Armada Hoffler Properties, Inc., a Virginia Beach-based REIT, announced last week that it has formed a joint venture with Vistacor L.L.C. to develop a grocery-anchored shopping center in Williamsburg. Armada Hoffler is the majority partner in the joint venture.
The developers have acquired the 230,000-square-foot Williamsburg Outlet Mall, which closed last year, and plan to replace it with a Lightfoot Marketplace shopping center. The cost of the project was not announced.
In February, the project won the backing of James City County. It will be developed in phases. Construction on phase one is scheduled to start in the third quarter of 2014. It consists of 88,000 square feet and is expected to be completed in early 2016. Phase two would add 42,000 square feet.
Harris Teeter has signed a 20-year lease for approximately 53,000 square feet of space and will be the anchor tenant. The remaining 35,000 square feet will be occupied by shops and restaurants.
“This project exemplifies the development opportunities that result from deep and longstanding relationships with our partners,” said Louis Haddad, CEO of Armada Hofflers, in a statement. “Our past and continued relationship with Harris Teeter helped lead us to this new and exciting development opportunity in the heart of our mid-Atlantic footprint.”
Photo credits: James City County