculation, most of which turned out to be only that.
Cowboy
Town opened in 2001 as a 4,000-seat venue for events such as rodeos and
concerts. Its original announced value was $5 million. It lasted only a
few months, though, before closing for financial reasons.
After
talk of turning it into a training center for USA Boxing failed to
materialize, it was purchased by businessman Ken Moran at a bankruptcy
auction for $2.9 million in September 2004.
Under
Moran's ownership, there was more talk about what Cowboy Town would or
could be, but little action. Among the speculation was that a local
institution of higher education would purchase the property, or that the
parish would buy it was a replacement for the Rapides Coliseum.
The
former Donahue Family Church in Pineville agreed to purchase the
property for $4.85 million in 2007 and made an $800,000 down payment.
That deal fell through, though, after a split in the church.
In
2011, a real estate agent representing Moran confirmed that an
agreement to sell the venue was in place, but that, too, fell through.
Sundrop
Fuels, a Colorado-based startup, announced plans in 2011 to build the
first production facility of its vehicle-ready "green gasoline" in the
Alexandria area. The fuel is produced from woody biomass and natural
gas.
The $450 million plant will sit on more than 1,200 acres that surround the former Cowboy Town property.
Sundrop Fuels Inc. is reportedly buying the former Cowboy Town
property in Boyce. Sundrop plans to build a biofuel plant on land
adjacent to the former entertainment venue. / Tia
Owens-Powers/towens@thetowntalk.com
The
former entertainment venue off Interstate 49 is being purchased by
Sundrop Fuels, which plans to invest nearly half a billion dollars to
develop a pilot plant for biofuel on adjacent land in the Rapides
Station area.
The
Cowboy Town property in Boyce includes nearly 28 acres and a building of
approximately 200,000 square feet. The Rapides Parish Clerk of Court
Office did not have a record of the transaction, but local real estate
professional Rod Noles reported a sale price of $2.5 million on his
radio show Wednesday.
Cowboy
Town's most recent owner was Yahweh LLC, a venture by local businessmen
James Greer and Richard Kyle. They purchased the property in March for
$1.5 million, though there were significant additional costs involved,
including liens.
Greer
confirmed the sale but referred comment to Steven Silvers, director of
corporate communications for Sundrop Fuels, who could not be reached
Wednesday.
Before Yahweh bought the property, it was the subject of almost constant speculation, most of which turned out to be only that.
Cowboy
Town opened in 2001 as a 4,000-seat venue for events such as rodeos and
concerts. Its original announced value was $5 million. It lasted only a
few months, though, before closing for financial reasons.
After
talk of turning it into a training center for USA Boxing failed to
materialize, it was purchased by businessman Ken Moran at a bankruptcy
auction for $2.9 million in September 2004.
Under
Moran's ownership, there was more talk about what Cowboy Town would or
could be, but little action. Among the speculation was that a local
institution of higher education would purchase the property, or that the
parish would buy it was a replacement for the Rapides Coliseum.
The
former Donahue Family Church in Pineville agreed to purchase the
property for $4.85 million in 2007 and made an $800,000 down payment.
That deal fell through, though, after a split in the church.
In
2011, a real estate agent representing Moran confirmed that an
agreement to sell the venue was in place, but that, too, fell through.
Sundrop
Fuels, a Colorado-based startup, announced plans in 2011 to build the
first production facility of its vehicle-ready "green gasoline" in the
Alexandria area. The fuel is produced from woody biomass and natural
gas.
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