WARRINGTON, PA-The opening phase of Valley Square, a 140-acre, master-planned lifestyle retail and office center at the intersection of Street Road and Route 611, will officially open for business on Nov. 17. The developer, Philadelphia-based Grasso Holdings, will break ground for an additional phase of between 75,000 sf and 100,000 sf in first quarter 2008.

This is the first upscale retail center to open in Southeastern Pennsylvania in some time, according to David Grasso, president of the company. “Sandwiched between Doylestown and Willow Grove, it meets the needs of the rapidly expanding, affluent Bucks County markets that have been substantially underserved,” he says, adding that is why Wegmans Food Market was the first to join the master plan. It acquired land from Grasso and opened in October 2006.

Next month, numerous upscale tenants in Valley Square's 300,000-sf retail component, which is spread among six buildings, will join the grocer. Grasso tells GlobeSt.com the retail lifestyle center will open 90% leased, and rent rates, he says, are in a range of between $30 per sf and $40 per sf. Among the tenants are Ann Taylor Loft, Borders, PF Chang's, Eastern Mountain Sports, Victoria's Secret, Bath and Body Works, White House/Black Market, Starbucks, JE Caldwell, Sunglass Hut, Aveda, Chico's, J. Jill, Panera Bread, Chipotle, Blue Tulip and Banana Republic.