The location off of Interstsate 30 for the future Shoppes at Benton. Stores include Ulta, TJ Maxx, Home Goods, Pet Smart and Hobby Lobby.
GBT Realty Corp. of Brentwood, Tennessee, said Tuesday that it has closed on the $4.3 million purchase of 28.8 acres for its new 170,000-SF Shoppes of Benton shopping center along Interstate 30.
The firm said the center’s tenants will include TJ Maxx and Hobby Lobby.
The $36 million project, located along Interstate 30 west of Alcoa Road, is set to open late summer 2017. GBT Realty expects construction to begin in April. The firm announced the project in September.
The firm said The Shoppes of Benton will include the following tenants: Hobby Lobby, TJ Maxx, HomeGoods, Ulta Beauty, Rack Room Shoes and Texas Road House. It said it still negotiating with retailers and a national fast-casual restaurant for one of the center’s three remaining outparcels.
About 22,000-SF of small shop space is available, according to GBT Realty.
“Over the last decade, Benton’s population has exploded growing more than 40 percent,” Benton Mayor David Mattingly said in a news release. “Development such as The Shoppes of Benton is the type of investment that provides exponential returns in job development and tax revenue.”
Developers expect the center to support 700 jobs and bring in about $1.7 million in annual tax revenue to the city.
In September, the city and the Benton Public Utilities Commission agreed to make infrastructure improvements at local development sites. The two plan to spend $1.4 million in materials and equipment to extend water, sewer and electrical services. The Shoppes of Benton is the first commercial development to take advantage of the agreement.
“Without the support and investment by the city, our first entry into Arkansas would not have been possible — nor would the convenience of additional shopping and dining amenities right here in Benton,” George Tomlin, president and CEO of GBT Realty, said. “The lifestyles along with the purchasing and media habits of the Benton trade area ensure that these are the right goods and services for this trade area.”
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