Return to Virginia Business - April 2004

Related story:
- Most Significant Real Estate Projects of 2003

The winners:
- Philip Morris Headquarters
- Harrisonburg Crossing
- Short Pump Town Center

Project: Richmond metropolitan area's first open-air, regional mall. The $360 million, 1.2 million-square-foot shopping center brings new national upscale retailers into the market. Amenities include valet parking, five full-service restaurants, more than 120 retailers in a pedestrian-oriented setting with town squares, benches and gardens.

Developers: Pruitt Associates of Richmond and Forest City Enterprises, Cleveland, Ohio.

General contractor: Whiting Turner Contracting Co., Baltimore, Md.

Challenges of the deal: Working with Henrico County and communities surrounding the 147-acre site to address traffic and other concerns. Putting together financing, which consisted of private equity from the developers, bank loans and a $22 million infrastructure bond provided by Henrico's Community Develop-ment Authority. At one point, a competing shopping center unsuccessfully sued the county and the developers over traffic concerns and incentives, delaying the center's opening by a year. Another challenge was managing the many players: six architectural design firms, hundreds of subcontractors, two surveyors, various utility companies.

Economic impact: 4,000 jobs, $7.7 million in new annual tax revenue to Henrico or a projected $183 million during the next 25 years. New upscale retailers such as Nordstrom and Nicole Miller can be touted as an amenity for economic development.

Judges' comment: “Clearly it was a high impact project in terms of the economic impact on the market. And it was innovative in that it introduced some new, high-end retailers.”

Return to Virginia Business - April 2004