City of Chesapeake Economic Development

REDEVELOPMENT

New Projects Keep Chesapeake's Retail Market Strong

Kahn Development, of Columbia, South Carolina, has announced plans for a new lifestyle retail center to be located on Eden Way in the heart of Greenbrier. This new 175,000 square foot center will create opportunities for numerous higher-end retailers not currently in the Chesapeake market, as well as bringing at least seven new restaurants to the region's second largest office market. The center's fountain plaza will provide outdoor restaurant seating, as well as space for concerts and other public events.

	Before: The Edmonds Corner Auto Salvage Yard was an under-utilized blighted property	Although smaller in size, the new Atlantic Commons Shopping Center at Edmonds Corner represents a significant retail project for the City. Located at the intersection of Battlefield Boulevard and Campostella Road, Atlantic Commons is a 63,000 square foot neighborhood shopping center anchored by Food Lion and Eckerd Drugs. This is the first project completed under the City's new program that provides a five year real estate tax abatement for certain brownfield redevelopments. JDH Capital, LLC is the lead developer for this project, and plans for an opening during Fall '05.
After: A new Eckerd Drugs and Food Lion grocery store will provide valuable retail options for their community

Retail opportunities for residents in the southern part of Chesapeake are also expanding. Over 200 acres are under development for retail and commercial space adjacent to Edinburgh, one of Chesapeake's newest premier residential projects featuring homes ranging in price from $600,000 to over $1 million. The Edinburgh retail centers will be developed in three phases with a mix of national and specialty retailers, restaurants and services. Phase one will open Fall '05. This project, which will be the largest retail center between Greenbrier and the Outer Banks of North Carolina, is being developed by a partnership among Ellis Gibson Development, Precon Construction, and Commercial Real Estate Services.

Edinburgh, a new residential and retail development, will serve one of the highest income areas in the City of Chesapeake. Average household income within a 3 mile radius exceeds $86,000.

More than 40,000 residents live within a 3 mile radius of Dominion Commons, with an average household income of $63,000. In addition, the nearby Tidewater Community College campus is expected to expand from its current enrollment of 8,000 to nearly 24,000 during the next several years.

Residents of Chesapeake's Deep Creek community will soon be able to shop closer to home, as the 325,000 square foot Dominion Commons Shopping Center will open for business in March '06. Anchored by Super WalMart, Dominion Commons will focus on neighborhood retail services. As part of the project, more than $6.5 million in road improvements will be made, including construction of the new Cahoon Parkway which will parallel Dominion Boulevard. Located adjacent to the new center are the Eagle Point golf course community, and the Chesapeake Campus of Tidewater Community College. Crescent Resources, Ellis Gibson Development and Commercial Real Estate Services are serving as the development team.