(For more retail coverage, click GlobeSt.com/RETAIL.)
WINCHESTER, VA-Tysons Corner-based NVRetail and Tetra Partners in Reston will be breaking ground on a 500,000-sf retail center here in April or May. The project can now move forward as it just received approvals from the Frederick County Board of Supervisors to proceed in developing the empty parcel of land.
Rutherford Crossing, which will cost $50 million or more to develop according to NVRetail president Jack Waghorn, will be anchored by Target and Lowe's Home Improvement. A third anchor retailer is possible.
"We could have either three large anchors or two anchors and several mid-box retailers," Waghorn tells GlobeSt.com. "Right now, the two anchors will take about half of the developable space. The other retail tenants will consist of restaurants, pad sites and in-line shops."
Rutherford Crossing will be located at the northeast quadrant of the Interstate 81 and US Route 11 interchange in Winchester. It will be next to a new FEMA regional headquarters, which is set to open in December, and directly across from a 2,400-unit subdivision currently under construction by Brookfield Homes. Waghorn says Rutherford Crossing is expected to deliver in March 2008.
As part of the development, NVRetail and Tetra Partners will be making road improvements to Route 11 by installing new traffic signals and synchronizing existing signals from the center's entrance to Welltown Road. It will also widen the road for turn lanes and better ingress and egress for the center. The development team is also donating $250,000 to the county to improve the northbound I-81 exit ramp onto Route 11.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
