Armada Hoffler Properties, Inc. (NYSE: AHH) today announced the newest project in its next generation development pipeline. The Company will develop a grocery-anchored shopping center in Williamsburg, Virginia as part of a joint venture partnership in which the Company is the majority partner.
This multi-phased project is a redevelopment of the Williamsburg Outlet Mall with the completion of phase one, consisting of approximately 88,000 square feet, expected in early 2016. The Company has signed a 20-year lease for approximately 53,000 square feet with Harris Teeter, which will anchor an additional 35,000 square feet of shops and restaurants. The Company expects to begin construction on phase one in the third quarter of 2014. Phase two represents an opportunity to develop another 42,000 square feet in the future.
“This project exemplifies the development opportunities that result from deep and longstanding relationships with our partners,” said Louis Haddad, Chief Executive Officer. “Our past and continued relationship with Harris Teeter helped lead us to this new and exciting development opportunity in the heart of our mid-Atlantic footprint.”
About Armada Hoffler Properties, Inc.Armada Hoffler Properties, Inc. is a full-service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic United States. The Company has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.