"What do you get when you combine an 11-county micropolitan region with more than 300,000 potential shoppers, a community committed to aggressively developing and implementing a mixed-use economic development plan, and an undeveloped acreage with good accessibility and visibility from I-75? Richmond Centre, soon to be one of the largest retail destinations of its kind in Kentucky.
The 120-acre tract, located in the northwest corner of I-75 and Barnes Mill Road at exit 87, has been approved for 800,000 square feet of retail space featuring 12 outparcels, 15.5 acres for two hotels and 60,000 square feet of office space. According to developers, Charlotte-based Crosland, LLC and Greenville-based Carolina Holdings, Inc., it will be the largest retail development between Lexington and Knoxville, Tenn.
"For the past three years, the chamber has been aggressively involved in retail recruitment for Madison County, which we feel has been vastly underserved," said Rob Rumpke, executive director of the Richmond Chamber of Commerce. "Retail development is extremely important to Berea and Richmond as well as being an integral part of a balanced economic development plan for this county. We're very excited about the prospect of additional shopping, etc., as well as the new retail and service jobs that will be available."
The new mixed-use retail center features department store giants Belk and JCPenney, Cinemark Theatre and Home Depot, all scheduled to open in 2008, and Meijer, which will open in the spring of 2009, as major anchors.
Belk is the largest privately owned department store organization in the nation. The 73,811-square-foot store will offer a large selection of traditional department-store goods such as cosmetics, bedding, kitchenware and apparel. Spanning over 20 acres and consisting of 207,483 square feet, family-owned Meijer offers consumers a wide variety of goods, including food items and a pharmacy, while Cinemark Theatre brings online ticketing to the area as well as 12 screens and stadium seating.
"We are pleased to present Crosland's first Kentucky retail project in Richmond," said Tim Sittema, senior vice president, retail, for Crosland. "Since our initial conversations with national retailers, we have been impressed with the level of enthusiasm and interest surrounding this project. The high quality of the project and its mixed-use nature, combining retail, entertainment and hospitality, will be unlike any in the region."
The mix of traditional and discount department stores, category-specific retailers not currently represented in the market, a bookstore and pet store, the theater, hotels and casual dining restaurants also meets many of the objectives of the economic development group in Madison County regarding business and industry recruitment. It will also feature many signature characteristics for which Crosland has become known such as village shops, a fountain plaza, hardscaped and landscaped areas, outdoor dining and oversized pedestrian pathways.
"Having this kind of mix of retail, dining and entertainment will have a very positive impact on the quality of life in Madison County and the other 10 counties that make up the micropolitan region," Rumpke said. "It helps us look more desirable to site selectors and companies considering relocation. Many of those companies would bring high-paying jobs to the city and need to be able to convince existing employees or potential employees that Madison County is a good place to live."
Although Rumpke, also a member of the economic development committee charged with drafting a comprehensive countywide plan, is excited about Richmond Centre, he is also quick to point out that it is "not the complete answer to economic development in the region."
"We must keep in mind that the jobs coming with this project fall into the retail and service categories and as such, are lower paying than those in manufacturing or one of the technology industries," he said. "We also need those higher paying jobs to create a good economic balance for today and in the future."
In support of their commitment to finding that balance, the Madison County Economic Development Commission recently presented a draft plan to the community at the Madison County Global Economy Summit.
"We've been looking at a variety of issues, including increasing retail development, to help position Madison County as the economic hub for this region, which includes the counties south and east of Madison County," Rumpke said, "and this first draft represents the ideas and input from the Commission members and the community during numerous meetings in 2006. With these ideas down on paper, we're inviting additional community input to help refine the plan and prepare it for implementation."
The draft plan uses business clusters/strategies to define economic areas of focus.
"For example, the safety and security business development strategy is designed to identify partners within the industry and support the safety and security incubator at Eastern Kentucky University, whereas the regional tourism development strategy addresses ways to develop tourism potential related to major area events such as the World Equestrian Games or plan multi-county art events," Rumpke explained.
Relative to the new retail development project, however, is the sustainable economy goal, which focuses on retaining and recruiting industry, business and retail to the area.
"With construction underway on the Duncannon Lane project, the new exit off I-75 between Richmond and Berea, we have an excellent opportunity to make it a mixed-use gateway exit, a good complement to Richmond Centre," Rumpke said.
Although unable to attend the Summit in person, Michael McNicholas, president of Carolina Holdings Inc., said that the development at the two exits will "cross-pollinate."
"With quality growth, everybody wins," he added.