The Pinnacle Village project is still looking at a late 2009 opening date, according to a spokesperson for Capital Growth Madison Marquette.
CGMM is a national real-estate company based in Minneapolis that has partnered with local businessman Harry Takhar to develop the project.
Pinnacle Village is proposed to be a two-phase project. The first phase is planned to consist of a 115,000-square-foot outlet center and a 170,000-square-foot big-box retailer.
Groundbreaking is expected on the first phase this spring, said Martha Capps, a spokesperson for CGMM.
The second phase of the development will include freestanding restaurants, a bank, hotel and additional retail. Phase two is expected to be complete by 2011.
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Capps said CGMM is now negotiating with potential tenants and working on financing for the project.
