COVER STORY, OCTOBER 2007

RETAIL CENTER PROFILES
Vast retail development is rising up in areas that previously haven’t experienced a heavy amount of retail traffic.

Faison Enterprises
• Logan Village, Loganville, Ga.
• Barrow Crossing, Winder, Ga.

As metro Atlanta has sprawled during the years, no area has felt that impact more than Gwinnett County, which lies northeast of Atlanta. In the past few years, towns that once weren’t even considered part of the Atlanta suburbs have been roped in by the sprawl. Loganville and Winder, Georgia, are no different. Barrow and Walton counties, which both touch Gwinnett, are experiencing what Gwinnettians experienced 10 to 15 years ago.

Just as retail developers followed the rooftops in Gwinnett County years ago, they are following the rooftops up the northeast corridor today. Faison Enterprises is developing the 650,000-square-foot Logan Village in Loganville and the 550,000-square-foot Barrow Crossing in Winder.

Logan Village is a regional power center that will feature 12 anchor stores, approximately 75,000 square feet of small shops and three outparcels. Designed by The Preston Partnership, the retail development is expected to commence construction by year’s end. Phase I will open in late 2008, while Phase II will be complete in summer 2009. Faison is currently in negotiations with many national tenants to fill the anchor space, as well as junior anchor space and small shop space. The tenant mix will include  soft goods, affordable fashion, home improvement, office goods and pet supplies stores. 

Located in the heart of Loganville, Logan Village is situated on both sides of U.S. Highway 78, which connects Gwinnett and Walton counties, the burgeoning communities to which the development will serve.

“The residential growth phenomenon that was once nestled predominately between Interstates 75 and 85 has transformed this region into the next retail frontier,” says Mike Cohn, senior managing director for the southeast region of Faison Enterprises. “Rooftops are appearing at such a pace that Gwinnett, Walton and Barrow counties are included in the U.S. Census’ listing of the Fastest Growing Counties. The region is primed for significant retail development.”

According to the Atlanta Regional Commission, by 2010, the trade area is expected to claim more than 100,000 residents with an average household income of approximately $90,000.  

Faison Enterprises' Barrow Crossing in Winder, Ga., will feature 12 retail anchors.

Faison isn’t taking advantage of those kind of numbers with just one shopping center. In Winder, Faison is developing Barrow Crossing, and The Preston Partnership is on board for this project as well. Following a similar plan to Logan Village, Barrow Crossing will feature 12 anchors, 75,000 square feet of small shops and five outparcels. With this retail development, Faison plans to expand its service area to reach not only Barrow, Gwinnett and Walton counties, but Oconee County as well, reaching even further east of Atlanta.

Construction will begin by year’s end, with a completion date of spring 2009. The development sits on approximately 65 acres at the intersection of State Route 316 (University Parkway) and Highway 81. Faison is currently finalizing deals with Target, Belk and Publix Supermarkets, and is negotiating with other nationally recognized retailers and restaurants for the remaining space.

“Faison delivers premier shopping experiences to regions void of quality retail,” Cohn says. “This defines the Winder community and surrounding trade area. Barrow Crossing will enhance the overall appeal of the Winder community.”

Forest City Commercial Development & Pruitt Associates
• The Shops at White Oak Village, Richmond, Va.

The Shops at White Oak Village in Richmond, Va.

Forest City Commercial Development and Pruitt Associates are constructing The Shops at White Oak Village on a former brownfield site, located at the intersection of Interstate 64 and Laburnum Avenue in Richmond, Virginia. The 900,000-square-foot retail development will include 150,000 square feet of lifestyle tenants and 750,000 square feet of large destination tenants. Richard L. Bowen and Associates designed the project, while KBS/Prestige Construction is serving as the general contractor. Breaking ground last July, The Shops at White Oak Village will open in fall 2008.

The development will include JCPenney, Target, Ukrop’s, PetsMart, Lowe’s Home Improvement Warehouse, Sam’s Club and Circuit City as well as a 140-room Hyatt Place hotel.

“The Shops at White Oak Village will offer diverse retailers that, we believe, will capture the whole market,” says Jim Richardson, vice president of Forest City Commercial Development and project developer for The Shops at White Oak Village. “With our lineup of majors and juniors, we also anticipate to hit the core market, ages 25 to 45.”

Being developed on a former brownfield site, the property is being designed for sustainability in accordance with LEED (Leadership in Energy and Environmental Design) standards.

