The other proposals, presented by Transacn Development LLC and Lowe's Companies, were plans to redevelop the entire center, while Home Depot only wanted to build its store on half of the property. This saves the city from having to exercise eminent domain to buy out the other landlords.
Home Depot's project has the additional advantages of bringing the city an approximate $300,000 in annual sales tax revenue, and the ability to build a store without construction loans. Home Depot says it will work with the mall's other landlords to develop a common design theme.
A development agreement will be negotiated between Hercules and Home Depot prior to the approval process. The store hopes to open in early 2003.
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