Construction on phase one, a 145,000-sf, neighborhood-style development that is anchored by a Giant, finished about a year ago, with the last of the leases just now inked. These merchants, which number about 25, include SunTrust Bank, WOW Café, Rangoli, Panera Bread, Caribou Coffee, the Firkin & Hound Pub and Bach to Rock. Asking rates for the smaller in line shops are in the mid $30s, triple net.

Phase two, a 140,000-sf development, has just begun construction. It will be anchored by a Home Depot, which will open in Spring 2008. The third phase will yield another 300,000 of retail, once the approvals are in place, Jim Farrell, principal of Madison Retail Group tells GlobeSt.com. The site is zoned to support that level of retail, he explains, but the developer still has to complete a fair amount of some legwork to get a site plan approved. "That is mainly a function of marketing, leasing and finding the right anchor," Farrell says.

It has been easy to market the space, Farrell adds, as South Riding Market Square is fortuitously positioned--it fronts a 6,000-unit residential development. Madison Retail Group has collaborated with Toll Bros. on several other projects in Virginia, including retail components for the Belmont Country Club and the Dominion Valley Country Club.