About half of Fairfield Commons mall’s retail space is sitting empty. (PHOTO: Michael Schwartz)
HENRICO COUNTY, Va. – An Arizona developer is rolling out plans to demolish a struggling East End mall and build a new open-air retail center.
Bromont Investments is under contract to buy the Fairfield Commons mall on Nine Mile Road in a deal expected to close this fall, said Joshua Rector, director of development for the Scottsdale, Ariz.-based firm.
The company plans to demolish the 46-year-old shopping center to make way for about 300,000 square feet of retail space at a new open air complex dubbed Eastgate Town Center.
An Arizona developer plans to build a new retail complex over Fairfield Commons mall. (PHOTO: Michael Schwartz)
“The existing structure is just kind of past its prime. It’s a very tired structure, and it needs to be replaced,” Rector said. “The demographics are right and prime in an underserved retail area, so we thought it was an absolute home run from a redevelopment standpoint.”
Eastgate Town Center will be made up of four free-standing retail buildings. Rector said the company hopes to close the purchase of the property in the fall. He said he is “slightly optimistically” hoping to open the new development by fall of 2015.
Click here to read more about the planned Eastgate Town Center on RichmondBizSense.com.
