NEWPORT — The delay on the Newport Promenade project may have as much to do with residents not wanting to move out as it does retailers not wanting to move in.

        John Stevens, director of development for Neyer Properties, says the slow economy has caused retailers to become cautious and reluctant to make commitments.

        Seven months after city commissioners gave initial approval to the project, not a single retailer has formally committed to the project.

        Neyer Properties has been under pressure from the city of Newport and residents to secure the remaining properties and move forward on the development.

        “The economy has sort of delayed retailer interest in the project,” Mr. Stevens said. “We're trying to get some firm commitments before we move forward with the rest of the purchases.”

        The $100 million retail and residential development off I-471 between 10th Street and Carothers Road was supposed to break ground in June. But Neyer has had trouble securing all of the properties needed to move forward with it. Mr. Stevens said the developer would need at least three or four solid commitments.

        Northern Kentucky Chamber of Commerce President Gary Toebben said retailers have taken a wait-and-see approach and such a road block can be expected.

        “It is no secret that this has been a challenging year for retailers,” Mr. Toebben said. “The fact that they would be hesitant to be leasing space would be understandable.”

        Newport City Manager Phil Ciafardini said the city understands the developer's circumstances but wants answers for residents.

        “We know the conditions since 9-11 and the overall economic distress nationwide is having an impact,” said Mr. Ciafardini. “But people are making deals and we want to know how hard are they out there making deals.”

        Mr. Ciafardini says 85 percent to 90 percent of the residents involved have negotiated in good faith with Neyer but have found the developer is not telling them anything.

        “Other than the city talking to them, they've been in the dark about what Neyer's doing,” said Mr. Ciafardini.

        Mr. Ciafardini added that Neyer needs to come up with a timeline so people know what to expect and when. Mr. Stevens reiterated that until retailers commit, that timeline may not be feasible.

        “We really need to get some kind of commitment before we set a timetable,” said Mr. Stevens. “It's been difficult to keep everyone informed when we don't have a lot of the answers ourselves.”

        Company President Dan Neyer said he is confident the company will complete the project.

        He said it has been tough dealing with 150 different property owners, but the vast majority have signed and properties are ready to be purchased.

        “All we can do is put forth our best efforts,” Mr. Neyer said. “We're in it for the long haul, we always have been.”

        But the city may look elsewhere for a developer if Neyer doesn't come up with answers.

        Mr. Ciafardini said the city would like to see a good plan from Neyer or it may have to find a new developer. That may include combining Neyer with another developer to speed up the process.

        Although the city has a development agreement with Neyer, Mr. Ciafardini said it could be broken because the developer has not met the time line.

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