Stony Point Nearly Full Five Months before Opening

RICHMOND, VA-Specialty retail space in the 690,000-sf Stony Point Fashion Park, scheduled to officially debut mid-September, has already reached near maximum capacity as national retailers flock to stake a claim in the upscale open-air shopping center. Approximately 280,000 sf of the available 300,000 sf of specialty retail room has been spoken for at the $120 million development. Financial terms of the leases are unavailable, but according to the Grubb & Ellis/Harrison & Bates First Quarter 2003 Retail Market Trends Report, the asking price for space in Richmond power centers goes for an average of $12.69 per-sf.

Many of the tenants are making their first showing in the city. “Over 40% of our stores and all of our restaurants are new to the Richmond market, creating a compelling mix of unique shopping and dining opportunities,” says Robert S. Taubman, president and CEO of the development company behind the project, Taubman Centers.