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vdogg

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The Granby location stays open pretty late, but this is a great addition to help Town Center establish itself as a nightlife option. Although I think the Town Center crowd is a lot different than the people who hang out on Granby.

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On 1/13/2022 at 5:15 PM, HRVA said:

Unique retailer coming to Hilltop. Painted Tree Boutique will open in the former Stein Mart. This will be their first location in Virginia.  Based on their website, they rent space to various home decor vendors. 

Website

Painted Tree Boutique has leased 38,920 square feet of retail space at Hilltop North Shopping Center in Virginia Beach, VA.

Pilot coverage of the new location.

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The newly announced tenants include:

  • Legal Sea Foods
  • Bath & Body Works
  • Nando’s Chicken
  • Madewell
  • Cinnaholic Bakery

Today, the Company’s mixed-use center, Town Center of Virginia Beach, features a roster of renowned brands including a mix of national and regional names, such as the most recent additions:

  • Nike
  • Three-Notch’d Brewing
  • Dry Bar
  • Benny’s Pizza

These additional tenants bring the property’s 545,000 square feet of retail space to 97% leased.

https://www.globenewswire.com/news-release/2022/01/25/2372262/0/en/Armada-Hoffler-Properties-Announces-High-Quality-Roster-of-New-Tenants-at-Town-Center-of-Virginia-Beach.html

 

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  • 3 weeks later...

Less than a month since the last batch of retail announcements and there’s at least three more new tenants coming. Lovesac, a furniture store, will round out the Barnes & Noble renovation. LOIs are noted for the other two spaces: the short-lived management office at the Cosmopolitan and space adjacent to Drybar. Also of note, the first floor for Block 2 is back on the leasing plan following its discussion during the last earnings call. 

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On 3/7/2021 at 10:56 PM, Asdfjkl; said:

Without a doubt the local malls, as is the cause with most malls in the country, will have to reinvent themselves and some will require complete redevelopments. Military Circle being the obvious one. I would not at all be surprised if nothing has happened with MacArthur in five years. Chesapeake Square will probably only be partially redeveloped. Kotarides has owned it for almost three years now and has yet to announce any plans. Their marketing seems to indicate only a partial redevelopment. Greenbrier will certainly be interesting to see what unfolds. I don’t think losing Sears hurt it so much as not losing Sears sooner did. It’s future will depend on whether Seritage can do something with that box and what happens with CBL in bankruptcy. Lynnhaven is certainly the best positioned to continue operating without significant changes. I find Pembroke’s future the most interesting and appreciate the inside scoop you’ve been able to provide. They’ve done an excellent job staying relevant despite the true mall portion languishing. Long-term they’ll all get redeveloped but I’m pessimistic about the timeline.

With respect to our illuminating conversation on the subject of the future viability of local malls (operational viability in their present and intended form), this man, Nick Egalanian, a leading expert on retail and the shopping mall, seems to agree with me that Lynnhaven will be the only one to survive. 

https://www.wavy.com/news/business/greenbrier-mall-in-foreclosure-after-defaulting-on-62m-loan/

 

Quote

In 2019, Egelanian predicted that only one of the region’s seven remaining malls would survive in its current form in the long-term.

He said retail space grew roughly five times the rate of population growth from 1985 to 2010, and that essentially Hampton Roads had too many malls for its 1.7 million people.

He predicted only Lynnhaven Mall in Virginia Beach would survive in its current form long-term. Aside from minimal changes at Patrick Henry Mall in Newport News, his prediction has proven true in three years’ time.

 

 

Edited by baobabs727
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Kinda feels like the old days where you “drove into town” to go shopping, esp. with downtown Norfolk and established town centers in VB and Chesapeake. 

For a few years now, I envisioned areas having one or two malls with big boxes, while the “dead malls” get repurposed or even demolished. Lynnhaven’s always been my favorite out of the area malls, so I like how they keep reinventing themselves there. 

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5 hours ago, baobabs727 said:

With respect to our illuminating conversation on the subject of the future viability of local malls (operational viability in their present and intended form), this man, Nick Egalanian, a leading expert on retail and the shopping mall, seems to agree with me that Lynnhaven will be the only one to survive. 

https://www.wavy.com/news/business/greenbrier-mall-in-foreclosure-after-defaulting-on-62m-loan/

 

 

Digging into the archives…I believe my point was that the process will take awhile. I’m not going to go back to the old posts but my assessment is essentially in line with Mr. Egelanian’s. If you watched the clip the reporter mentions that Egelanian believes Lynnhaven & Patrick Henry are the only malls that will continue in their current form - that’s generally the consensus in the industry & what I’ve been saying. Our main disagreement is timing.  The cost of redevelopment coupled with insufficient office & retail rents to support those costs will force a slow redevelopment process. The pending foreclosures will only lengthen the process for those two malls. 

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On 4/28/2022 at 8:24 PM, Asdfjkl; said:

Digging into the archives…I believe my point was that the process will take awhile. I’m not going to go back to the old posts but my assessment is essentially in line with Mr. Egelanian’s. If you watched the clip the reporter mentions that Egelanian believes Lynnhaven & Patrick Henry are the only malls that will continue in their current form - that’s generally the consensus in the industry & what I’ve been saying. Our main disagreement is timing.  The cost of redevelopment coupled with insufficient office & retail rents to support those costs will force a slow redevelopment process. The pending foreclosures will only lengthen the process for those two malls. 

Ok lol.  My goal in bringing to your attention his comments was not to score points or to say that I was right at your expense, my goal was to reignite our conversation. His comments were topical and timely, no? I was just happy to read something new on the subject because let’s face it, since the decline  of the Virginian Pilot, the local media reportage on business and retail has been a pale facsimile of its former self.  I remember when there used to be annual, detailed grocery market reports (!) and updates on the malls replete with vacancy rates, etc.,  and  occasionally even sales per sw ft data!! Now we can barely get anyone to write about store openings or closings.

But back to your post, I do think your position was a bit more nuanced back then, but I’ll accept it as you have restated it.  Substantively, we agree. Mazel tov. 

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On 1/18/2022 at 2:50 PM, BFG said:

The Granby location stays open pretty late, but this is a great addition to help Town Center establish itself as a nightlife option. Although I think the Town Center crowd is a lot different than the people who hang out on Granby.

Meh. I used to live within walking distance. OK slice, rude workers!

On 3/16/2022 at 12:16 PM, BFG said:

As mentioned a couple months ago, Legal Sea Foods is opening its first Hampton Roads location at Town Center. Appropriately enough, it's replacing McCormick and Schmick's.

https://www.pilotonline.com/business/consumer/vp-bc-legal-sea-foods-0320-20220316-zynu6lcdszbsrec4x4v37mu3bu-story.html

There were people clamoring for Legal Seafoods to come here nearly 20 years ago!

On 1/13/2022 at 6:31 PM, OffToMars said:

According to the Town Center leasing document there are a number of new tenants coming to Town Center including Madewell, Nando's Peri-Peri, and Legal Sea Foods.

Love, love, love Nando's!! 

On 3/14/2022 at 8:56 AM, metalman said:

Mediterranean restaurant, Mezeh is building out  (and in) at Lynnhaven Mall.  Just right of the main entrance.  They are building out a steel beam overhang in front of their door right now.

Taking forever and ever and ever and everrrrr.....!

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