The Monticello Shopping Center is now the property of a developer with big plans for Midtown.
Broad Street Realty CEO Michael Jacoby said the company officially closed on the Monticello Shopping Center Friday. The property hit the market in the spring, and Broad Street has had the property under contract for months.
Broad Street also owns the Williamsburg Shopping Center across the street, and plans to redevelop the two shopping centers into Midtown Row, a five-story hub of residential, retail and entertainment at the junction of Monticello Avenue and Richmond Road.
Jacoby said Broad Street’s final purchase price for Monticello Shopping Center was $4.2 million; he added that he was not ready to announce which tenants will remain.
However, Jacoby is optimistic about the center’s future.
“We are in negotiation for every square foot of space [in the shopping center], and that’s highly attributable to our plans for that center and our plan for the entire Midtown Row project,” Jacoby said.
In October, Williamsburg City Council unanimously approved a request from Broad Street to redevelop Monticello and Williamsburg Shopping Centers into Midtown Row.
The redevelopment project got a boost from state and local officials Monday, as Broad Street received $100,000 in grants for the removal of asbestos.