Stony Point Fashion Park to Undergo a $50M Redevelopment in Richmond, Virginia
RICHMOND, VA. — Starwood Retail Partners will upgrade and redevelop the 668,000-square-foot Stony Point Fashion Park, a popular retail center in Richmond, at a cost of $50 million. The retail center, which opened in 2003, currently includes about 75 stores.
Starwood Retail Partners acquired Stony Point Fashion Park last fall as part of a $1.4 billion, seven-mall deal with Taubman Centers.
The renovation work on Stony Point is scheduled to begin in the summer of 2016. Both the center’s east and west courts will undergo enhancements to modernize the space.
The West End will feature a bocce ball court, fountains, tables, a courtyard, rocking chairs and fire pits interspersed throughout the area. The renovated west court will appeal to people seeking entertainment and a place for social interaction.
The East Side will include an expansive green space. Triangle Park, as part of the green space, will feature fountains, experiential art and whimsical seating such as heated benches. Plans also include a stage for summer performances that will transform into an ice-skating rink in the cooler months.
The East Side will also undergo a retail expansion, adding boutiques and retailers that will complement the current mix of tenants in the center. Current high-end tenants include Tiffany & Co., Sur La Table, Coach, Restoration Hardware, Saks Fifth Avenue, Brio Tuscan Grille and Fleming’s Prime Steakhouse.
“Stony Point Fashion Park is already well-known for its shopping environment, but our intention is to expand that identity into a complete lifestyle experience,” says Scott Wolstein, CEO of Starwood Retail Partners. “Our vision for Stony Point is to create an oasis-style space where community members and businesses alike can thrive and grow.”
Chicago-based Starwood Retail Partners is a shopping center asset management company and owner/operator of 30 shopping centers in 14 states.