WILLIAMSBURG, VA—Armada Hoffler Properties announced plans to redevelop the now shuttered Williamsburg Outlets into a grocery-anchored shopping center. The REIT has already inked a 53,000-square foot lease with Harris Teeter. The shopping center will support another 35,000-square feet of retail.
Armada Hoffler is developing the center under a JV in which it is the majority partner. The REIT didn't say who the partner was, or if it had one in place for the project.
Phase one of the project consists of approximately 88,000 square feet, expected to deliver in early 2016. Construction will begin in the third quarter of 2014. Phase two would consist of another 42,000 square feet.
Based in Virginia Beach, Armanda Hoffler has a solid but understated presence in the Mid-Atlantic. Its transactions range from one-off deals such as its recent $70 million acquisition of Liberty Apartments, to multiple developments in Baltimore. The former is part of a $70 million public-private mixed-use development in Newport News, VA, that also includes the Newport News Apprentice School of Shipbuilding and a garage.
In Baltimore, the REIT made a name for itself by constructing the majority of the buildings in Harbor East. The company recently completed the Under Armour Station House and is the general contractor for the Hyatt Place Baltimore / Inner Harbor Hotel, which broke ground last August and is expected to deliver in Fall 2014.
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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.
