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NAP TO DEVELOP RETAIL CENTER IN DANVILLE, VA
5/17/2006
Largest Retail Project for City Announced Since 1980s
DANVILLE, VA — North American Properties announces plans to bring 550,000 square feet of retail development to Danville, Va. Located on 67 acres opposite Piedmont Mall, where Piedmont Drive and Central Boulevard merge, Coleman MarketPlace will feature eight anchors, over 50,000 square feet of small shop space and six outparcels. The $60 million, mall-peripheral power center will also include Collins Drive, a new, alternative transportation route through the shopping center from Central Boulevard to Lowes Drive.
"This is the most significant retail development announced for Danville since Piedmont Mall in the 1980s," explains Tonya Creekmore, vice president of leasing, North American Properties. "The City is certainly one of the most underserved markets in southern Virginia with residents driving almost an hour to either Greensboro, NC or Lynchburg, Va. to shop at some of their favorite stores. Coleman MarketPlace will give the community easy access to more of the retail and restaurant alternatives they are seeking.
"Danville’s increasing strength as a regional hub has aligned with retailers’ complete lack of sister-store competition to make this site prime for retail development," continued Creekmore. There are 335,000 people living within the proposed retail center’s trade area. Further, the population is expected to grow with at least 500 homes planned or under development within the City of Danville alone. Furthermore, Danville residents are currently driving more than 55 miles each way to reach big box retailers located in other regional shopping hubs.
When completed, Creekmore expects Coleman MarketPlace to generate $140 million in sales, resulting in approximately $7 million in sales tax revenue (1% local share is $1.4 million annual sales tax revenue). The shopping center will also bring an estimated 1,350 to 1,650 jobs to the City of Danville.
"This project exemplifies North American Properties’ programmatic approach to retail development," said Creekmore. "We look for development sites, such as this one, that provide our retail clients with successful expansion opportunities in growth areas, while at the same time, delivering a center that meets the shopping needs of the surrounding community."
Coleman MarketPlace is expected to open spring 2008.
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