Oak Ridge Today

Evans to give update on Oak Ridge mall redevelopment Tuesday

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Oak Ridge Mall

The Oak Ridge City Center, which could be redeveloped as a multi-use town center known as Main Street, is pictured above. Also known as the former Oak Ridge Mall, the L-shaped building is at center. The white building at center left is Walmart, and it is not part of the proposed redevelopment. Neither is the white building at center top, the Tinseltown Theater. (Photo by John Huotari/Oak Ridge Today)

 

Ray Evans, retail consultant for the City of Oak Ridge, will give an update on the redevelopment of the former Oak Ridge Mall during a lunchtime meeting on Tuesday.

Main Street Oak Ridge could redevelop the mall, now officially known as the Oak Ridge City Center, as a 60-acre mixed-use project that would include retailers, restaurants, a hotel, and residential units. The vacant enclosed space between the two remaining anchors, JCPenney and Belk, would be demolished, although those two stores would remain.

The goal has been to complete the first phase of the redevelopment in time for the Christmas season in 2016. [Read more…]

Pre-demolition activities under way, environmental firm working at future Main Street Oak Ridge

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Environmental Abatement Inc. Pickup Trucks

Pre-demolition work at the Oak Ridge City Center, the former Oak Ridge Mall, was scheduled to start late last week or early this week, and environmental remediation trucks were on the 60-acre site on Monday, July 13, 2015. The trucks above are from Environmental Abatement Inc., a structural, demolition, and environmental contractor. (Photo by John Huotari/Oak Ridge Today)

 

Pre-demolition work at the Oak Ridge City Center, the former Oak Ridge Mall, was scheduled to start late last week or early this week, and environmental remediation trucks have been at the 60-acre site this week, starting Monday.

Plans call for redeveloping the former mall as Main Street Oak Ridge, a mixed-use project that would include retailers, restaurants, residential units, and a hotel. The existing space between the two remaining anchors, Belk and JCPenney, would be demolished, although those two stores would remain.

The trucks that have been at the mall site this week are from Environmental Abatement Inc., a structural, demolition, and environmental contractor. There has also been an asbestos waste container at the site.

A project representative said that Crosland Southeast, the company that has proposed the $80 million project, is working on pre-demolition activities and reviewing bids. The pre-demolition work includes asbestos abatement, and earlier this month, the representative said that the company hopes that that work will take place within a month. [Read more…]

Companies contributing $500K to Main Street Oak Ridge wanted to help

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Ray Evans

Ray Evans

Note: This story was last updated at 7 p.m.

The six companies contributing $500,000 for public infrastructure at Main Street Oak Ridge approached the city and volunteered to help, a consultant said Friday.

The companies are Methodist Medical Center; Oak Ridge Associated Universities; UCOR, a federal cleanup contractor; Restoration Services Inc., a cleanup contractor; Consolidated Nuclear Security, which manages and operates Y-12 National Security Complex; and UT-Battelle, which operates and manages Oak Ridge National Laboratory.

The companies understand how important the project is to the city and to them, said Ray Evans, retail consultant for the City of Oak Ridge.

“They approached us and said, ‘How can we help?'” Evans said. “They just want to ensure the success of this project.” [Read more…]

See current Main Street Oak Ridge plan here

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Main Street Oak Ridge Site Plan April 16, 2015

This is the current version of the Main Street Oak Ridge plan. This is an April 16 site plan forwarded by Ray Evans, a consultant for the City of Oak Ridge.

Evans said this current plan reflects the increase in the number of residential units that was approved by the Oak Ridge Municipal Planning Commission last week.

“This is the plan that will go before Oak Ridge City Council for second reading at the next meeting,” Evans said.

Main Street Oak Ridge is the $80 million, 60-acre project to redevelop the former Oak Ridge Mall, a mostly empty shopping center in the middle of town. The redevelopment has been proposed by Crosland Southeast of Charlotte, North Carolina. [Read more…]

Main Street Oak Ridge signs first anchor lease, other leases could follow

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Main Street Oak Ridge

Main Street Oak Ridge would redevelop the former Oak Ridge Mall as a mixed-use project that could include retailers, restaurants, residential units, and possibly a hotel. The existing space between the two remaining anchors, Belk and JCPenney, would be demolished, although those two stores would remain.

