Mall to open in city next year
Jonesboro Sun
Anthony Childress
3/19/2004
Jonesboro developer Bruce Burrow told an auditorium full of business and political leaders Thursday that his company will be installing the city’s first escalator - in The Mall at Turtle Creek.
Following months of speculation, Belz-Burrow Development Group joined with Owensboro, Ky.-based real estate developer David Hocker & Associates in announcing to a Jonesboro Unlimited luncheon the arrival of a two-story mall requiring an investment of more than $100 million.
The mall, which will have 750,000 square feet of retail space, will sit at the intersection of Highland Drive and Stadium Boulevard on about 75 acres of land. It is expected to include more than 3,600 parking spaces.
“We’ve got a mall to build,” Burrow told the gathering of more than 325 people at the St. Bernards Auditorium. “We’ve taken a long time to get to this point but now we’re there.”
Slated to open Sept. 29, 2005, construction on the project will begin in June, according to Burrow’s partner, Marty Belz.
The mall will be anchored by retail giants Dillard’s, J.C. Penney and Target. Sub-anchor stores will be Circuit City, Barnes & Noble, and Beg Bath & Beyond.
We’re going to have 100 retailers in a fully enclosed mall. It will feature a Main Street-type design which is new and something we’ll all be proud of,” said Belz.
For his part, Hocker complimented Jonesboro for its community leadership.
“We’ve been so impressed with this town. I’ve never seen anything like this turnout today,” said Hocker. “My hat’s off to you. Bruce is a great visionary and asset to you. He is highly regarded and a wonderful ambassador for Jonesboro and Arkansas.”
Burrow first wrote to Hocker about developing a mall in the city some 12 years ago.
In terms of economic impact, the developers project Turtle Creek will generate $225 million in annual sales, along with creating 900 new jobs.
Interim financing has been provided by US Bank and Crews and Associates. Permanent financing will come from Greenwich Capital, which Belz said had worked with the company on a host of other projects.
Upon completion, Turtle Creek will rank sixth on the list of the 10 largest retail projects statewide.
Belz-Burrow has also undertaken projects in state including the Little Rock Hilton and The Peabody Little Rock, along with Bernard Court, Caraway Plaza Shopping Center, RidgePark Center, Crossroads Center and Fair Commons, among others in Jonesboro.
With Belz-Burrow’s plans now publicly confirmed, speculation turns to what Warmack & Co. will do with its proposed development - Southern Hills Mall off Southwest Drive, south of the Joe N. Martin Expressway (U.S. 63).
Matt Lukas, business manager for Warmack & Co. LLC, said Thursday afternoon that site development would continue on the nearly 140-acres of land where it planned to build the 1-million-swuare-foot mall.
“We’re continuing to work on the site. We’ve cleared ground,” Lukas said. “There are no plans for building because that’s tenant driven. We believe that southwest Jonesboro is where future growth will be. It’s a viable retail location but we’re not commenting on what we’re going to do with the site.”
Warmack owns Indian Mall, which will lose two of its anchors - J.C. Penney and Dillard’s – to The Mall at Turtle Creek. Lukas said the company will continue to keep Indian Mall open in spite of the departures.
“We still think it (Indian Mall) is a great retail spot. For the time being we plan to continue operating it,” Lukas said.
Southern Hills had planned to house Dillard’s, Sears and J.C. Penney , as well as a multiscreen theater. It was tentatively expected to be completed in August of this year though construction has yet to begin.
Burrow said he felt the Southern Hills proposal would be affected by Thursday’s announcement but did not want to speculate about it.
A parade of speakers congratulated Belz-Burrow for their commitment to building a new mall, including Jonesboro Mayor Hubert Brodell.
“The more I think about it, the more I like the drive-up parking at the mall because people can get in there and spend those tax dollars,” Brodell said. “Jonesboro has needed a first class mall, and now we’re getting one. What Belz-Burrow wants to do is wonderful.”
Ed Way, chairman of Jonesboro Unlimited, which hosted the event, heaped praise on the development for its impact on jobs and consumer spending.
Gov. Mike Huckabee was unable to attend the festivities but sent a congratulatory letter, read by John Freeman, chairman of the Jonesboro Regional Chamber of Commerce Board of Directors.
“In these times of economic pressure it is truly exciting to see a group of people willing to invest in the future,” Huckabee wrote. “With the addition of this project Belz-Burrow is now actively investing in excess of $250 million in Arkansas alone, a significant investment in anyone’s book.”
Former chamber board chairman Philip Jones said it was “just a great, great day for this city and this region.”
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