Fashion Square Mall in Charlottesville, Virginia is undergoing a significant transformation with Home Depot leading the revitalization efforts. The former Sears department store, vacant since 2019, is being redeveloped into a brand new Home Depot location, slated to open in July 2024. This project marks a significant investment in the mall and the surrounding community.
Home Depot’s Investment in Fashion Square Mall
Home Depot purchased the vacant Sears property and surrounding land at Fashion Square Mall for $1.762 million in September 2022. The company is investing an additional $26 million to demolish the existing structure and construct a 134,262-square-foot Home Depot store and garden center. This substantial financial commitment underscores Home Depot’s confidence in the Charlottesville market and the potential for growth at Fashion Square Mall. The project is expected to generate over 100 new jobs, providing a significant economic boost to the area.
Revitalizing a 1980s Mall
Albemarle County officials have welcomed the redevelopment, viewing it as a catalyst for revitalizing the aging Fashion Square Mall. The mall, built in the 1980s, has struggled in recent years with the closure of anchor stores like Sears. The Home Depot project represents a significant step towards modernizing the mall and attracting new shoppers and businesses. Beyond job creation, the redevelopment includes addressing any environmental concerns stemming from the former automotive center that once operated on the site.
Partnership with Albemarle County
Home Depot’s redevelopment project is part of a broader public-private partnership with Albemarle County. The agreement includes provisions for Home Depot to actively seek buyers for the former Red Lobster building adjacent to the new store. Additionally, Home Depot will transfer the right-of-way for the realignment of nearby Hillsdale Drive, a key component of the county’s “Rio29 Small Area Plan.”
The Rio29 Small Area Plan and Fashion Square Mall
The Rio29 Small Area Plan, adopted by Albemarle County in 2019, aims to transform the area around the intersection of Rio Road and U.S. 29 into a vibrant, mixed-use hub. The plan envisions a walkable community with a blend of residential, commercial, and social spaces. The realignment of Hillsdale Drive, facilitated by the Home Depot project, is a crucial step towards achieving this vision. This infrastructure improvement will enhance traffic flow and connectivity in the area, making it more accessible and attractive to residents and businesses. The estimated cost for the Hillsdale Drive realignment is $3.3 million.
A Promising Future for Fashion Square Mall
The Home Depot project at Fashion Square Mall signifies a major investment in the future of the mall and the surrounding community. This redevelopment, coupled with the broader goals of the Rio29 Small Area Plan, promises to revitalize a once-struggling commercial center and create a more vibrant and dynamic destination for residents and visitors alike. The opening of the new Home Depot store in July 2024 will be a significant milestone in this ongoing transformation. The county views this project as a catalyst for further development in the corridor.
