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.
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."
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