06/18/2007Centre to Become Premier Shopping, Hospitality Venue in South Central Kentucky
Charlotte, N.C., June 18, 2007 – Two of the Southeast’s leading real estate firms, Charlotte-based Crosland, LLC and Greenville-based Carolina Holdings, Inc., have completed the purchase of a 120-acre tract in central Kentucky, soon to be one of the largest retail destinations of its kind in the state.
Located 21 miles south of Lexington and visible from I-75, the project will be known as Richmond Centre.
The development is approved for 800,000 square feet of retail space featuring 12 outparcels, 15.5 acres for two hotels and 60,000 square feet of office space. Major anchors for the center will include Meijer, Belk, JCPenney, Cinemark Theatre and Home Depot. (Editors: For Richmond Centre rendering, go to www.corderphilips.com/pr/richmondcentrerendering.jpg.)“We are pleased to present Crosland’s first Kentucky retail project in Richmond,” said Tim Sittema, senior vice president, retail, for Crosland. “Since our initial conversations with national retailers, we have been impressed with the level of enthusiasm and interest surrounding this project.
The high quality of the project and its mixed-use nature, combining retail, entertainment and hospitality will be unlike any in the region.
”This is the second time that Crosland and Carolina Holdings have partnered to create a premier, regional shopping destination. The two paired up in 2006 to develop Providence Marketplace, a 103-acre retail center in Mt. Juliet, Tenn. Following two years of increased interest from retailers and consumers, the center has grown into the largest open-air retail center in middle Tennessee.
“Crosland has been an excellent partner over the past several years and we look forward to continuing our relationship,” said Mike McNicholas, president of Carolina Holdings, Inc. “Coming fresh off the heels of our successful project in Tennessee, we look forward to bringing new retailers to the market as well as expansion of stores like JCPenney and Cinemark.
”The center’s design will incorporate a movie theatre anchored by regional and local shops, flanked on either side by national anchors. This retail destination will feature many signature characteristics to create place for which Crosland has become known, including village shops and fountain plaza, hardscaped and landscaped areas, outdoor dining, and oversized pedestrian pathways. Spanning over 20 acres and consisting of 207,483 square feet, Meijer is a family-owned and operated supercenter chain with stores across the Midwest. With more than 40 different departments within each store, including pharmacies in all of its locations, Meijer will provide convenience with higher standards and lower prices. Meijer will open in spring of 2009.
Belk is the largest privately-owned department store organization in the nation. This 73,811-square-foot store will offer a larger selection of traditional department-store goods, which include a wide range of products such as cosmetics, jewelry and other accessories; home goods such as bedding, kitchenware and appliances; apparel for women, men and children; casual and formal china, as well as flatware and other gifts that can be reserved or purchased through Belk’s gift registry.
Belk will open in fall of 2008.
One of America’s largest department store retailers, JCPenney (85,382 square feet) will join Belk as one of the center’s anchor tenants. JCPenney will provide an expanded offering of apparel and home furnishings as well as private brands such as St. John’s Bay, Worthington, and Arizona Jean Company.
JCPenney will open in fall of 2008.
Cinemark Theatre (38,888 square feet) will be the area’s newest movie theatre offering 12 screens, stadium seating, online ticketing and concession stands providing candy, freshly popped popcorn and Coca-Cola fountain drinks. Online ticketing, available at www.cinemark.com, will make it easy for patrons to purchase tickets in advance from the comfort of their home or office.
Customers may then bypass lines at the box office and go directly to a kiosk in the theatre lobby, where they may print their own tickets purchased online using a confirmation number given at the time of purchase.
Cinemark will open in fall of 2008.The world’s largest home improvement specialty retailer, Home Depot, will occupy more than 107,000 square feet of retail sales space, with an adjacent 28,000-square-foot garden center, stocking more than 40,000 products ranging from outdoor power equipment to appliances, lighting and plumbing.
Home Depot will open in fall of 2008.
The developers are currently in negotiations with several additional national and local retailers and are expected to make further announcements over the coming months.
About Crosland LLC
Founded in 1937, Crosland is one of the Southeast’s leading diversified real estate companies and recognized as a leading community builder.
Its expertise in retail, multifamily, office, land development and general contracting enables it to be an innovator in multi- and mixed-use development.Headquartered in Charlotte, N.C., Crosland has offices in Raleigh, Orlando, Tampa and Nashville, and develops, builds and manages properties in the Carolinas, Florida, Kentucky, Tennessee and Virginia. The privately held company’s current portfolio has a market value exceeding $1.5 billion.
For more detail, visit crosland.com.
About Carolina Holdings Inc.
Carolina Holdings was founded in 1986 in Greenville, S.C., with an emphasis on developing, owning and managing investment-grade, commercial and residential properties. The company provides real estate development, project and asset management, leasing and brokerage services.
Carolina Holdings has developed projects throughout the Carolinas, Florida, Alabama, Virginia and Tennessee, including more than 70 stores for CVS/pharmacy.
The company is also working on another Kentucky development on Interstate 64 in Shelbyville. The company’s development and asset management clients include Protective Life Insurance Co., Wachovia, Greenville Tech Foundation and the Spartanburg Regional Health System. It provides management services for 22 properties totaling nearly 2 million square feet.
