Monticello Shopping Center is on the market, and the City of Williamsburg is hoping a sale will spur economic growth in the surrounding area.
Monticello Shopping Center — home to Rita’s Water Ice, Nawab Indian Cuisine, CHKD Thrift Store, City Nails and more along Monticello Avenue — is listed on the RJS & Associates’ website as a commercial property for sale.
The asking price provided by RJS for the 5.73 acre property is $4.25 million.
RJS’s marketing flyer provides positive attributes for the Monticello Shopping Center for consideration by prospective buyers. The broker says the property is a “prime redevelopment opportunity” that is centrally located “within the City’s Midtown Planning Area.”
Williamsburg City Council’s 2017/2018 Goals, Initiatives, and Outcomes, which outlines city priorities and strategic objectives, identified the area where the shopping center is located (Midtown) as a space primed for rejuvenation. The GIOs state that council would like to see Midtown become a “pedestrian-friendly” center for shopping and entertainment.
“We think that’s a property that is ripe for redevelopment like much of Midtown,” said Michele DeWitt, Williamsburg’s economic development director. “We see that as part of Council’s vision for creating a vibrant place for people to spend time and treasure.”
DeWitt added that she looks forward to RJS & Associates finding a good match for the property.
RJS & Associates Bobby Singley said the property has been listed for sale for a few weeks and has already drawn interest from potential buyers.
“We’ve received a good amount of interest from local developers and some inquiries from retail developers,” said RJS & Associates’ Bobby Singley. “We’ve had a wide variety of interest. Some of these developers are shopping center owners who are looking at re-tenanting Monticello Shopping Center and others are looking at redevelopment.”
Singley said he had previously spoken with DeWitt to let her know the property was for sale. DeWitt said it is common for brokers to ask the city for their vision for properties, and the Economic Development Office often conducts such conversations.
Singley added he is aware of the city’s goals for Midtown, but city officials have not told him they would like to see anything particular done with the Monticello Shopping Center property.
“We’ve encouraged the interested parties in the property to speak with the city,” Singley said.