Redevelopment plans progress for Christiansburg shopping center
.A company that is redeveloping the former Marketplace Shopping Center in Christiansburg has announced its partners and released some site plans.
Walt Rector, the founding principal of Bromont Investments is spearheading the project with investment partner Chris Carlsen.
Also involved are a group of business local community leaders and shopping center developers.
“This is a major milestone in the ongoing effort to redevelop this site, which has been in the works since early 2017,” Rector said in a statement. “Our goal is to turn the biggest empty parking lot in the region into a festive and contemporary open-air environment where the community can walk, see friends, and enjoy what retail centers used to bring to the community.”
The redevelopment team, called New River Valley Investments, includes Rector; Carlsen; Jeanne Stosser of SAS builders; Gary Duncan of Duncan Dealership; Jennifer West, a Roanoke area real estate investor; Dan Larimer of Block.one; Sheldon Henderson of G&H Contracting Inc.; and Richard Goodwin, who is involved with a number of property management and real estate projects.
Rector, who lives in Flagstaff, Ariz., and Carlsen, a resident of Denver, N.C., have extensive experience in redeveloping shopping centers. The Christiansburg property is Rector's 51st retail project.
Site plans for the Marketplace Shopping Center, located on the corner of Peppers Ferry Road and North Franklin Street/U.S. Route 460 Business, include two new entrances that were recently approved by the Virginia Department of Transportation, the partners said.
In May 2017, the partners began working with VDOT on the improved property access securing approval from the department and the town of Christiansburg within the year.
The costs for the public improvements, estimated at $5 million, will be funded by a public-private partnership with the town.
Tenants under discussion for the retail center include a natural-foods specialty grocery store, clothing and home-goods stores, and casual and higher-quality sit-down restaurants.
The group plans to announce its development schedule in early fall.