Fredericksburg EDA

Fredericksburg Quarterly Retail Report

by | Aug 29, 2016 | Business

There were 14 executed retail leases (32,718 total square feet) and five retail openings (16,405 total square feet) during the second quarter of 2016, according to the City of Fredericksburg Department of Economic Development and Tourism.

The area-wide retail vacancy rate year-over-year comparison for the second quarter was down to 5 percent in 2016 from 5.1 percent the same period last year.

Retail sales tax revenue increased 2.6 percent to $5,353,398.

Meals tax revenue increased 5.9 percent to $5,402,240.

Lodging tax revenue increased 2.1 percent to $656,461.

Central Park
– Approximately 144,373 square feet of retail space remains to be filled in Central Park; there are ten active retail prospects.
– One new retail/service lease was executed this quarter: Hair Studio at 3 West (1,222 s.f. – 1255 Carl D. Silver Pkwy.)
– Openings included Sushi King, Wild Birds Unlimited and Hair Studio at 3 West.
– Expansions included Comfort Medical Supply, Inc. and Chalk N’ More.
– Upcoming: Paisano’s Pizza will soon be open in 3,000 s.f. at 1500 Central Park Blvd. BJ’s Restaurant & Brewhouse has submitted plans for a new building at the former Bailey’s Pub & Grille site. The Free Lance-Star will relocate to the Central Park Corporate Center in December 2016.

Eagle Village
– Eagle Village has approximately 9,592 square feet of retail space remaining to lease, and there are four active prospects.
– One new retail lease was executed this quarter and has opened. It’s Lucky Road (2,500 s.f. – 1245 Jefferson Davis Hwy.)
– Duck Donuts and Beltone’s plans and construction are underway.

Downtown Fredericksburg
Downtown occupancy increased to 96 percent. There are four active retail prospects.

New leases include:
Legume (3,500 s.f. – 715 Caroline St.)
Backdoor Gallery (2,800 s.f. – 819 Caroline St.)
Haru Japanese Restaurant (1,900 s.f. – 707 Caroline St.)
Southern Accents (1,500 s.f. – 1011 Caroline St.)
Italian Station (1,300 s.f. – 620 Caroline St.)
Orofino (2,500 s.f. – 1006 C/D Caroline St.)
Picker’s Alley, (2,000 s.f – 920 Caroline St., 2nd Floor). The performing arts venue is producing pre-opening events while remodeling.
Foode opened at 900 Princess Anne St.
Tim’s Mart at 1010 Caroline St. is under contract, slated for a mixed-use development.
Croaker’s Spot is expected to open soon at 1101 Sophia St.


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