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GREENVILLE, SC-The Greenville Mall is coming down to make way for a village-style retail and entertainment center. Canyon Gulfside Greenville LLC plans to demolish the Woodruff Road property and replace it with Magnolia Park Town Center, a 676,000-sf development.
The developer is a partnership between Gulfside Development Co., Inc and Canyon Realty Advisors. It acquired the 65-acre site in December for $37 million and anticipates spending a total $100 million to develop Magnolia Park. Financing has been secured through GMAC, according to Canyon Gulfside Development Co. "This is one of the most prime and underutilized real estate sites in the state," Jackson Ward, a Gulfside Development principal, says in a statement, "and we feel it can become a landmark destination for the region." He adds the center will feature a mix of upscale retailers and restaurants.
Slated to open in spring 2008, Magnolia Park will be anchored by a Regal Cinemas and Sports Authority--both which currently anchor Greenville Mall. In addition, the partnership has signed Costco and an expanded Rooms To Go furniture store to anchor positions. The Costco will be the first in the Upstate region. Canyon Gulfside Development is in lease negotiations with several other retailers and expects to sign contracts within the next 90 to 120 days, a spokesperson for the developer says.
Canyon Gulfside Development is also mulling the possibility of adding office, residential hotel components to the Magnolia Park. The developer is in talks with one entity for an office development; however, if the talks fall through than there will not be an office development built at site, the spokesperson adds. A decision on the office component is also expected in the next 90 to 120 days.
The developer has tapped into local talent for the design and construction of Magnolia Park. Pazdan-Smith Group Architects is designing the project with the development team; Harper Corp. will manage the construction, including the demolition of Greenville Mall--which is scheduled for the fall. In addition, Spake Real Estate of Asheville, NC will manage the property and the Shopping Center Group of Charlotte will be the leasing agent.
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