The Wilton Companies is hired to fill vacant space at West Broad Village in Short Pump!

September 15, 2009 - Nearly a year after the first store opened and in the midst of a major economic downturn, West Broad Village in western Henrico County has run into some problems finding retail and commercial tenants. Roughly a quarter of the project's 350,000 square feet of retail space is opened and small office space has been leased of the planned 600,000 square feet at this fantastic location.

In the middle of West Broad Village is a main street component, which has the feel of a village center with shops and restaurants on the street level and apartments and office space above the shops. The goal is to get good tenants in there at reasonable rates to stabilize the property and maximize the value.

Despite any past setbacks, West Broad Village continues to move along with two large tenants set to open in the next couple of months and leasing activity is strong for the project's 339 apartments. In the short run, home-furnishings retailer HomeGoods is expected to open next month near Whole Foods. Outdoors outfitter Recreational Equipment Inc., known as REI, is set to open in November. It's Hip to be Round, an upscale maternity clothing shop that has a store in Carytown, expects to open this month.

Gordon Biersch Brewery Restaurant has backed out and will not open in the center but Keagan's Pub will take its place on the street level of the building where the Aloft hotel occupies the upper floors. McCormick & Schmick's Seafood Restaurant, a high-end seafood and chophouse restaurant, is still under contract, but it is still unclear when it will open or what format it will use. Its building has yet to be constructed.

The retail portion of the project has a bright future. At least seven tenants have signed letters of intent to set up shop. The Wilton Companies is negotiating with two companies that could come in as anchor stores. The time between when an anchor tenant is signed and when that store opens is about two years.

Leasing office space has been a struggle because of the glut of available space in the area, particularly in Innsbrook, which is less than a mile east but West Broad Village did sign South University, which took about 30,000 square feet, and addtionally a law firm will lease about 2,500 square feet as well.

One component of the development that is doing well is The Flats at West Broad Village apartments. The apartments are in three separate buildings in the development. The first one, in the heart of the project, is fully rented with 120 units. The second building, which opened about a month and half ago near Dave & Buster's, has nearly 30 percent of its 132 units leased. The third apartment building won't open until the other two are fully leased.