The retail project will be located on 67 acres across from Piedmont Mall, where Piedmont Drive and Central Boulevard meet. It will feature eight anchors, more than 50,000 sf of small shop space and six outparcels. The mall-peripheral power center will also include Collins Drive, a new, alternative transportation route through the center from Central Boulevard to Lowes Drive, according to North American Properties.
Coleman MarketPlace is slated to open in spring 2008. North American expects to complete the necessary zoning and permitting by October, with construction beginning in early 2007. The developer is currently working with several nationally recognized retailers and an initial tenant roster could be announced within the next three to six months, a spokesperson for North American tells GlobeSt.com.
Tonya Creekmore, vice president of leasing for North American, was unavailable for comment by GlobeSt.com's deadline. However, in a statement Creekmore cites the lack of retail options in this area of Southern Virginia as the catalyst behind Coleman MarketPlace. "This is the most significant retail development announced in Danville since Piedmont Mall in the 1980s," she says. "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… ."
According to North American, there are 335,000 residents within Coleman MarketPlace's trade area--with that figure set to increase with the addition of 500 homes planned or under development in the city.
"Danville's increasing strength as a regional hub aligned with retailers' complete lack of sister-store competition to make this site prime for retail development," Creekmore adds. She also says that North American expects the new center to generate $140 million in sales, resulting in approximately $7 million in sales tax revenue. Coleman MarketPlace will bring between 1,350 and 1,650 jobs to Danville.
In addition to Coleman MarketPlace, North American is teaming with Kimco to develop a $100-million, mixed-use project in Orlando. The venture will feature 333,000 sf of retail, 70,000 sf of restaurant and boutique space, an undetermined amount of office and 300 condominiums. North American also recently completed the 500,000-sf MarketPlace at Seminole Towne Center in Sanford, FL. In Georgia, North American received approval at the end of 2005 to develop South Point, a 570,000-sf, mixed-use project, as GlobeSt.com previously reported.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