“Community support, both from residents and public officials, for this project has been positive,” Richardson says. “We have listened to their needs and are working with national and local retailers and restaurants to bring them to the community.”

Richardson adds, “The residents of eastern Henrico County have been largely underserved with retail and restaurants for many years. It is a future growth area.”

Much like Faison Enterprises developing more than one retail project in the northeastern suburbs of Atlanta, Forest City has had success in the same Richmond area before. The developer, along with its partner, Pruitt Associates, developed Short Pump Town Center. Forest City also completed a renovation of a historic property with the development of The River Lofts at Tobacco Row.

“Forest City likes to expand its assets in areas in which it is already located,” Richardson says. “We saw the opportunity on the east side of Richmond to meet the needs of the community with The Shops at White Oak Village.”

Richardson also says that I-64 and Laburnum Avenue is an easily accessible location and situated near the airport.

“We anticipate this to be a strong retail center,” Richardson says.

The Goodman Company
• Landstown Commons, Virginia Beach, Va.

The Goodman Company's Landstown Commons in Virginia Beach, Va., broke ground last year and will partially open this month.

The 513,258-square-foot Landstown Commons broke ground last year in Virginia Beach, Virginia. It’s scheduled to partially open this month, with a grand opening set for spring 2008. Developed by The Goodman Company, Landstown Commons is anchored by retailers Kohl’s, Office Max, Ross Dress For Less, Bed Bath & Beyond, AC Moore, PetsMart and Best Buy. The development also includes Game Stop, Lee Spa Nails, Hair Cuttery, Cingular Wireless, Justice, Great Clips, Red City Buffet, Five Below, Lane Bryant, Pancheros, FedEx Kinko’s, Z Pizza, Mattress Discounters, Finn McCool’s, Buffalo Wild Wings, Longhorn Steakhouse, Jackson Hewitt Tax, Shoe Carnival and Massage Envy.

Situated at the intersection of Dam Neck and Princess Anne roads in Virginia Beach, Landstown Commons also includes 40,000 square feet of office space.

“Virginia Beach is a growing area, and Landstown Commons is located near a new health complex and many new city facilities, including a new outdoor amphitheater, as well as several schools and universities,” says John Dowd III, senior vice president of development for The Goodman Company. “The location provides a high rate of traffic and much community support.”

Carolina Holdings & Crosland
• Richmond Centre, Richmond, Ky.

Speaking of another Richmond, Carolina Holdings and Crosland are developing the 119-acre Richmond Centre in Richmond, Kentucky. The retail development, which broke ground last July, is located at the northwest quadrant of Interstate 75 and Barnes Mill Road (Eastern Bypass 876) in Richmond, an area that doesn’t presently have any other significant retail offerings for 175 miles along I-75. Richmond Centre offers 800,000 square feet of retail space and 12 outparcels. The north tract of the development, which totals 15.5 acres, is set for office and hotel space. Set for completion in late 2008, the development has already named Meijer, Goody’s, JCPenney, Cinemark, Belk and The Home Depot as anchors.

“The impetus for of this project was the major void in retail offerings in the area,” says Britt Goodson, member of Greenville, South Carolina-based Carolina Holdings.

Several identifiable factors contribute to the area’s growth, such as easy Interstate access, its proximity to Lexington, Kentucky, lower cost of housing, a good employment base, Eastern Kentucky University, and cultural and educational opportunities.

“Richmond’s location makes it the regional hub, with the natural trade area extending significantly to the south and the east,” Goodson says. “Richmond is the business, healthcare and educational center for parts of an eight-county area and has a trade area in excess of 216,000 people.”

Due to Richmond’s white collar employment base, the average household income within 10 miles of the project development site is $51,000, with nearly 24 percent having a bachelor’s degree or higher. According to Carolina Holdings, between 1995 and 2005, the Madison County, Kentucky, in which Richmond is located, total retail sales volume grew by 69 percent.

“The response of customers to Richmond Centre has been great, with many asking for specific retailers to be brought to the development,” Goodson says. “The community is excited and ready for a development of this size and nature.”

According to Goodson, the retail center eliminates the need to drive more than 40 miles to shop, and provides the community with full and part-time employment for more than 1,500 people, along with projected annual retail sales of approximately $200 million.

Richmond Centre is being designed by Greenville-based Pazdan-Smith Group, while Birmingham, Alabama-based Hoar Construction is serving as the general contractor.

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