It's on! The $50 million redevelopment of Stony Point Fashion Park in Richmond, Virginia, has begun, as Starwood Retail Partners reconfigures the property to include community-friendly experiences, additional dining and larger-format stores.
The 676,000-square-foot open-air property already is home to some of the most successful luxury retailers and restaurants in the region, including the only Saks Fifth Avenue, Tiffany & Co., Fleming’s Prime Steakhouse and Restoration Hardware in the market. Starwood Retail, which acquired the center in October 2014, immediately saw the potential to create a new experience for a revitalized Richmond, now a major arts and dining destination thanks to a vibrant business scene, world-class museums and entertainment venues, and a growing cadre of chefs. That appeals to a growing population, expected to rise 15 percent between 2010 and 2020.
"Up until now, Stony Point has been a center for shopping and dining," says Mike Powers, Vice President of Leasing. "We want it to become a place to gather, to become a community, a daily part of Richmond residents' lives."
To that end, renovation plans include adding more open-air elements that will be programmed with different events throughout the four seasons.
The first phase, now under way, entails demolishing some structures in the common area to allow construction to begin on Triangle Park, a public gathering area that will include a dog park, a children's play area (including a pop jet water feature and cabanas), event site, and seating with fire pits, planters and room for public art installations. Bistro tables will be located near quick-service restaurants, allowing visitors to grab a bite to enjoy al fresco.
In later phases, the East End fashion district will be heavily landscaped, and the West End suburban lounge will boast a bocce court, fire tables and comfortable seating. A new road near the CineBistro upscale movie experience will improve traffic throughout the property by connecting the mall's north and south parking lots.
Plans also call for a skating rink. Development will continue in phases through 2017.