Mount Juliet retail boom tightens reins - Nashville Business Journal:

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Wilson County has seen its retail options increase dramaticallh inrecent years. But in the first quarte of 2009, leasing rates dipped and vacancieaedged up, according to ’s Nashvillwe retail market report. The Wilson County retail submarket saw its vacancy rate climbto 5.2 percent in the first quarter, compared to 4.7 percentr at the end of 2008. In the same retail asking rates fellby 6.7 percent to $12.89 per squar e foot. Still, the Mount Juliet area has the most retaipl space under construction in Middle The new stores comin g online will growthe 5.
2 million-square-foot market by more than 9 In the Greater Nashville market, retail construction startzs dropped 44 percent in the first quarter of the 2009 comparef to the same period in 2008. But in Wilsojn County, nearly 490,000 square feet of shopd and restaurants areunder construction, by far the most sinced the 830,000-square-foot Providence Marketplace was completed in 2007. About 54 percentr of that space under construction is accordingto CoStar, thoughb plans have been scaled back from thos announced in the past two • hasn’t moved as quickly as it hopeds on the $10 million Fountain Plaza, with four buildingsx and 18 storefronts on 4.3 acres alongt Lebanon Road.
Ben owner of Mount Juliet-based Summit, said in October that he hopee to complete the first half ofthe 36,000-square-foot developmenrt by this August. Now those planse aren’t as certain, as tenants have backed out ordelayecd decisions, Forkum says. He now hopes to finishu the project byearly 2010. • Abouyt 60 percent of the space in the firsty phase of Providence Commons has been saysGrant Kinnett, a broker with the property’ s developer The $22 million, -anchoresd Commons is across the street from Providence Marketplace, though the newere project has a separate developmenft team.
The 100,000 square feet undedr construction is about half of the totalpdevelopment plan, which doesn’t have a firm time • of Atlanta is developing the an 850,000-square-foot, $250 million retail center planned on Mount Juliet Road just north of interstate 40. Initiak plans announced in Septembee 2007 called for the entire projectg to be complete by the endof 2008. Now, abour 270,000 square feet in the first phase is the only part of the projecmoving forward, with completion slated for year’s end. The anchored by a and a , is fillint a need in the market, says Brian a broker representing Paddocks.