|  |  | Crosland and Chesterfield County Partner to Create Chippenham PlaceRichmond, Va., Jan. 24, 2007 – Crosland LLC, one of the Southeast’s leading real estate companies, unveiled its plans today for a new mixed-use development called Chippenham Place, having successfully entered into a letter of intent with Kroger to serve as an anchor tenant.
Chippenham Place, to be developed in partnership with Chesterfield County, will include approximately 200,000 square feet of commercial space and in excess of 500 residences. Plans include retail, offices, townhomes, apartments and single-family detached homes in a range of prices.
 The new Chippenham Place will be created on the site of Cloverleaf Mall, which will be razed. The mall has been in steady decline for the last decade, with its last anchor store closing in 2003; only about 20 tenants remain. Firestone and Bank of America are not part of the purchase but will be integrated into the Chippenham Place vision, as Crosland’s site plan emphasizes street connectivity to not only those outparcels, but to surrounding neighborhoods as well.
“When we purchased Cloverleaf in 2004, we did so because we wanted to ensure that it was redeveloped with the needs of the greater community in mind,” said Tom Jacobson, Chesterfield’s director of revitalization. “To make that happen, we needed a partner who not only had the financial resources and expertise, but who fundamentally believed in our vision to create a new economic magnet for this part of town. We found that partner in Crosland.”
Construction Expected to Begin in 2008
Plans were presented to Chesterfield’s board of supervisors today and are subject to the board’s approval. Crosland agreed to purchase the mall for $9,225,000, pending conditions required in order to close on the property. Conditions including rezoning approval; waiving of certain impact fees; county termination of existing leases; the county exercising its right to purchase the land beneath the mall, and subsequently sell that land to Crosland for the same amount; and an economic incentive package necessary to produce the financial returns agreed upon between Crosland and the county.
The purchase and sale agreement calls for Crosland to submit a detailed redevelopment plan by March 1, 2007, with the county’s approval of that plan expected by April 15, 2007. Demolition of the existing mall and construction of Chippenham Place should begin in 2008, with full build out expected in four years, subject to market conditions.
Creating a Gateway for Chesterfield County
“Right now, Cloverleaf Mall does not contribute sufficiently to the local tax base, or more importantly, to the value of the property surrounding it,” said Todd Mansfield, Crosland’s CEO. “Our intent is to revitalize this site in a manner that helps the entire community. We applaud Chesterfield County’s foresight to bring this about, and they will continue to be integral to the revitalization process. We are here today because of the county’s firm commitment to make this happen.”
Crosland is already active in Richmond with the development of Rutland Commons, a 110,000-square-foot shopping center in Hanover County that will be anchored by a Kroger grocery store. Crosland is also a joint-venture partner in Homestead Preserve, a conservation-oriented community adjacent to the historic Homestead resort in Hot Springs, Va., which entailed conservation of 10,185 out of a total 11,500 acres purchased by the development team.
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 the Richmond city limits. Between those two thoroughfares, the site has an approximate traffic count of 130,000 vehicles a day. The county purchased the site and adjacent property in 2004 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.
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