Construction moving along at Settlers Market in Williamsburg

Construction crews are busy at work on the Settlers Market shopping center in James City County. Once complete it  will feature 250,000 square feet of retail space along with an adjoining residential component located along Settlers Market Boulevard adjacent to the center.

Construction crews are busy at work on the Settlers Market shopping center in James City County. Once complete it  will feature 250,000 square feet of retail space along with an adjoining residential component located along Settlers Market Boulevard adjacent to the center.

At this point a Spring 2013 opening is planned for the new Stein Mart, HomeGoods ,ULTA Michaels,Dress Barn, Five Below and Shoe Carnival stores.

They will join the existing Trader Joes, Bakers Crust, AT&T,Sleepy’s Long & Foster Real Estate, BB&T Bank as well as a “Wal Mart Neighborhood Market” grocery store that is on track to start construction soon.

The center is being developed by FCP and its partner, Westmoreland Partners,who are represented in retail leasing by the Norfolk office of The Shopping Center Group.

 

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Settlers Market  was acquired by Federal Capital Partners and Westmoreland Partners earlier this year for $13.25 million from Union Bank who foreclosed on the property in Feb 2011

The original owner/ developer was AIG Baker who had originally obtained a $55.5 million note to develop the property with a 350,000-square-foot combination of upscale retail, office and residential space. AIG Baker’s plans  ground to a halt in 2008 with the downturn in the economy

Settlers Market is located at the intersection of Rt 199 and Monticello Avenue and is the gateway for the New Town Master Plan Development Corridor.

The acquisition was the second FCP transaction with Howard Biel and Drew Gorman of WML since the company announced an alliance with the retail veterans in fall 2010. The alliance focuses on purchasing development and redevelopment opportunities, notes on troubled assets and existing income-producing retail assets throughout the Mid-Atlantic.
"Settler’s Market … was in need of a new owner, developer, capital and vision to complete the center," said FCP Managing Partner, Esko Korhonen. "We had the opportunity to purchase the site at a significant discount to in-place cost and will be working closely with representative agencies of James City County and the New Town Associates Design and Review Board to revisit the current site plan so that the project can maximize its potential."

Read more about New Town here

 

settlers market siteplan

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This post is brought to you by local resident and REALTOR, John Womeldorf, known around town as “Mr. Williamsburg” because of his extensive knowledge of the Williamsburg/Hampton Roads area and its real estate market. If you are relocating, retiring, seeking a vacation home, or simply curious about homes and neighborhoods in the Williamsburg/Hampton Roads area, John is happy to help. Click here to send him an email, or call him at 757-254-8136.  

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About mrwilliamsburg

I love Williamsburg !
Being “Mr. Williamsburg” and starting my web site in 2004 has been a great way for me to help people looking for homes for sale, communities and an “insider knowledge.” of the area.
Turned out I was onto something. Because I offer in-depth information and up-to-the-minute blogging, even international clients have found me. One couple, moving back to the States from France, told me that a post I wrote blog about grocery shopping in Williamsburg convinced them that Williamsburg was the place to be, and that I was the best source by far that they found on the web.
I’m happy to say that I hear similar comments from many of my clients looking for homes throughout Williamsburg and Hampton Roads.
I grew up in Virginia Beach, Va, After attending college, I worked at a number of positions including manager of a land development and construction company and business manager of a cut flower business that we grew in sales from $300,000 to $15 million (we were supplier to Whole Foods and one of the first cut flower suppliers to Costco).
In 2004, it seemed like a good time to simplify my life. I moved my family from Annapolis to Williamsburg. I went into real estate with Liz Moore and Associates, and was one of the initial agents when Liz opened her Williamsburg branch.
My sons Zach and Josh attend Lafayette High School and Hornsby Middle School and are crazy about sports and the outdoors.
I feel lucky to be living the dream, and saving two to four hours by not driving on the DC beltway every day. So, I can now spend my time with family while concentrating on learning — and sharing — information about living in Williamsburg.
In real estate, no two people or transactions are the same. Everything’s a challenge, and I’m rewarded every time in close a transaction and have the opportunity to see the smiles on clients’ faces.
Please email or call me for assistance with any real estate questions about the area
John@MrWilliamsburg.com or 757 254 8136