M I X E D - U S E

The Marquis in Williamsburg is home to Target, Kohl's, JCPenney, Best Buy and Dick's Sporting Goods

The Marquis Provides Great Shopping
in Prime Location

WILLIAMSBURG, VIRGINIA — Located at the intersection of Interstate 64 and Route 199 in Williamsburg,Va., The Marquis is a new mixed-use, open-air retail “power town” center, situated on 238 acres. Divaris Real Estate, Inc. (DRE) is the leasing agent for the property. It is being built in two phases by Indianapolis-based Premier Properties. The first phase, comprising approximately 500,000 square feet, will open in spring 2008. When finished, The Marquis will encompass approximately 1 million square feet of space in a unique layout.

The site was initially identified by Target as a regional spot where it could attract an even wider customer base than it was currently serving from its existing, highly successful Williamsburg location. Situated squarely in the middle of the Virginia Peninsula, The Marquis is a regional center that will likely draw from the northern segments of Newport News and Matthews/York counties as well as the city of Williamsburg and northwards towards Richmond.

According to Gerald Divaris, chairman and CEO of DRE, “The site is physically attractive and topographically sloped. The architects have developed a creative design that combines the buildings with the environment to preserve the ravines, and water features that can be crossed by foot bridges and a car bridge — creating an overall attractive setting for shopping.” Further, the parking will be located convenient to the stores, and yet the landscape, water and design will make the shopping experience an attractive draw in itself.

Due to its expertise and local market knowledge, DRE was offered the opportunity to work with Premier Properties on the leasing of The Marquis. With a specialized team of agents to lease the various components of the property, DRE moved forward quickly to close deals with anchor tenants Kohl’s, which will occupy an 89,911-square-foot store; JC Penney, which signed on to build a 103,780-square-foot version of one of its first, non-enclosed mall stores in the Hampton Roads market; Best Buy, which will open a 30,000-square-foot store; and Dick’s Sporting Goods which has signed a lease for 45,000 square feet of retail space.

The Marquis will be built in two phases, separated into a northern pod (first phase) and a southern pod (second phase). With the anchor tenants already announced in the first phase, negotiations are close to completion for the anchor positions in Phase II.

“There are not a lot of Peninsula developments to rival a project of this size. It will have a far reach, due to its location on the interstate,” says Divaris. “Additionally, the project’s four department stores will have a tremendous impact on the local retail market — providing more than you would have in a typical enclosed mall.”

Mary McGovern, senior vice president at DRE, who is responsible for leasing space to big box tenants, became involved with The Marquis when she represented both the landlord and some of the retailers in the big box deals. With regards to the tenant mix, she says, “The Marquis is a regional center in a market that, up until very recently, has had very little substantial retail massing aside from the outlet centers. The Marquis is introducing to the local market major retailers that have not operated here previously.”

Divaris continues, “The Hampton Roads market is really strong, and all the retailers that operate here have experienced strong sales -- so there is great awareness of the region’s potential. With the great tenants signed already, the move to attract the next wave of exciting retailers and restaurants has begun, as has the leasing program on the office portion of the project.”