Fredericksburg Quarterly Retail Report
The area-wide retail vacancy rate year-over-year comparison for the second quarter was down to 5 percent in 2016 from 5.1 percent the same period last year.
Retail sales tax revenue increased 2.6 percent to $5,353,398.
Meals tax revenue increased 5.9 percent to $5,402,240.
Lodging tax revenue increased 2.1 percent to $656,461.
– Approximately 144,373 square feet of retail space remains to be filled in Central Park; there are ten active retail prospects.
– One new retail/service lease was executed this quarter: Hair Studio at 3 West (1,222 s.f. – 1255 Carl D. Silver Pkwy.)
– Openings included Sushi King, Wild Birds Unlimited and Hair Studio at 3 West.
– Expansions included Comfort Medical Supply, Inc. and Chalk N’ More.
– Upcoming: Paisano’s Pizza will soon be open in 3,000 s.f. at 1500 Central Park Blvd. BJ’s Restaurant & Brewhouse has submitted plans for a new building at the former Bailey’s Pub & Grille site. The Free Lance-Star will relocate to the Central Park Corporate Center in December 2016.
– Eagle Village has approximately 9,592 square feet of retail space remaining to lease, and there are four active prospects.
– One new retail lease was executed this quarter and has opened. It’s Lucky Road (2,500 s.f. – 1245 Jefferson Davis Hwy.)
– Duck Donuts and Beltone’s plans and construction are underway.
Downtown occupancy increased to 96 percent. There are four active retail prospects.
New leases include:
Legume (3,500 s.f. – 715 Caroline St.)
Backdoor Gallery (2,800 s.f. – 819 Caroline St.)
Haru Japanese Restaurant (1,900 s.f. – 707 Caroline St.)
Southern Accents (1,500 s.f. – 1011 Caroline St.)
Italian Station (1,300 s.f. – 620 Caroline St.)
Orofino (2,500 s.f. – 1006 C/D Caroline St.)
Picker’s Alley, (2,000 s.f – 920 Caroline St., 2nd Floor). The performing arts venue is producing pre-opening events while remodeling.
Foode opened at 900 Princess Anne St.
Tim’s Mart at 1010 Caroline St. is under contract, slated for a mixed-use development.
Croaker’s Spot is expected to open soon at 1101 Sophia St.