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HALF MILLION SF OF RETAIL UNDERWAY IN SOUTHERN VA
4/24/2007
North American’s Retail Anchor Line-Up Hits Home Run
DANVILLE, VA. – On April 24, North American Properties, along with the City of Danville, Va., broke ground on Coleman MarketPlace – the largest retail development in Southern Virginia since Piedmont Mall in the 1980s. The half-million-square foot, mall-peripheral power center, situated on 67 acres where Piedmont Drive and Central Boulevard merge, will deliver much-needed shopping and dining alternatives to Southern Virginia.
“Over 80% of the retail space is committed even before we break ground,” explains Tonya Creekmore, vice president of leasing, North American Properties. “The overwhelming level of retailer interest can be attributed to the lack of sister-store competition and the growing strength of the market as a regional commercial node.
“Coleman MarketPlace will provide Southern Virginia residents easy access to the type of retail and restaurant alternatives that are in demand,” continues Creekmore. Anchored by Target Corp., the powerhouse line-up of national retailers includes The Home Depot, Dick’s Sporting Goods, Ross Dress for Less, Old Navy and Petco. An additional 60,000 square feet of small shop space and six outparcels will accommodate national and regional retailers and restaurants. The shopping center is expected to open summer 2008.
“Without a doubt, this powerful line up of retailers will have a positive, multi-faceted effect on our region,” concludes Jerry L. Gwaltney, city manager, City of Danville. “Coleman MarketPlace will deliver new retail and dining options for regional consumers, which we expect will significantly increase overall retail sales in Danville and have a positive effect on the entire business community.”
Over 340,000 people live within the retail center’s trade area, solidifying Danville as a regional shopping hub. When completed, Jeff Garrison, vice president of development, North American Properties, expects Coleman MarketPlace to generate $140 million in sales, resulting in approximately $7 million in sales tax revenue. The shopping center will also bring an estimated 1,350 to 1,650 jobs to the City of Danville in addition to the over 2,000 announced within the last 24 months, including the 740 new jobs expected with the opening of Swedwood, a premier furniture manufacturer and subsidiary of IKEA.
North American Properties acquired the site on March 26, 2007. The purchase price was undisclosed. Construction is currently underway on the $60 million retail development.
“Coleman MarketPlace is an exciting venture for our city and the surrounding region. It meets the increasing demands of our residents for world-class shopping and dining while contributing to our growing momentum as a retail hub of both Southern Virginia and adjacent North Carolina communities,” continues Gwaltney. “We are working diligently to diversify Danville’s retail and commercial market, and major retailers undoubtedly want to share in the benefits of locating to a city of our caliber. Today’s tenant announcement demonstrates that national retailers are taking notice of Danville’s progressive business climate.”
Over the past 36 months, the City of Danville has announced 26 significant projects, 13 since January 1, 2006. Over 5,600 new jobs have been created along with $524.9 million of new investment for the Danville community, according to City officials.
“Undoubtedly, Coleman MarketPlace will energize the Danville community and set new standards for future commercial growth and development,” concludes Gwaltney.
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