Groundbreaking for the Shops at Stonefield Set for Spring 2011

CHARLOTTESVILLE, Va., March 9, 2011 /PRNewswire/ -- A groundbreaking moment has arrived for the Shops at Stonefield—with the new development by Edens & Avant set to begin construction in spring of this year. Creating a dynamic new shopping, entertainment and residential district in the heart of Charlottesville, Virginia, the first phase of the project includes 270,000 square feet of retail, a 135 room hotel, along with a diverse mix of residential properties.

Designed as a unique gathering place for the local community, The Shops at Stonefield will feature outdoor dining, pocket parks and a central plaza. A pedestrian-friendly environment will link best-in-class retail with a variety of shopping, dining, and entertainment experiences – a center specifically created as a natural extension of Charlottesville's historic aesthetics and unique culture.

Located at the intersection of Hydraulic Road and Route 29, Stonefield will be anchored by a 65,000 square foot Regal Cinema, with 14 screens and stadium seating, making it the largest cinema within a 60 mile radius of Charlottesville. It will also be the only theater in the region offering "the IMAX experience," an immersive environment that allows viewers to watch movies in 3D.

"From the beginning, a state-of-the-art cinema has been part of our strategic plan as we create the foundation for a signature shopping and entertainment experience," said Jessica Bruner, Vice President of Leasing for Edens & Avant. "In addition to Regal Cinemas, we are extremely excited to introduce Trader Joe's to Charlottesville - a specialty grocer that we feel is a perfect fit for such a progressive community."

Trader Joe's will be approximately a 12,500 SF store. Along with Regal Cinema, Edens & Avant is also assembling an eclectic mix of regional retailers and restaurants that will be characteristic of the Charlottesville community.

"We are very excited to commence work on what we feel will be a truly unique retail, restaurant and residential district," said Steven Boyle, Edens & Avant Managing Director. "The citizens of Charlottesville have been patient with this project, and we are pleased to finally deliver it to the community."

At completion, the shops will offer 1.2 million square feet of retail and mixed uses. The development is anticipated to generate 722 new jobs in retail and hotel management, as well as 1700 new construction jobs over the life of the project.

Edens & Avant has awarded the construction contract to Faulconer Construction Company, a Charlottesville based site work contractor that has been a mainstay of the Central Virginia construction trade since 1946.

Follow the progress of the Shops at Stonefield on Facebook at http://www.facebook.com/StonefieldVA or on Twitter @StonefieldVA.

About Edens & Avant: Edens & Avant develops, owns and operates neighborhood shopping centers in primary markets throughout the East Coast. Focusing on innovative development and redevelopment together with key acquisitions in urban areas, the Company has built a portfolio of more than 128 retail centers in 15 states. Edens & Avant has Regional Headquarters in Boston, Washington DC, Atlanta, Miami and Columbia, SC (Corporate Office). For additional information about the Company and its retail real estate portfolio, please visit www.edensandavant.com.

SOURCE Edens & Avant