 

Note: This story was last updated at 10:15 a.m. March 27.

The developers who want to convert the former Oak Ridge Mall into Main Street Oak Ridge signed their first anchor store lease last week, an executive said Thursday.

And three to five more leases could be signed in the next month or so, said Tim Sittema of Crosland Southeast, the North Carolina company that has proposed the roughly 60-acre redevelopment.

Main Street Oak Ridge would redevelop the mall as a mixed-use project that would include retailers, restaurants, residential units, and possibly a hotel. The existing space between the two remaining anchors, Belk and JCPenney, would be demolished, although those two stores would remain. [Read more…]

Main Street Oak Ridge rezoning, master plan to be considered Thursday

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Main Street Oak Ridge Presentation

Pictured above during a Monday presentation on Main Street Oak Ridge are Crosland Southeast partner James Downs, right; Barry James, Crosland Southeast senior vice president, center; and Houston E. Daugherty, Cannon and Cannon vice president.

 

The Oak Ridge Municipal Planning Commission will consider a rezoning request for Main Street Oak Ridge during a Thursday meeting.

The Planning Commission will also consider a planned unit development, or PUD, master plan for the project.

Main Street Oak Ridge is the redevelopment of the former Oak Ridge Mall, now officially known as the Oak Ridge City Center.

The Thursday meeting starts at 5:30 p.m. in the Oak Ridge Municipal Building Courtroom. [Read more…]

Main Street Oak Ridge developers aim to close on property in June

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Main Street Oak Ridge James Downs

James Downs, Crosland Southeast partner, gave an update on the Main Street Oak Ridge project, the redevelopment of the former Oak Ridge Mall, during a Monday evening work session.

 

Note: This story was last updated at 9:20 p.m.

The North Carolina company that wants to redevelop the former Oak Ridge Mall as Main Street Oak Ridge could close on the property in June, an executive said Monday.

The mixed-use project could include retailers, restaurants, and residential units, as well as a hotel. Belk and JCPenney, the two remaining anchor stores at the mostly empty mall, would remain, said James Downs, partner in Crosland Southeast, the North Carolina company that has proposed the long-awaited redevelopment of the roughly 60-acre site.

Downs said Main Street Oak Ridge will include a total of about 325,000 square feet of retail space, or about 200,000 square feet of retail space more than what Belk and JCPenney have now. There would then be a total of about 600,000 square feet in the area. [Read more…]

Mall redevelopment close to goal line

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James Downs of Crosland Southeast Retail Update

James Downs, Crosland Southeast partner, gives an update on the redevelopment of the former Oak Ridge Mall during a Tuesday morning Rise and Shine, sponsored by the Oak Ridge Chamber of Commerce, at The Courtyards Seniors Living on Briarcliff Avenue. (Photo courtesy Kathy Gillenwaters)

 

Ray Evans

Ray Evans

Note: This story was last updated at 1 p.m. Nov. 3.

If it were a football game, the long-awaited redevelopment of the former Oak Ridge Mall would be in the “red zone”—not across the goal line yet but close enough to score, a project executive said Tuesday.

Seventy-five percent or more of the new retail space has been leased or is under negotiation, said James Downs, partner of Crosland Southeast, the North Carolina commercial real estate firm that has proposed the project.

The company could have a groundbreaking in the spring of 2015. Construction work, which will include demolition of areas between anchor stores, could be completed by the summer of 2016, making it available to retailers by the fall of 2016. [Read more…]

Follow-up: AC Commission concurs with city’s mall TIF extension

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Oak Ridge Village Area Rendering

Note: This story was updated at 10:02 a.m.

County’s part of agreement does not change

The Oak Ridge City Council has agreed to add another 10 years to the agreement that will be used to help redevelop the former Oak Ridge Mall, and during its regular meeting in October, the Anderson County Commission concurred with the change.

There were no objections, and the Commission’s concurrence with the city’s 10-year extension of the tax increment financing, or TIF, passed 15-0. The city’s portion of the TIF has been extended from 20 years to 30, and the county’s remains unchanged at 20.

The city’s TIF extension had also been approved by the Oak Ridge Industrial Development Board, and the County Commission concurred with that change as well.

