New shopping center to break ground in December
A groundbreaking has officially been set for a new shopping center that will house Hobby Lobby and TJ Maxx.
Developer Hutton will ceremoniously break ground on the site at 10 a.m. on December 18 to mark the beginning of construction on the facility.
“It’s certainly good to be moving forward; this is something we have worked on for about three years now,” said Mayor Jason Reeves. “It was a complex situation and I appreciate everybody working together from the Pike County Commission to Pike County Economic Development to the council; there were a lot of moving parts. We believe this will change and enhance the retail dynamics of the entire community and make Troy more of a destination within a 30-mile radius.”
The 120,000 square-foot shopping center will house five retail stores in addition to anchors Hobby Lobby and TJ Maxx, which are required to be a part of the shopping center in the city’s agreement with Hutton.
Hutton officials have not yet announced deals with other retail stores to fill the adjacent spaces, but have said that they expect most – if not all – of the vacancies to be filled by the time the center opens.
“We believe the draw is going to be much better than even the retailers have realized,” Flegal told the members of the Pike County Republican Women at the Troy Country Club. “This is something we believe is really going to excel.”
Out of 120,000 square feet planned at the shopping center, all but 8,000 square feet has been committed, Flegal said.
The center is also designed for future development, including more shops and restaurants. The new center will be located on U.S. Highway 231 next to Lowe’s across from Troy Regional Medical Center.
The project agreement with the City of Troy stipulates that the shopping center must be open no later than Nov. 15, 2021, although it could open sooner than that.
In exchange for the addition of new stores, jobs and more than $30 million in capital investment, the city will pay $1.5 million to Hutton, remit half of sales tax and collect a 1-cent district fee for the development.
According to site plans, the center will be accessible via John H. Witherington Drive and U.S. Highway 231. A deceleration and acceleration lane is also planned on the map on the U.S. Highway 231 entrance.