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FLOWERY BRANCH, GA-Halvorsen Holdings Inc., headquartered in Boca Raton, FL, recently started construction on a 520,000-sf regional power center at the northeast corner of Interstate 985 and Spout Springs Road.

The Stonebridge Village shopping center is the largest retail development constructed in the area in nearly 40 years, since Colonial Mall Lakeshore was constructed in 1968, says Tim Berg, vice president of Halvorsen Holdings. “The Hall County MSA is one of the fastest growing MSA’s in the United States and, together with [that], there is really a retail void in that area,” Berg says.

The $45-million project will be the only retail shopping center in a 10-mile radius besides small grocery-anchored centers, including a Publix-anchored neighborhood shopping center across the street from the Stonebridge Village development. There is a retail hub in Gainesville, GA and the Mall of Georgia is about 10 miles away in Buford, he says.

Target Corp., Home Depot and Kohl’s have purchased space for stores at the Stonebridge Village. Major tenants will include OfficeMax, PetSmart and Ross Dress for Less. Ground lease tenants for the outparcels will include Chick-Fil-A, Chili’s, Wachovia Bank and Gainesville Bank & Trust. The shopping center will also include other national retailers in addition to regional and local retailers and restaurants. Lease rates for some of the smaller retail spaces will be $24.50 per sf, net, Berg says. The shopping center is already 88% preleased, including four of the five outparcels, Berg tells GlobeSt.com. Stonebridge Village is expected to open next spring.

Halvorsen purchased the property last year for an undisclosed amount. The center is being designed by Randall-Paulson Architects. Inc. Halvorsen is also developing a Publix-anchored 68,785-sf neighborhood retail center, called West Jackson Crossing, at the intersection of GA Highway 124 and GA Highway 332 in Jackson County.

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