The planned Big Lots Center in Chesterfield County. (Courtesy of Taylor Long Properties)
UHF Development Group, based in New Bern, N.C., next month will begin construction on the shopping center, which will include a 30,000-square-foot Big Lots and 8,000 square feet of additional retail space.
Big Lots Center, as the development will be known, is at 2660 Weir Place, near the intersection of Jefferson Davis Highway and West Hundred Road.
Hubie Tolson, a principal at UHF, said the project would cost more than $4 million. Bank of North Carolina is the lender, he said. This is UHF’s first development in Richmond.
Tolson said the company closed on the deal with Big Lots to anchor the center in late 2012. The developer has yet to secure any other tenants.
“There has been a lot of interest in that property,” he said. “We’re in serious discussions with a number of tenants but we have nothing to announce just yet, and we’re wide open for proposals from other users.”
The company has not selected a general contractor, Tolson said.
The developers bought the seven-acre property in 2001 from retailer Lowe’s for $200,000 and later sold part of it to a Rite Aid developer.
The site and architectural plans will go before the Chesterfield County planning commission March 19. The parcel is already zoned for a shopping center, according to county records.
Ellen Long, with Taylor Long Properties, is representing UHF for the property.
Long said the center will be accessible from the neighboring Breckenridge Shopping Center and will benefit from the surrounding retail.
“Big Lots will line up well with Lowe’s and the Kmart nearby,” she said.
UHF plans to have the shopping center ready by August. Big Lots should open in early September.
The planned Big Lots Center in Chesterfield County. (Courtesy of Taylor Long Properties)
UHF Development Group, based in New Bern, N.C., next month will begin construction on the shopping center, which will include a 30,000-square-foot Big Lots and 8,000 square feet of additional retail space.
Big Lots Center, as the development will be known, is at 2660 Weir Place, near the intersection of Jefferson Davis Highway and West Hundred Road.
Hubie Tolson, a principal at UHF, said the project would cost more than $4 million. Bank of North Carolina is the lender, he said. This is UHF’s first development in Richmond.
Tolson said the company closed on the deal with Big Lots to anchor the center in late 2012. The developer has yet to secure any other tenants.
“There has been a lot of interest in that property,” he said. “We’re in serious discussions with a number of tenants but we have nothing to announce just yet, and we’re wide open for proposals from other users.”
The company has not selected a general contractor, Tolson said.
The developers bought the seven-acre property in 2001 from retailer Lowe’s for $200,000 and later sold part of it to a Rite Aid developer.
The site and architectural plans will go before the Chesterfield County planning commission March 19. The parcel is already zoned for a shopping center, according to county records.
Ellen Long, with Taylor Long Properties, is representing UHF for the property.
Long said the center will be accessible from the neighboring Breckenridge Shopping Center and will benefit from the surrounding retail.
“Big Lots will line up well with Lowe’s and the Kmart nearby,” she said.
UHF plans to have the shopping center ready by August. Big Lots should open in early September.
I dont understand why they keep building when places that are already built remain empty. Utilize what’s already available. This will become another place with empty store fronts later.
Shelly I agree with your comment but that comment ignores how retail stores are financed. Retail stores are “sold” to the developer’s lender to receive financing from the lender. Clearly a North Carolina bank knows little if anything about the local retail market in Richmond, Virginia and hence they rely upon the store developer’s history in borrowing from the bank and the retail user’s credit worthiness. You are correct that this is good money being spent with no real justification. By the way my background is that i and my company bought the 164 acre retail location known as downtown… Read more »