Ray Evans, retail consultant for the City of Oak Ridge, told commissioners that Crosland Southeast, the North Carolina firm that has proposed the redevelopment, could close on the property at the end of the year. Demolition could start in the first quarter of 2015, and retailers could have space in the redeveloped 59-acre site by mid-2016, Evans said.

“We think we’re very close to getting across the finish line,” Evans said. [Read more…]

Mall project clears critical hurdle Monday

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Oak Ridge Village Area Rendering

 

Tim Sittema

Tim Sittema

Council, IDB approve TIF extension, grant, roadway work

The proposed redevelopment of the Oak Ridge mall cleared a critical hurdle on Monday when city officials agreed to extend a property tax agreement for the 59-acre project, authorize $2 million in roadway and other infrastructure work, and offer a $500,000 grant if some federal funding is not approved.

Officials described the proposed redevelopment, named Main Street Oak Ridge, as an $80 million project that could fill a “hole in the heart” of Oak Ridge, bring new retail life to the city’s downtown, and build a lasting legacy.

Monday’s moves were meant to reduce the risk for four local lenders that could combine to offer $13 million in loans to part of the redevelopment under a tax increment financing, or TIF, agreement. That incentive would use new property tax revenues generated at the mall site and 120 surrounding acres included in the TIF area to repay those loans. Officials said the loans could be repaid in 18 years, according to financial models.

David Bradshaw

David Bradshaw

But in two separate special meetings on Monday, the Oak Ridge Industrial Development Board and Oak Ridge City Council agreed to extend the TIF term from 20 years to 30. That extra 10 years is meant to act as a “shock absorber” and help make sure that the banks are repaid if there is a “glitch” in the project that would push the repayment past the previously approved 20-year term, officials said.

“This is not a ‘home run’ project for us as financial institutions,” said David R. Bradshaw, Oak Ridge president of CapitalMark Bank and Trust, one of the financial institutions that could participate. But, he added, “It is the right thing to do for the community.” [Read more…]

Guest column: Oak Ridge—moving ahead!

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Mark Watson

Mark Watson

In December of 2013, the City of Oak Ridge was given a Christmas present: a strong, viable prospective property owner that would help reclaim the center of our precious city. Crosland Southeast, well-respected developers from North Carolina, came to our city and said they could help us redevelop the crumbling mall within our city. This mall, newly named Main Street Oak Ridge, had come to symbolize the ultimate development challenge for our city.

Now, 10 months later, the time has come for the details of our work to begin to come out in the open. This project has taken several courses. First, the City of Oak Ridge and Anderson County said that they would support the development of this project with what is known as a tax increment district, or TIF. The governments would continue to receive their marginal values in property taxes, but the “new” value created by the private investment in Main Street Oak Ridge would be used to pay for public improvements on the project such as new traffic configurations, road improvements, and building demolition. In return, the private developer would borrow money at his own risk and develop major new retail shopping, with a potential hotel and residential development on the 65-acre site.

This effort has been successful, and major retail tenants have been lined up for filling a targeted 260,000 square feet of new facilities. Our Belk store will receive a facelift, and JCPenney will continue to perform. At present, stores are in the initial inquiry stages of building and will be moving to make announcements by the first of the year or shortly thereafter. I would love to tell you the names of the stores (which I have seen), but we need to honor the wishes of the companies as they make their expansion announcements. I believe the Oak Ridge community will be pleased! [Read more…]

State comptroller approves $13 million agreement for Oak Ridge Mall

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Oak Ridge Mall

The Tennessee Comptroller has approved the use of a $13 million tax financing agreement that could be used for the $85 million redevelopment of the Oak Ridge Mall. The L-shaped mall is pictured at center above.

The Tennessee Comptroller has approved a $13 million tax financing agreement that could be used for the $85 million redevelopment of the Oak Ridge Mall.

The approval was announced in a Wednesday letter from Tennessee Comptroller Justin P. Wilson to Nashville law firm Bradley, Arant, Boult, and Cummings, which is working with Crosland Southeast, the North Carolina company that wants to redevelop the mostly empty mall.

The 20-year tax increment financing, or TIF, agreement, would use new property tax revenues generated at the 59-acre site to help pay for development costs, possibly including tearing down the existing space between the two remaining anchor stores, JCPenney and Belk, as well as for replacing aging infrastructure and building new roads. [Read more…]