Oak Ridge Today

IDB to consider financing-related resolution for Main Street Oak Ridge on Monday

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Oak Ridge Mall

The Oak Ridge Industrial Development Board will consider a financing-related resolution for Main Street Oak Ridge during a special meeting on Monday. Main Street Oak Ridge would redevelop the former Oak Ridge Mall, the L-shaped structure pictured at center above. (Photo by John Huotari/Oak Ridge Today)

 

The Oak Ridge Industrial Development Board will consider a financing-related resolution for Main Street Oak Ridge during a special meeting on Monday.

The resolution would approve documentation related to the tax increment financing, or TIF, for Main Street Oak Ridge. The $13 million, 30-year TIF agreement would use new property tax revenues generated within the economic impact area to assist in the redevelopment.

The special IDB meeting starts at 4 p.m. Monday, August 24, in the Oak Ridge Municipal Building Training Room. [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…]