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Main Street Oak Ridge update: City staff ready for mall redevelopment

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Main-Street-Oak-Ridge-Sign-Install-Complete-Dec-21-2015

Workers from Masstar Signs of Greenville, S.C., install a new shopping center pylon sign at South Illinois Avenue and East Tulsa Road that announces Main Street Oak Ridge, the planned $80 million redevelopment of the former Oak Ridge Mall. Pictured above on Monday, Dec. 21, 2015, is Will Biggs of Masstar Signs. (Photo by John Huotari/Oak Ridge Today)

 

Site plans have been approved for the first phase of Main Street Oak Ridge—the project to redevelop the former Oak Ridge Mall—and construction drawings have been approved for most buildings in Phase I, a city official said Thursday.

The city staff is ready to issue demolition permits, and the staff has a utility disconnect “game plan,” said Kathryn Baldwin, director of Oak Ridge Community Development.

“We’re very much ready,” Baldwin said at a Thursday evening work session of the Oak Ridge Municipal Planning Commission.

The Planning Commission will consider adding a lot to the subdivision plat for the roughly 60-acre site on Thursday. If approved, that change would create 11 interior lots. Officials said that requested change has to do with project financing and it’s a minor change from what was approved several months ago. [Read more…]

Mall demolition could start end of Nov., eight new stores could open by Christmas 2016

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Sears at Oak Ridge City Center

Demolition work at the former Oak Ridge Mall could start at the end of November at the former Sears store, and eight new stores could open at the redeveloped 60-acre site by Christmas 2016, officials said Monday. (Photo by John Huotari/Oak Ridge Today)

 

Note: This story was last updated at 6:55 p.m.

Demolition work at the former Oak Ridge Mall could start at the end of November at the former Sears store, and eight new stores could open at the redeveloped 60-acre site by Christmas 2016, officials said Monday.

RealtyLink, the new master developer announced in September, has been looking at the mostly vacant shopping center in the heart of Oak Ridge since 2009. They replace Crosland Southeast, which had been working on the $80 million redevelopment project for more than two years.

RealtyLink, which is based in Greenville, South Carolina, hopes to close on the property, which is now owned by Oak Ridge City Center LLC, at the end of November.

A demolition permit has already been issued, but it’s not in RealtyLink’s name. [Read more…]

Crosland Southeast ‘disappointed,’ invested more than $1 million in mall redevelopment

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Tim Sittema

Tim Sittema

CHARLOTTE, N.C.—The North Carolina firm that has been replaced as master developer at Main Street Oak Ridge, the project to redevelop the former mall, said it has invested more than $1 million in the project and is “sorely disappointed” that it won’t be able to finish it.

Crosland Southeast, of Charlotte, North Carolina, said it has been engaged in more than “two years of tireless work,” and the project was in its final stages.

“This was one of the most difficult turnaround developments that we have encountered or seen, and we are sorely disappointed that we will not have the opportunity to finish what we started,” said Tim Sittema, managing partner of Crosland Southeast. “We had just negotiated the last piece of an incredibly complicated project with numerous moving parts, and had invested well over a million dollars into making this project a success. The situation is complicated. Nevertheless, we hope for the best outcome for the community of Oak Ridge. We have very much enjoyed working with city staff and community leaders.”

Oak Ridge City Center LLC, the current owners of the property, announced Monday that RealtyLink, a South Carolina real estate development firm, will replace Crosland Southeast as the master developer of the 60-acre Main Street Oak Ridge project. RealtyLink is based in Greenville, South Carolina. [Read more…]

Oak Ridge mall to have new name, banks considering financing

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Oak Ridge Village Area Rendering

 

Tim Sittema

Tim Sittema

The redeveloped Oak Ridge mall will have a new name, and local banks and credit unions are considering helping with project financing, executives said Tuesday.

The redeveloped mixed-use property will be known as Main Street—Oak Ridge, said Crosland Southeast, the North Carolina development firm that has been working with the city of Oak Ridge to redevelop the site, including through significant demolition and new construction. The name was chosen after long consideration of a new brand identity for the development, including involvement by Oak Ridge High School students.

“Most everyone we talked to in Oak Ridge was positive about creating a downtown destination for the community—something that says this place is the heart of the city,” said Crosland Southeast partner Tim Sittema. “The site already has Main Street running through it; so Main Street—Oak Ridge is the obvious choice.”

David Bradshaw

David Bradshaw

Construction is expected to begin in early 2015, with an opening anticipated in the third quarter of 2016, based upon completion of the financial arrangements.

In a press release, Crosland Southeast said a consortium of local financial institutions, led by CapitalMark Bank and Trust of Oak Ridge, is considering substantial involvement in the financing of the redevelopment “due to the transformative nature of this project in the city core.”

“In addition to our bank, ORNL Federal Credit Union and others have held discussions together about providing lending support to the mall project,” said David Bradshaw, executive vice president of CapitalMark. “Although details have not been finalized and commitments have not yet been made, there is very strong interest among our local banks and credit unions to be engaged in this important long-term investment in the Oak Ridge community.” [Read more…]

School Board, City Council resolve high school debt dispute

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Oak Ridge City Council and Board of Education

A proposal to resolve a dispute over sales tax revenues and high school debt appeared to have majority support during a non-voting joint work session of Oak Ridge City Council and Board of Education on Friday.

Despite opposition from a few residents and municipal officials, the Oak Ridge City Council and Board of Education have resolved a dispute over Anderson County sales tax revenues and debt payments for the $66 million renovation of Oak Ridge High School.

The dispute, which started several years ago, centered on how to use the Oak Ridge school system’s portion of Anderson County sales tax revenues generated by a tax increase approved by county voters in a 2006 referendum. School officials had argued that they could keep their share of the revenues generated in the county outside of Oak Ridge, while city officials had said all the revenues, whether collected inside the city or outside of it, should be used for high school debt payments.

A resolution unanimously approved by the school board in February and the City Council in a 5-2 vote on Monday, March 3, allows the schools to keep its portion of the new Anderson County revenues collected outside the city. However, the resolution spells out how the money has to be spent: on technology enhancements, debt reduction, capital repairs and equipment, and grant matches and innovative educational projects. [Read more…]

Mall redevelopment could cost $80 million, create close to 1,000 jobs

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Oak Ridge Mall Master Plan

The site plan for the redevelopment of the Oak Ridge Mall shows a multi-use, town center development with retail, office, hotel, and residential properties. (Submitted image)

The project could include retail, hotel, office, and residential properties, and generate more than $2 million per year in new city and county sales tax revenues, consultant says

Note: This story was last updated at 2 p.m.

The North Carolina company that wants to redevelop the Oak Ridge Mall has unveiled its site plan for the 60-acre property.

The $80 million redevelopment could include new retail, hotel, office, and residential properties. It would create almost 1,000 new jobs and increase annual city and county sales tax revenues by more than $2 million, according to an estimate by a city consultant.

The two remaining anchor stores at the 500,000-square-foot mall, JCPenney and Belk, would stay. So would Walmart and the Cinemark Tinseltown theater.

Meanwhile, the existing interior space between the anchor stores would be demolished. Previous mall redevelopment plans had also called for demolishing that interior retail space. [Read more…]

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