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Thursday, March 29, 2007

Big names line up for South Main

The $40 million project, tentatively named the "Boulevards at Blacksburg," is targeted to open next summer.

Get ready Blacksburg, the name brands are coming to town.

Fairmount Properties released on Wednesday a list of potential tenants for the "lifestyle center" the Cleveland-based developer is planning for South Main Street. Among them are Talbots, Coldwater Creek, Gold's Gym and Jos. A. Bank.

The lineup, which will also include local and regional names, is likely to be a big deal for Blacksburg, which for years has watched nearby Christiansburg absorb most of the region's retail development.

The $40 million project, tentatively named the "Boulevards at Blacksburg," is targeted to open next summer.

Architectural renderings for part of the development show stores clustered in an outdoor, plaza-type environment. Plans also show a 175,000-square-foot retail structure that principal Adam Fishman said could house one retail store or several.

"When you lease a project like this, you talk to just about every local, regional and national retailer, you can and we've done that, including every big box retailer you can think of," Fishman said. "But at this point, that's all we can say there."

When the Blacksburg Town Council rezoned 27 acres along South Main Street for the project last spring, the development was described as multi-use with room for homes, entertainment and roughly 200,000 square feet of retail.

But the updated site plan released Wednesday did not include a residential element.

"There's still the residential opportunity on the site, but the combination of marketing conditions and the current zoning code has made it difficult," Fishman said. "We'll continue to evaluate it, but we're definitely more retail focused."

The project has also attracted a theater and entertainment center and a number of eateries offering fare ranging from Italian to "Baja." All told, the project includes 378,127 square feet of retail, restaurant and entertainment space.

Randy Ruttenberg, a principal with Fairmount, said the project is aimed at college students, as well as young adults and families.

"While we focus primarily on college and university communities, we're not all about building bars and sub shops and record and TV stores," Ruttenberg said. "We're about creating great, pedestrian scaled, retail focused developments that cater to the community -- the overall community."

The development's ability to land nationally known companies flies in the face of concerns voiced last year that, if Blacksburg were able to support more retail, it would likely be of the boutique variety.

"Blacksburg and Christiansburg are really sort of one market for the purposes of most national retailers or most of the larger retailers," Ben Cummings, a partner with Richmond-based Millenium Retail Partners, said in May. "And with the fact that Christiansburg sort of got there first with the larger malls and the larger anchor retailers, in my opinion, it was sort of unlikely then that Blacksburg could also support a lot of big-box retail."

The tenants Fairmount has named thus far include those the company has "an understanding with, ranging from fully executed letters of intent to signed leases," Fishman said.

Nonetheless, he noted, "in this type of development, things will continue to shift."

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