Kotarides Developers is set to close on the purchase of the Kroger anchored shopping center at Wards Corner. The purchase includes approximately 10 acres of land where the Kroger grocery store and the City of Norfolk’s Workforce Development Center are currently located.
The purchase does not include any of the out-parcels.
The current shopping center was developed in 1971 and has 105,471 of total building area.
Kotarides indicates that they have no firm plans for the property at this time. Both Kroger and the City of Norfolk have multi-year leases. Their options include continuing the current use by Kroger and the City, re-using the current retail buildings, constructing brand new retail buildings, or a mixed use concept with both retail and residential.
Kotarides did state that they have no plans to put in low income housing. None of their current projects include low income housing and they have no desire to begin doing low income housing projects.
According to tax records the property is currently owned by Meritage-Little Creek, Llc. The closing on the sale of the property is scheduled for the middle of September.