Stony Point Fashion Park announces $50 million redevelopment
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Starwood Retail Partners, the owners of Stony Point Fashion Park in Richmond, unveiled a $50 million redevelopment plan Wednesday to update the shopping center. It includes new entertainment experiences, enhanced welcoming and common areas, new shops and restaurants and improved accessibility for pedestrians and vehicles.
Starwood Retail Partners, a Chicago-based shopping center asset management company, purchased the retail center in October 2014. The company said in a news release that itbegan plans for renovation shortly after the purchase.
“Our vision for Stony Point is in step with the neighborhood and with the city’s business, shopping and entertainment plans for the future,” Scott Wolstein, CEO, Starwood Retail Partners, said in a statement.
Starwood’s redevelopment is scheduled to begin in summer 2016 and will be done in phases, with the first phase an upgrade and modernization of the center’s outdoor common areas. The west end of the center, nowhome to CineBistro and Dillards, will be updated with the “The West End,” an open-air place where guests can play a game of bocce or relax on modern rockers in a courtyard, interspersed with fire pits, fountains and tables.
“The East Side” of the center, between Sak’s Fifth Avenue and Dick’s Sporting Good stores, will feature a park, entertainment and shopping. “Triangle Park,” was described as a welcoming destination with fountains, experiential art, seating (including heated benches) and space designed for the seasons, with a stage for summer events that can transform to a winter ice-skating rink in cooler months.
Starwood said it plans to add new retailers and restaurants that will complement the center’s offerings, which range from Tiffany & Co. and Sur La Table to Coach, Restoration Hardware and Saks.
Stony Point Fashion Park opened in September 2003 and has lost several tenants in recent years including Louis Vuitton and Copeland’s Cheesecake Bistro. Currently, the 668,000-square foot shopping center has about 75 stores.
