Public-private partnership to revitalize Marketplace shopping center in Christiansburg

Christiansburg, VA – Christiansburg Town Council on Tuesday unanimously approved a $1.38 million cost-sharing agreement to improve the public entrances, public stormwater infrastructure and public sidewalks at and around the Christiansburg Marketplace to facilitate the shopping center’s redevelopment by KR Christiansburg LLC.

The development group KR Christiansburg will now move forward with closing on the property in spring 2018 and working with engineering, survey, and design teams to develop specific plans, with the goal of beginning construction in summer 2018. Construction is estimated to last up to 30 months.

“We are so pleased to work with such a creative and professional staff,” said KR Christiansburg’s Representative Josh Rector. “We look forward to bringing this property back to life and expect to have at least a 65 percent occupancy rate by next year, up from 10 percent today.”

KR Christiansburg plans to invest $30 million into the renovation of the Marketplace to revamp the architecture and building facades, as well as to build new parking lots, complete interior work and possibly add new standalone buildings.

KR Christiansburg LLC is the next venture for a partnership that has been involved in about 48 shopping centers and shopping center renovations.