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L E A
S I N G & M A N A G E M E N T
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Plans for Biltmore Square
Mall's renovation include a high-end, off-price anchor, upscale outlets,
expanded cinema,
entertainment-oriented hotel and high-end restaurants.
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Big Changes for Asheville's Biltmore Square Mall
ASHEVILLE, NORTH CAROLINA -- The Biltmore Square Mall in Asheville, North Carolina, is undergoing a major transformation. Though
the existing structure will primarily stay intact, the content, focus and
image of Biltmore
Square is getting a much-needed renovation by Divaris Real
Estate, Inc (DRE).
“After an extensive study, the
conversion of the former Biltmore Square regional mall into an upscale outlet/off-price
center with an entertainment focus will be the best direction for the
property,” says Diana Teitsma, principal in
the Charlotte, NC
office of DRE. “We aren’t adding too much to the mall
structurally, though we are looking to bring in hotel and entertainment uses
and to utilize some of the excess land.”
The repositioning of the
500,000-square-foot mall will help fulfill the needs of Asheville residents,
as well as tourists and visitors. “Asheville is a great city,” says Gerald Divaris,
chairman and CEO of DRE. “The market attracts more than 13 million
visitors annually and is one of the ‘Top 100’ places to live, as
chosen by Relocate America in April 2007. It is also a ‘Top 15
Dream Town’ according to AARP. The fact that it is so popular with
tourists, coupled with the area’s demographics, makes the site a
natural location for an outlet-oriented center.”
Asheville has a year-round population of more than
600,000 and the average annual income is approximately $60,000 per household.
Also, the city is home to a high number of empty-nesters and part-time
residents that have a second home in the area. “These groups tend to
have a higher disposable income,” says Teitsma.
“The whole picture, tourists plus affluent residents, lends itself very
well to the repositioning of Biltmore Square.” Biltmore
sits at the confluence of Interstates 26 and 40 and is located across from
the Biltmore Estate. The Pisgah and Nathalla
national forests are located nearby, as well as the Smoky Mountains and the Blue Ridge Parkway. When the renovation is complete, the center
will feature a high-end, off-price anchor, along with numerous upscale
outlets. There is an existing cinema complex at the center, which the company
is planning to expand. “We are also looking to attract an
entertainment-oriented hotel and a few high-end restaurants,” says
Divaris.
Asheville is currently lacking a
high-end outlet and entertainment center and DRE hopes that the
revitalization will help fill that need for both residents and visitors
alike. “This center will feature high-end outlets and
entertainment to appeal to the area’s demographics, its permanent
residents and its visitors,” says Divaris. “Preliminary contacts
with prospective tenants have met with great excitement. An architectural
team and cost estimators have started work on the project and an announcement
of a new name, anchor tenants and its design is expected by mid-2008.”
Divaris’ consulting arm, under
the direction of John M. Millar, is spearheading the pre-development program,
while property management is headed by Divaris’ Sharon Morgan, the
property’s on-site general manager.
Divaris Real Estate, Inc.
One
Columbus Center, Suite 700
Virginia
Beach, VA 23462
TEL:
757.497.2113 FAX: 757.497.1338
info@divaris.com
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