Christiansburg leaders have been vocal for the past few years on empty buildings at the Marketplace Shopping Center on North Franklin Street and the eyesore it has created in the heart of the town’s retail area.
Tuesday night, town council approved a $1.3 million incentive package for the shopping center’s new owners, KR Christiansburg LLC, that will provide a shot in the arm for future economic growth at the site.
Mayor Mike Barber feels the investment and the planned changes coming to the shopping area is one of the best things to happen in Christiansburg in the last 20 years.
“It’s taking a blighted property and giving it new life,” he said.
Those improvements will include a new signal light and a secondary public access along with new storm water infrastructure to facilitate KR Christiansburg LLC’s redevelopment plans.
For the last 17 years, the shopping center has steadily declined. Goody’s and a Books-A-Million vacated the site and Walmart had opened, but then closed its doors, building a new store on the other side of North Franklin Street.
“This is a win-win situation for everyone—the town, its residents and the developer. It makes the property more viable for everyone involved, and is money well spent on something that has been needed,” he said.
The signal light will stretch from Shopper’s Way into the Marketplace Shopping Place, and the current Arby’s restaurant will be relocated to accommodate the new traffic pattern. The secondary entrance will require the demolishment of several buildings at the rear of the site allowing access from Peppers Ferry Road.
With Tuesday night’s approval by the council, the development group will move forward with the purchase of the property in the spring of 2018.
John Rector, the group’s representative, said KR Christiansburg LLC will begin engineering work along with survey and design of specific plans. The goal is to begin construction in the summer of 2018 with an estimated completion in two years.
“We look forward to bringing this property back to life and expect to have at least a 65 percent occupancy rate by next year, up from 10 percent today,” he said.
KR Christiansburg LLC plans to invest $30 million in the renovation of the Marketplace revamping its architecture and building facades, building new parking lots, completing interior work and possibly adding new stand-alone buildings.
The conceptual drawing shows the location of several out-parcels for small retailers and restaurants within the Marketplace Shopping Center and the complete renovation of existing facades.
KR Christiansburg LLC has been involved in about 48 shopping center development and renovations across the country.
