1613 Merchant Ln | Hampton, VA 23666
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1613 Merchant Ln
Hampton, VA 23666
Retail For Sale · Retail Property For Sale
·
48,609 SF
PROPERTY FACTS
| Price | Not Individually For Sale | Building Class | B |
| Building Size | 48,609 SF | Lot Size | 1.45 AC |
| Property Type | Retail | Parking Ratio | 0.43/1,000 SF |
| Price | Not Individually For Sale |
| Building Size | 48,609 SF |
| Property Type | Retail |
| Building Class | B |
| Lot Size | 1.45 AC |
| Parking Ratio | 0.43/1,000 SF |
EXECUTIVE SUMMARY
The Peninsula Town Center, a redevelopment of the Coliseum Mall, turns an enclosed mall into an outdoor meeting place with new life and new energy. Its architecture, mix of restaurants and specialty stores, make The Peninsula Town Center the only "town center" in the region.
The $200-million Peninsula Town Center will be developed in two phases, due to the complexity of the project, says Ralph Ireland, Vice President of Development for Steiner & Associates. The project will involve the demolition of the entire mall, with the exception of the Hecht’s store, which will receive a new exterior.
Phase I will include demolition of a small portion of the mall and construction of two buildings to relocate existing tenants, including JC Penney and another large anchor tenant. A 1,300-space, three-level parking garage will also be built as part of the first phase.
Phase II will include demolition of the remaining portion of the mall and the construction of the balance of the town center, including a new department store, space for more than 65 retail and dining tenants, and a second parking structure.
The existing Coliseum Mall was built in the early 1970s by Mall Properties. Sitting on 75 acres, the mall was originally developed to create a strong economic engine for the region, as well as a partner for the communities it serves.
Peninsula Town Center will honor the traditions set by Coliseum Mall, both from an economic and community perspective. When completed, the development will encompass nearly one million square feet of mixed uses, consisting of three department stores as well as specialty retailers situated around a town square and a public park with a children's play fountain. Overall, there will be nearly 500,000 square feet of in-line and large-format retail, dining and entertainment. Upper story uses include a cinema, boutique office space, and modern residential living.
The $200-million Peninsula Town Center will be developed in two phases, due to the complexity of the project, says Ralph Ireland, Vice President of Development for Steiner & Associates. The project will involve the demolition of the entire mall, with the exception of the Hecht’s store, which will receive a new exterior.
Phase I will include demolition of a small portion of the mall and construction of two buildings to relocate existing tenants, including JC Penney and another large anchor tenant. A 1,300-space, three-level parking garage will also be built as part of the first phase.
Phase II will include demolition of the remaining portion of the mall and the construction of the balance of the town center, including a new department store, space for more than 65 retail and dining tenants, and a second parking structure.
The existing Coliseum Mall was built in the early 1970s by Mall Properties. Sitting on 75 acres, the mall was originally developed to create a strong economic engine for the region, as well as a partner for the communities it serves.
Peninsula Town Center will honor the traditions set by Coliseum Mall, both from an economic and community perspective. When completed, the development will encompass nearly one million square feet of mixed uses, consisting of three department stores as well as specialty retailers situated around a town square and a public park with a children's play fountain. Overall, there will be nearly 500,000 square feet of in-line and large-format retail, dining and entertainment. Upper story uses include a cinema, boutique office space, and modern residential living.
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