Patrick Henry Crossroads is expected to begin construction in spring 2002.  The site is strategically situated near I-64

Patrick Henry Crossroads Adds New Power Center to Virginia Peninsula

NEWPORT NEWS, VIRGINIA:   Situated on a prominent 69-acre tract on the Virginia Peninsula, Patrick Henry Crossroads will contain a total gross leasable area of approximately 700,000 square feet.  The new development will comprise a complimentary mix of department stores, national superstore retailers, specialty retailers, and diversified restaurants.   In addition, a 4-acre outparcel fronting Interstate 64 will be available for hotel and/or office development. 

The Goldenberg Group will be the developers of Patrick Henry Crossroads. Founded in 1984 and headquartered in Blue Bell Pennsylvania, The Goldenberg Group is a full-service real estate development company focusing on the development, leasing, construction and management of commercial properties.  Its portfolio exceeds 3 million square feet of owned and managed properties and an additional 2 million square feet are in various stages of development.  The Goldenberg Group specializes in retail and power shopping centers, town centers, community development projects and acquisitions. 

Peter Farnum, senior vice president and director of sales for The Goldenberg Group, is excited about the project.  "We're confident that in conjunction with Divaris, we will be able to bring together a dynamic and complimentary mix of tenants."

Construction of Patrick Henry Crossroads is projected to start in the spring of 2002, with an estimated delivery date of Spring 2003.  The property strategically and conveniently fronts on Jefferson Avenue (Route 143), Bland Boulevard, and I-64, the major east-west interstate for southeastern Virginia.  Jefferson Avenue is the major retail/commercial thoroughfare for Newport News and the Jefferson/Bland intersection is the main entrance to the Newport News-Williamsburg International Airport. 

The Jefferson Avenue corridor is the epicenter of commercial activity in Newport News. The Oyster Point business section contains over 1.7 million square feet of space including retail, industrial and business parks.

Neighboring retail in the corridor includes: Patrick Henry Mall (Dillard's, Hechts, and JCPenney), Yoder Plaza (Target, Toys "R" Us, Bed Bath & Beyond, Circuit City, PetsMart, OfficeMax, Barnes & Noble), Costco Plaza (Costco, CompUSA), Best Buy, Value City Furniture, Babies "R" Us, Village Square at Kiln Creek (Super Kmart, 21-screen Regal Theatre, Dress Barn, Farm Fresh), Newport Marketplace (Home Depot, Wal*Mart, Sam's Club, Linens 'N Things, Michaels and Lowe's Home Improvement Warehouse). 

New curb cuts and traffic signals will give access from both Jefferson Avenue and Bland Boulevard.  In addition, the superb visibility and accessibility of the site will be enhanced by the new I-64/Bland Boulevard exit ramps, which will provide easy access northwest to the City of Williamsburg and the counties of York and Gloucester and southeast to the City of Hampton.

Patrick Henry Crossroads will be the premier development in the hub of Newport News and the Virginia Peninsula.   It is the only large land parcel that is zoned for retail, restaurant, office and hotel uses in the submarket.  Its strategic location offers excellent visibility, accessibility and demographics. 

Missy Martinovich, of Divaris Real Estate's Virginia Peninsula office is handling the leasing of Patrick Henry Crossroads.