Summit Fair is the only property of a $580 million mixed-use planned project, which includes a $220 million Legoland theme park, that is getting off the drawing board. RED has been trying to push the large project, which also includes two more retail developments and an office building, through state and city TIF channels, but all but Summit Fair has met with resistance. The company is asking for $150 million in assistance for the project. "All of that is on hold," a RED spokesman tells GlobeSt.com.. "The only thing that is moving forward is Summit Fair, it's already been approved."Both he and a CBL spokeswoman would not divulge the construction cost of Summit Fair, or the possible tenants that are in negotiations. "We're hoping to announced tenants within a month," the RED spokesman says. "There will be many firsts to the area. There's a lot of demand here, the city is one of the fastest growing in the state; it's definitely underserved from a retail perspective."
The mall is expected to include a fashion department store anchor, as well as home furnishing stores, men's and women's fashion and restaurants. The center will have a Main Street feel, said the CBL spokeswoman. The development will have a different retail mix than SummitWoods, which is anchored by Target, Best Buy and Kohls.
The RED spokesman says the CBL partnership brought together two companies that were interested in the same place. "CBL allows us to leverage capabilities with two great companies. We saw that we were stepping on each other's toes out here, so we decided to play together," he says.
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