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VOL. 110 | NO. 32 | Thursday, February 15, 1996

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2/15 CHG galleria Four anchors at new mall to build their own stores By CAMILLE H. GAMBLE The Daily News The four anchor stores at the Wolfchase Galleria Mall being built at Germantown Parkway and Highway 64 have purchased their own property at the site and will construct their own buildings, according to quit claim and warranty deeds filed recently in the Shelby County Registers Office. The anchor stores include Goldsmiths, Sears, Dillards and JCPenney. Construction is underway at the site and should be complete within a year for a scheduled opening date of Feb. 26, 1997. The anchor stores will open at the same time, according to Tom Howes, development manager for Dallas-based Urban Retail Properties, the developer of the mall. "Everything is on schedule," Howes said. "Goldsmiths has started construction, and JCPenney will start construction this week." The infrastructure of the mall is being constructed now sewers, drainage, plumbing and paving. "We are pretty much in the infancy stages of development," said Chip Saliba, plans expediter for the Shelby County Office of Planning and Development. Howes said the mall will have more than 360,000 square feet of leasable space and about 120 tenants, but he would not disclose the names of any tenants as of yet. "Its an exciting tenant list. Im even excited, and all I do is build the shopping malls," Howes said. Negotiations are underway to build in two or three of the eight outparcels that surround the main mall, he said. Howes would not disclose any of the businesses in negotiations but did say the Nashville-based restaurant chain J. Alexanders is in "due diligence" right now and may build a store. Gaylord Cole, director of real estate for J. Alexanders, said a construction date has not been set yet. "A lot will depend on when we can get our permits, and right now we are in such early stages that we are not really sure," Cole said. Cole said if the deal goes through, the store in Memphis would be about 7,000 square feet. The Malco movie theater, which will consist of about eight or nine theaters, also will be built in the mall. The two main contractors on the mall project are Memphis-based Four F Corp., which will do the site work, and Little Rock-based Vratsinas, which will do the building. "We didnt pick him (Vratsinas) because he was from Little Rock," Howes said. "We picked him because of his experience building retail projects. "We had one local contractor on the bid list who had retail experience, but in order to make our schedules and not open late, we wanted to make sure we had a contractor who was qualified to build shopping malls." However, Howes said 90 percent of the subcontractors are from Memphis. They include Shelby Electric Co. Inc., TAM Electric Co. Inc., Walker-J-Walker Inc., Tri-State Plumbing and Heating Contractors Inc., Martin Construction Co., Memphis Steel Co., Skaggs Iron Works Inc., Dunns Contracting Inc., Ferrell Paving Inc., Standard Construction Co. Inc., Greenscape Inc. and City Roofing Co.
PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225