X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RICHMOND, VA-It’s a first for the city. The doors of the 1.2 million-sf Short Pump Town Center, the city’s first upscale open-air shopping mall, have opened two years after the fall 2000 groundbreaking on the project. Six years–from concept to realization–and $360 million in the making, the gargantuan retail and entertainment destination is expected to yield $193.5 million in new net tax revenue for Henrico County over the next quarter-century. “Short Pump is a great example of our commitment to both upholding the tradition and fueling the economic progress that are so much a part of the Richmond community today,” says Charles A. Ratner, president and CEO of Forest City Enterprises, the developer behind Short Pump.

Named for a short-handled water pump from a tavern that occupied the site in days of stagecoaches and the like, Short Pump Town Center sits on nearly 150 acres on W. Broad Street at the intersection of I-64, I-295, and Route 288. Thompson, Ventulett, Stainback & Associates, and Forest City executive architect KA Associates designed the two-level property, which is highlighted by a pedestrian-friendly urban streetscape style. In addition to its 100-plus specialty shops, 13 fast food and fine restaurants, the mall is flanked by five anchors including a 75,000-sf Dick’s Sporting Goods, a 200,000-sf Dillard’s, a 200,000-sf Hecht’s, a 140,000-sf Lord & Taylor to open in 2004 and a 120,000-sf Nordstrom. For Lord & Taylor and Nordstrom, the store openings mark debuts in the city. “From fine dining to home décor, from accessories to arts to entertainment, from fashion to fun, Short Pump offers what Richmond has been waiting for–great style to match its southern roots,” adds shopping center general manager Craig White.

Development of the ambitious project, however, did not come without its hindrances. The scheduled spring 1999 groundbreaking had to be delayed one year due to a massive overhaul of the design, and accusations that the $22 million in proceeds from Henrico County-issued special assessment bonds that the developer received was illegal. Additionally, the mall lost some big-ticket retailers, such as Saks Fifth Avenue, to another new shopping center–the $115 million, 700,000-sf Stony Point Fashion Park, which is scheduled to open later this month.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.