Leasing Ramps up for $161M Retail Development

RICHMOND, VA- Forest City Commercial Development and Pruitt Associates have already inked an aggregate of 626,000 sf in leases for their $161 million, 900,000-sf retail and lifestyle center, which has just broken ground. Also, a 150-room Hyatt Place will be developed on one of the center’s outparcels, joining Circuit City, Lowe’s, JCPenney, PetSmart, Sam’s Club, Target and Ukrop’s as original tenants. Called the Shops at White Oak Village, the shopping center is located in East Richmond, at the intersection of I-64 and Laburnum Ave., in Henrico County.

Jim Richardson, VP and project developer for Forest City Commercial Development tells GlobeSt.com there has been great response to the firm’s marketing efforts. “The east side of Richmond has never had that much retail development. When we originally acquired the parcel we determined there would be a great deal of future growth here.” <p.The $161 million development includes the land cost, as well as environmental remediation costs. As part of these efforts, over the past three months, approximately 77,000 tons of concrete were crushed on site and re-used for foundations, sidewalks, and structural support. Roughly 7,500 tons of aluminum, steel, iron, copper, and other ferrous and non-ferrous metals were also recycled and re-used in accordance with Environmental Protection Agency standards.