New Apartments Next to Shopping Mall: Fredericksburg’s Attain at Towne Centre Expects to Generate $1.15 Million in Tax Revenue
May 16, 2024
Overview
Fredericksburg’s landscape is evolving with the introduction of Attain at Towne Centre, a new 271-unit residential development at the site of the former Sears at Spotsylvania Towne Centre. This project, completed by Bonaventure in partnership with Cafaro Properties, owner of Spotsylvania Towne Center, promises to bolster the local economy.
Dwight Dunton, CEO of Bonaventure, highlighted the project’s dual benefits during a ribbon cutting ceremony in April 2024: “The introduction of Attain at Towne Centre heralds a significant positive impact on the local economy through various channels, including job creation, increased tax revenues, and sustained economic growth.”
The development replaced a Sears store, which was demolished to make way for the new construction, and has already created over 380 construction-related jobs and is expected to generate over $1.15 million in tax revenues. “Property taxes increase with the development of Class A residential units, providing a substantial source of income for local governments,” added a representative from Attain.
The rental prices at Attain at Towne Centre vary by unit size, with a one-bedroom unit available for $1,607, two-bedroom units starting at $1,779, and three-bedroom units priced at $2,516. Each unit features modern amenities and spacious layouts, with the square footage for one-bedroom units at 808 square feet, two-bedroom units at about 993 square feet, and three-bedroom units at 1366 square feet.
Bonaventure’s commitment to the community does not stop at this project. “Our partner Cafaro at Spotsylvania Towne Centre, renowned for their dynamic approaches to development, actively engages in ongoing conversations with retailers and restaurateurs,” mentioned the Bonaventure spokesperson. This ongoing collaboration aims to ensure the town center remains a vibrant hub for shopping and dining.
The trend of converting shopping malls into residential spaces is gaining momentum across the United States as developers seek to repurpose these areas to meet changing consumer and residential needs. This shift reflects broader economic and social trends influencing real estate development and community planning.
The trend of converting shopping malls into residential spaces is gaining momentum across the United States as developers seek to repurpose these areas to meet changing consumer and residential needs. This shift reflects broader economic and social trends influencing real estate development and community planning. Cities where this transformation is taking place include Plano, Texas; Santa Ana, California; Huntington Beach, California; and Vernon Hills, a suburb of Chicago.
Disclosures
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