The sprawling Mart site, where a high-end apartment development is planned, is an empty lot marred by demolition debris, weeds, and potholes.
It is not generating the tax revenue that planners anticipated, and if a substantial number of apartments aren't constructed by June 2012, the county stands to lose a $16.5 million grant provided by the Casino Reinvestment Development Authority (CRDA) for the project.
The delayed start on the proposed Renaissance Walk apartments has prompted the county and the Camden County Improvement Authority to enter into talks about extending the CRDA deadline.
"This was a loser for everybody," said Yobb, 58, former president of the Pennsauken Mart Merchants Association and owner of Kerry's Coney Island Hot Dogs at the Grand Marketplace. "Nothing is going to happen there until the economy turns around.
"The only thing that will survive at that location is an outlet center with mom-and-pop shops, something like what we had."
Officials of the Improvement Authority and county Board of Freeholders declined to be interviewed about the proposed development.
They "continue to work with Renaissance Partners L.L.C. on the Renaissance Walk project in Pennsauken," they said in a joint statement. Renaissance Partners was organized by Sean Scarborough of Scarborough Properties.
"The worst economic times in decades, combined with the decline in the real estate market and environmental concerns, have delayed construction," according to the statement.
The county would have to repay the $16.5 million under terms of its contract, CRDA spokesman Dan Douglas said. "They would have to have something substantially up" by mid-2012, he said.
But the authority realizes "these things aren't easy," Douglas said. "When the contract point hits, there's some discretion. . . . There are all kinds of variables, and we try to provide as much leeway as possible."
