Published: Nov 20, 2011 02:00 AM
Modified: Nov 18, 2011 05:11 PM
The developer of Holly Springs' largest-ever shopping center is almost ready for ceremonial shovel scoops.
The Town Council and Kite Realty Group have cleared a final hurdle by dividing responsibility for the roads and sewers that will support New Hill Place, a mall slated to include 10 large stores, 29 smaller stores, a movie theater and a bowling alley.
At 550,000 square feet, the finished New Hill Place would be the town's largest single commercial development, according to real-estate experts. The center, anchored by a Target, will straddle New Hill Road and the N.C. 55 Bypass on the west side of central Holly Springs."This would rival some of the things that you see in Cary and in Apex," said Brenda Compton, a senior broker with Hartwell Realty who is not connected to the project. "So it's a big deal - a very big deal."
Kite Realty will build roads through and around the project. In exchange, the town will waive transportation and sewer fees and pay the developer $1 million over 20 years, according to a contract authorized by the council Tuesday.
With the agreement in place, the Indianapolis-based developer should break ground early next year and finish the project's first phase by spring 2013, Kite representatives said.
"I think it's going to draw (customers) from a very big range," David George, a project manager, told the council.
The project, introduced several years ago, is a rare mammoth in a commercial ice age. Three years ago, Kite Realty and a subsidiary paid about $12,242,000 for about 141 acres at the site. Now the project has worked through much of the town's approval process and awaits final authorization of construction plans.
"It's a positive sign that they're feeling comfortable enough to move with it," said Compton, who has worked extensively in Holly Springs. "But understand, even if they flip the switch today and start building, chances of the development being completed within the next year are going to be very slim."
The project will be a part of the town's densest stretch of commercial development, which begins at a Walmart center 1.6 miles down the N.C. 55 Bypass. "This has become the heavy commercial corridor for Holly Springs," she said.
Mayor Dick Sears predicted Holly Springs would not see another commercial project on this scale anytime soon.