Construction on phase one, a 145,000-sf, neighborhood-styledevelopment that is anchored by a Giant, finished about a year ago,with the last of the leases just now inked. These merchants, whichnumber about 25, include SunTrust Bank, WOW Café, Rangoli, PaneraBread, Caribou Coffee, the Firkin & Hound Pub and Bach to Rock.Asking rates for the smaller in line shops are in the mid $30s,triple net.

Phase two, a 140,000-sf development, has just begunconstruction. It will be anchored by a Home Depot, which will openin Spring 2008. The third phase will yield another 300,000 ofretail, once the approvals are in place, Jim Farrell, principal ofMadison Retail Group tells GlobeSt.com. The site is zoned tosupport that level of retail, he explains, but the developer stillhas to complete a fair amount of some legwork to get a site planapproved. "That is mainly a function of marketing, leasing andfinding the right anchor," Farrell says.

It has been easy to market the space, Farrell adds, as SouthRiding Market Square is fortuitously positioned--it fronts a6,000-unit residential development. Madison Retail Group hascollaborated with Toll Bros. on several other projects in Virginia,including retail components for the Belmont Country Club and theDominion Valley Country Club.