I ended my column last week with the promise that I would find out about Statesboro Crossing, the development slated to go in at the southwest corner of the Statesboro Bypass (Veterans Memorial Parkway) and the Brannen Street Extension.
True to my word, I am definitely going to talk about that today. However, before I get into Statesboro Crossing, I would like to talk about retail development and the process involved.
Retail development, such as shopping centers and malls, is really a fairly simple, straight forward process. A commercial developer takes an option out on a piece of property or buys it, and then solicits retailers, such as a grocery store or big box retailer to rent space in the development that they intend to build on that property.
Once enough retailers/tenants have been secured, the developer will then build. It is an arduous and tedious process that when successful, is a win-win for both the retailer and the developer/landlord.
There really isn't much mystery to it, and it really is a function of supply and demand - the investment required by the developer and their tenants versus the demand of the public for the product they intend to sell. Ultimately, market demand drives commercial investment.
What does all of this have to do with Statesboro Crossing? Bear with me for a minute, and I will tell you. I know the names of the large retailers that are proposed for that development, and I could tell you today. However, much of what they are doing is still under negotiation and cannot be confirmed officially at this time by the company in charge of leasing the space - CBL Properties based in Chattanooga, Tn.
They would really like to finalize lease agreements with their proposed tenants before going public with any announcement, and frankly I have decided to respect that. It is more important to me that their business remain unimpeded as they finalize plans for a new shopping area for our city.
However, I am going to tell you about the project itself, timelines associated with it, and maybe a couple of hints about one of the big tenants they have secured. The shopping center itself will be 158, 237 square feet. It is designed to hold four large stores, and several smaller ones. Over 46,000 square feet of the development has been designated for small shops/restaurants.
If everything goes as planned, site work for the development should begin next month. The developers hope to turn over space to their tenants next August with stores opening in October. There are several "out" parcels around the development being marketed as well. There are no plans for a grocery store to go into the shopping center, however, I guess you can't rule out the possibility that a grocery store could locate on one or more of the out parcels. Statesboro Crossing will face Brannen Street.
Okay, here are your "hints." The large tenant I am referring to has a national and international presence. Women love it, and there is one in Savannah. That's all I can tell you, but I will make you a promise. When they do issue a press release (which a CBL spokesman has told me is forthcoming), we will let you know as soon as we get it, even if it isn't a Monday.
Until next week, I bid you au revoir.
Got a scoop for Jan? Call her at (912) 489-9463 or e-mail her at email@example.com