ALBEMARLE COUNTY, VA – The Albemarle County Board of Supervisors announced a public-private partnership with Home Depot U.S.A. to develop what was most recently the Sears store at Fashion Square Mall during Wednesday night’s regular meeting.
The company purchased the old Sears store for $1.762 million two years ago. The plan is to demolish it and replace it with a Home Depot store and garden center. Home Depot U.S.A. has purchased much of the rest of Fashion Square Mall, as well.
Home Depot’s $26 million investment is expected to create more than 100 new jobs. It will also remediate the contaminated conditions associated with the former automotive center that had operated there. The County will benefit from the local share of sales tax revenue once the store opens and the increase in real property tax, once the terms of the agreement have been fulfilled.
“We are eager to welcome Home Depot to our area. This public-private partnership jumpstarts the first development with speed, cleans up environmental contamination present at the site, and significantly contributes to transportation connectivity through the Rio29 area,” stated Chair of the Board of Supervisors Jim Andrews.
“The Fashion Square Mall property sits at one of the most prominent intersections in Albemarle’s commercial core and is ripe for redevelopment. As the first significant investment in this corridor, it carries unique challenges, but the County’s participation in this project helps to accelerate progress and mitigate those challenges, bringing renewed vibrancy to the property,” said Albemarle County Executive Jeff Richardson.
The vision for the Rio29 Small Area Plan is to transform the area into a multimodal hub with diverse mixed uses, including usable public spaces. Residents can learn more by reading the full plan.
