Armada Hoffler Properties announced their newest project in its next generation development pipeline. The Company will develop a grocery-anchored shopping center in Williamsburg, Virginia as part of a joint venture partnership in which the Company is the majority partner.
This multi-phased project is a redevelopment of the Williamsburg Outlet Mall with the completion of phase one, consisting of approximately 88,000 square feet, expected in early 2016. The Company has signed a 20-year lease for approximately 53,000 square feet with Harris Teeter, which will anchor an additional 35,000 square feet of shops and restaurants. The Company expects to begin construction on phase one in the third quarter of 2014. Phase two represents an opportunity to develop another 42,000 square feet in the future.
The building behind the existing McDonalds is intended to be primarily retail space. The pharmacy, which is set to be a Walgreens, will be the larger building off of Route 60/Richmond Rd and the building next to it is likely to become a restaurant. The two buildings backing to Centerville Rd are meant to be mixed use – retail and office space. In the center of the proposed development is a planned Marketplace Green, which would be a 0.4-acre open space with walkways, a decorative paved area for cars to cross, and a shelter or gazebo for the WATA bus stop.
This new shopping center will add numerous shops to the Richmond Rd corridor near Centerville Rd a boon to homeowners of nearby Colonial Heritage a 55+ community .