The Bentonville, AR retailer's new site will be in a former Kmart building at the intersection of Beach and Reservation roads that is slated for revitalization by TKH Coastal, which is an affiliate of retail development company Tallen & Keshen Holdings. TKH Coastal, whose managing members are Terrence Tallen and Anne Keshen, acquired the 7.7-acre 91,266-sf project for redevelopment last fall.
Tallen says that in addition to the lease with Wal-Mart, one of the keys to the redevelopment was a "crucial modification to the use permit" for the development site that the developer acquired last fall from the City of Marina Planning Commission. The modifications allow a broad range of retail uses.
A number of other buyers had the property under contract without closing, which "created a degree of frustration with both Marina officials and in the community that the building continued to sit vacant for so long," Keshen says. She says TKH Coastal maintains relationships with capital sources and with retailers that will enable the company to develop the site in a way that will meet city and community expectations.
Keshen cites the need for additional retail in the area to serve "the long term residential growth planned at Fort Ord and other projects in the community." Approximately 4,000 new homes are already planned within the City of Marina, and the retail development site is within two miles of the new housing projects and four hotels.
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