Mayfaire Town Center setting the stage for its next phase
Jan 26, 2013 (Menafn - Star-News - McClatchy-Tribune Information Services via COMTEX) --Planning and pre-leasing negotiations have begun on the next phase of Mayfaire Town Center.
The site, near the Regal Mayfaire 16 movie theater, can accommodate 70,000 square feet of space, said Hyman Brody, managing partner of Brody Zimmer LLC, the partnership that developed Mayfaire.
It's a "natural progression for expansion of the center," said Brody, who pointed out that the current Mayfaire Town Center comprises 800,000 square feet of space. It also is 96 to 97 percent leased and demand has outstripped supply, he said.
"We're proud that we've held our occupancy," Brody said. "Retail sales in December were ahead of that in December 2011."
In the new phase, space will be built as tenants are lined up. Though negotiations are under way with several regional and national players, Brody said there are no new tenants to announce yet.
The new buildings could end up being multi-story. Brody said it's yet to be determined what would occupy the upstairs space, but it could be residential, office and even some retail.
Construction on Mayfaire Town Center began in 2003 with the first retail stores opening in March 2004, said Sue Rice, Mayfaire operations director. The theater, which was part of that first phase, opened in 2005.
Officials also are planning to expand Mayfaire's community center, which is south of the complex's Town Center and anchored by Harris Teeter.
The 400-acre Mayfaire development also includes office and residential components.
The Village at Mayfaire, the Reserve at Mayfaire and Parkside were sold to residential developers and are sold out with the exception of 15 lots in Parkside, Rice said. Mayfaire Town View consists of residential condominiums over retail stores.
Mayfaire has sold three of five parcels of its office park to developer Steve Anderson.
There also are two hotels on the property -- the Hilton Garden Inn and Homewood Suites.
Wayne Faulkner: 343-2329
On Twitter: @bizniznews
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