M I X E D - U S E

Towne Center West, a 40-acre, high-end, mixed-use development is under construction adjacent to the Nordstrom-anchored Short Pump Town Center in Richmond, Va.

DRE Richmond Office Handles Leasing
of New Mixed-Use and Lifestyle Developments

RICHMOND, VA – The Richmond office of Divaris Real Estate Inc. (DRE) is handling the leasing of several exciting new mixed-use and lifestyle developments, totaling nearly 840,000 square feet of space, throughout central and western Virginia.

At the intersection of Midlothian Turnpike and Chippenham Parkway in Chesterfield County, Va., a refreshing change is happening. Chippenham Place is being developed on the site of Cloverleaf Mall, a retail destination that had been in steady decline for a decade. The Kroger-anchored, mixed-use project will be comprised of approximately 200,000 square feet of commercial space and over 500 residences. Plans include retail, offices, townhomes, apartments and single-family detached homes.

“With all four anchors gone, the Cloverleaf Mall was just sitting there,” states Brett Womack, senior vice president in DRE’s Richmond office. “This revitalization program will bring back the vibrancy of this long-established retail corridor.”

The development is a partnership between Crosland LLC and Chesterfield County. Construction will begin in 2008. DRE Principal John Wingfield and Womack will assist developers Crosland with the leasing of Chippenham Place.

Another revitalization effort is taking place at what used to be Waynesboro Outlet Village in Waynesboro, Va. The Shenandoah Valley outdoor outlet mall opened in 1987 to much fanfare. However, in the course of 20 years, it went from being nearly fully occupied down to five stores and a few non-traditional tenants. Finally, its doors closed in the spring of 2006. Collett & Associates will redevelop this site into a retail property that will be known as Waynesboro Town Center.

The project will bring approximately 400,000 square feet of retail space to the intersection of Interstate 64 and Rosser Avenue in the town of Waynesboro, which is located midway between Harrisonburg and Charlottesville, Va. Target, PetSmart and Michael’s will anchor the center, which is expected to make its grand opening in October 2007. A second wave of tenants is set to open in spring 2008.

Womack and Senior Vice President Debbie Wake are the exclusive leasing agents for Waynesboro Town Center.

Closer to DRE’s Richmond office is Towne Center West in Short Pump, Va. Located on Route 250, less than one mile from Interstate 64 and Route 288 in Henrico County, the 40-acre mixed-use development is comprised of over 150,000 square feet of shops; office buildings; restaurants; residential; a 250-room, full-service Hilton Hotel, Conference Center and Spa; and a freestanding Ethan Allen. Towne Center West is directly linked by a connector road to the highly successful Short Pump Town Center which is anchored by Nordstrom, Dillard’s, Macy’s, Dick’s Sporting Goods, and Crate & Barrel.

“Towne Center West is under construction and small shop spaces will be delivered in the summer of 2007,” said Wake. “We have large parcels fronting West Broad Street that will have condos above the first floor retail. All is set to be delivered in the fall of 2008.”

Wake, together with Assistant Vice President Brenda Martin, is leasing the retail space and the outparcels for The Breeden Co. of Virginia Beach. According to Wake, Towne Center West will “substantially and dramatically increase traffic counts at the intersection of West Broad Street and Route 288,” becoming the focal point of a rapidly growing area.

Rutland Commons is another Crosland development being leased by DRE’s Richmond office. Located on 27 acres in Hanover County, Va., the 110,000-square-foot, neighborhood shopping center will be anchored by a Kroger grocery store.

“We have a number of exciting prospects lined up for Rutland Commons,” said Womack, who is handling the leasing for the property with Kent Cardwell, retail sales and leasing agent in DRE’s Richmond office. “It’s a significant growth environment. There are a number of outparcels for a bank, a drugstore and restaurants.”

The first retail project in the Commonwealth of Virginia to be developed by Crosland, Rutland Commons is scheduled to come online in the spring of 2008.