ALBEMARLE COUNTY, VA – The Albemarle County Board of Supervisors has unveiled a significant public-private partnership with Home Depot U.S.A. to redevelop the former Sears location at Fashion Square Mall. The announcement was made during the board’s regular meeting on Wednesday night.
Two years ago, Home Depot acquired the former Sears building for $1.762 million. The new plan involves demolishing the existing structure and constructing a new Home Depot store along with a garden center in its place. Home Depot has also acquired additional portions of the Fashion Square Mall property.
The redevelopment project, which represents a $26 million investment by Home Depot, is projected to generate over 100 new jobs. It will also address contamination issues from a previous automotive center that operated on the site. Once the new store is operational, the County expects to benefit from increased sales tax revenue and an uplift in real property taxes, following the completion of the agreement’s terms.
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