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Crosland Selected to Redevelop Cloverleaf Mall SiteMulti-use Project in Richmond Marks Next Phase in Crosland’s Strategic Southeastern Expansion Richmond, Va., May 18, 2006 – Chesterfield County and Crosland Inc., one of the Southeast’s leading real estate companies, have signed an agreement to redevelop the Cloverleaf Mall site and several adjacent parcels totaling 83 acres at Chippenham Parkway and Midlothian Turnpike.Crosland was chosen by Chesterfield County after interviewing 22 development firms. The agreement calls for Crosland to conduct market studies and prepare detailed development plans and a budget in cooperation with the county over the next six months. For the Cloverleaf property, the company envisions a multi-use project including a significant retail component with several major retail anchors, office space and multifamily homes. “We are extremely excited about Crosland and the capabilities they bring to complex projects, as well as their interest in participating in the revitalization of this area,” said County Administrator Lane B. Ramsey. “They are a talented company with a proven record of executing mixed- and multi-use projects at a very high level that not only attract first-class retailers, but which improve the surrounding community.” Crosland considers the commonwealth as a whole, and the Richmond area in particular, to be an important market for the company’s southeastern expansion. Crosland is already active in the region with the development of Rutland Commons, an 111,000-square-foot grocery-anchored shopping center along Route 301 near I-295 in Hanover County. Construction for that project is expected to commence this fall. Crosland is also a joint-venture partner in Homestead Preserve, a conservation-oriented development on 11,500 acres adjacent to the historic Homestead Resort in Hot Springs, Va. The company’s recent entry into Richmond is part of its ongoing strategic expansion. Since 2000, Crosland has opened offices in Raleigh, N.C., Orlando and Tampa, Fla., and Nashville, Tenn., and has initiated major developments in growing cities such as Greenville, S.C., and Asheville, N.C. Within the past three years, its retail division alone has developed more than 3 million square feet of shopping centers, many of which are part of multi-use projects. “With a working agreement now in place with Chesterfield County, we look forward to entering the feasibility phase, during which we will further refine our vision,” said Peter B. Pappas, president of Crosland’s retail division. “We anticipate a collaborative process with the county, the outcome of which will be to ensure that the Cloverleaf site once again becomes an asset to the community.” What was particularly attractive to county officials was Crosland’s ability to handle all aspects of mixed- and multi-use development in-house through its retail, land development, office, apartments and contracting divisions. One example of the company’s divisional collaboration is Birkdale Village in Huntersville, N.C., which in 2003 was named the nation’s best mixed-use development by the National Association of Home Builders, won the International Council of Shopping Centers Design and Development award for best mixed-use development, and was one of 26 international finalists for the Urban Land Institute’s Award for Excellence. “We see the Cloverleaf tract as a gateway between Richmond’s downtown and western suburbs,” said James Downs, vice president in charge of Crosland’s retail activity in Virginia. “Although it is too early to discuss specifics, we believe this site holds merit for several large-format retailers that are absent from the immediate trade area, as well as medical office users and multifamily residents. We look forward to leveraging our strong tenant relationships during our due diligence period to further evaluate market demand.” Cloverleaf Mall, which opened in 1972 with Sears, JC Penney and Thalhimers as its anchors, is at the intersection of Midlothian Turnpike and Chippenham Parkway in Chesterfield County, just outside of the Richmond city limits and within one mile of CJW Medical Center, Chippenham Campus. The site has a permanent population base of 180,000 within five miles and traffic counts among the highest in the region, exceeding 130,000 cars per day. In 2004, the county purchased the site and adjacent property to stimulate private-sector interest in a major redevelopment, which is expected to serve as an economic catalyst for the Midlothian Turnpike corridor connecting Richmond to the county. For more information, contact Tom Jacobson, director of revitalization for Chesterfield County at (804)748-1040 or e-mail jacobsont@chesterfield.gov. |
