HENRICO COUNTY, Va. — With the ink on its contract finally dry, a developer’s bulldozers are revving at Fairfield Commons mall. Arizona-based Bromont Investment Group closed on the struggling eastern Henrico property at 4869 Nine Mile Road last week for $6.318 million.
Work is already underway to raze the nearly 50-year-old structure as Bromont prepares to construct the 310,000-square-foot Eastgate Town Center. The Walmart-anchored project should open by the fall of 2016, according to Joshua Rector, Bromont’s director of development.
The deal closed after a lengthy process; Bromont has had Fairfield Commons under contract for about three years.
“It was definitely a complicated deal, but we’re very excited that we’re finally underway after the trials and tribulations,” Rector said. “We’re ready to get the work done and be part of the community there.”
This will be Bromont’s first venture into the Richmond market. Rob Black of CBRE represented the developer in the deal. Rector said Black originally approached Bromont with the redevelopment idea.
Walmart will occupy about 190,000 square feet of the property, and Eastgate will sport three additional buildings that should come in at around 82,000, 23,000 and 15,000 square feet.
To read more about other stores moving into Eastgate Town Center, click here.