The Pinnacle announces expansion and new retailers
The Pinnacle shopping center is moving forward with the next phase of its retail and entertainment expansion.
The $30 million, 122,600-square-foot expansion is expected to bring new retailers to the region and create more jobs, the project’s backers said in a news release.
The retail project in Bristol, Tenn., opened last fall with the region’s only Bass Pro Shop. Since that time The Pinnacle has positioned itself as a regional retail hub with the Belk and Marshall’s department stores and other national and local brands.
With the new addition of the Crescent and Tower Shops, retailers continue to come to the area. Those who have leased space within the new expansion include OshKosh, LOFT, Francesca’s and Party City. Other retailers include GAP, Old Navy, Justice and Yankee Candle. They are expected to open with the completion of construction in next spring. CarMax is expected to open in summer 2016.
According to the developer, The Pinnacle has become a major economic engine for the region. “With over $150 million in private investment, there’s no question The Pinnacle has benefited the area economy,” Steve Johnson, president of Bristol, Va.-based Johnson Commercial Development, said in a statement.
“From the ongoing construction jobs, to the retail jobs and sales taxes brought here from visitors outside the region, this development is providing a welcomed boost to the economies of our entire region.” Johnson went on to estimate that the retail hub soon would soon generate nearly $200 million in sales.
The next venue that will open is The Pinnacle 12 by Marquee Cinemas. Expected to begin operations this fall, the entertainment center will have 12 screens, stadium seating and digital sound and projection. It will be the region’s largest cinema at 54,000 square feet.
The 250-acre, open-air, mixed-use development complex is located at Exit 74 off Interstate 81 and Highway 11W. When complete, the mixed-use development expects to accommodate more than 1.3 million square feet of retail, restaurant, hotel, entertainment and medical office space.