LEESBURG, VA-While The Peterson Companies' Crosstrail mixed-use project appears on track to securing approval from Loudoun County, Leesburg Mayor Kristen Umstattd says the development could hurt other shopping centers in the area.
“You do tend to get overbuilding in one sector of the market depending on where the market appears most amenable,” Leesburg Mayor Umstattd said. “While the private sector is very good in many cases, often time we see everybody running to build retail at the same time. It does take a while for the market to absorb new retail centers.”
Peterson's Crosstrail project entails 550,000 square feet of retail and 100,000 square feet of office space, according to the Washington Business Journal. The current zoning in the area calls for heavy office with some office-serving retail.
“There is some nervousness among developers in the town,” Mayor Umstattd said, and “at least one of our in-town developers is concerned about this level of a retail complex going in on the southern border.” See story in the Washington Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
