December 30, 2007

New Shoping Center to be built in LaVergne

Rutherford County will be getting a $20 million shopping center along Interstate 24, spurred by the recent construction of a Super Target nearby.
Centrum SSI of Nashville, a local affiliate of Centrum Properties Inc. of Chicago, recently bought nearly 21 acres from Jack Oman for $2.6 million.
The land, at the northeast corner of the intersection of Interstate 24 and Sam Ridley Parkway West, will make way for a retail center named The Shoppes at La Vergne, says Brad McNutt, commercial development specialist for Centrum.
McNutt says the growth of retail in the La Vergne-Smyrna area helped make the decision easy.
Colonial Properties Trust, a Birmingham, Ala.-based real estate investment trust, has begun building a major retail center close to Centrum's property. The proximity to Colonial's new Target made Oman's property attractive, McNutt says.
"It will be a regional draw," says McNutt.
The Centrum site is located fully in La Vergne, although it borders the city of Smyrna, where Colonial's Target will stand. Target could open by spring 2008. Colonial's other draw, Kohl's, opened in October.
The area is high in population density but has been underserved, says Holly Sears, Rutherford County vice president of economic development. The new center will help generate sales taxes for local schools and city governments, she says.
The developments are also generating hotel activity, Sears says. A Holiday Inn Express is under construction near the I-24 exit.
Nashville Business Journal - December 28, 2008

No comments: