Case Study - Williamsburg Shopping Center
Williamsburg Shopping Center, a convenience shopping center located less than 7/10th of a mile from Interstate 66, was originally built in two phases in 1956 and 1957. In mid 1995, First Union, one of the center's anchors, elected not to exercise its option, and closed their branch at Williamsburg Shopping Center.
Williamsburg Shopping Center, circa 1983
This loss of a retail bank branch would have reduced the range of services available at this convenience center. Due to site constraints, a drive-thru facility for this branch was out of the question.
Before the bank had closed its doors for good, Kalis Development Corporation had a signed lease with Virginia Commerce Bank for a new 1,781 square foot branch to replace First Union. Given the site’s inability to accommodate a drive-thru, it took thorough market knowledge and analysis to convince Virginia Commerce than this location would work for the bank.
Williamsburg Shopping Center after renovation
Years prior to the closure of the First Union branch, Kalis Development Corporation put in place a plan to renovate the entire facade of the Center. With this renovation in place, Virginia Commerce felt comfortable in locating one of its earlier branches here.
BENEFITS TO CLIENT
The center is currently 100% leased and includes Seven-Eleven, Virginia Commerce Bank, and Deli Italiano's second location. This center’s value has increased more than $4 million since 1983.