Armada Hoffler Properties, Inc. (NYSE: AHH) today announced the newest
project in its next generation development pipeline. The Company will
develop a grocery-anchored shopping center in Williamsburg, Virginia as
part of a joint venture partnership in which the Company is the majority
partner.
This multi-phased project is a redevelopment of the Williamsburg Outlet
Mall with the completion of phase one, consisting of approximately
88,000 square feet, expected in early 2016. The Company has signed a
20-year lease for approximately 53,000 square feet with Harris Teeter,
which will anchor an additional 35,000 square feet of shops and
restaurants. The Company expects to begin construction on phase one in
the third quarter of 2014. Phase two represents an opportunity to
develop another 42,000 square feet in the future.
“This project exemplifies the development opportunities that result from
deep and longstanding relationships with our partners,” said Louis
Haddad, Chief Executive Officer. “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.”
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. is a full-service real estate company
with extensive experience developing, building, owning and managing
high-quality, institutional-grade office, retail and multifamily
properties in attractive markets throughout the Mid-Atlantic United
States. The Company has elected to be taxed as a real estate investment
trust (REIT) for U.S. federal income tax purposes.
Copyright Business Wire 2014