MORRISVILLE — Park West Village was expected to be this towns biggest development, with 100 acres of retail stores, restaurants and residential units.
So far, its living up to the hype.
The first phase of Park West Village is complete, and its exceeding at least one financial projection: property-tax revenue.
Morrisville officials originally estimated the development would bring about $120,000 in property- tax revenue in 2012. But with only one of four phases finished, the project added more than $213,500 to the towns coffers last year, according to town records.
Phase one has been a huge success, and we continue to see strong interest from tenants, said Sarah Benson, a spokeswoman for Casto, which developed Park West Village. Retailers and restaurants recognized there was a void in the marketplace and have been able to capitalize on the areas great demographics.
As part of that first phase, 98 percent of the 350,000 square feet of retail space is occupied, Benson said.
Current tenants include Target, Stone Theatres, Chilis, Buffalo Wild Wings, Buy Buy Baby, Travinia Italian Kitchen and Gander Mountain.
The remaining phases of Park West Village include about 250,000 square feet of retail space More than half of that space 65 percent has already been pre-leased, Benson said.
Casto recently announced new stores that are moving in: Ulta Beauty,Chicos, White House/Black Market and Soma Intimates. All plan to open in the spring of 2014.
We love the fact that phase three of Park West Village is proving to be a very fashion-forward portion of the shopping center, Shannon Dixon, regional executive vice president of Casto, said in a statement.
Now, construction of residential units is underway. Wood Partners is leasing 255 apartment homes in The Bristol.
Casto also plans to add 75 residential units and 40,000 square street of office space, which will available in 2015. That area of the development is expected to have a main street feel.