After announcing the being developed on the vacant Kmart property, many Richfield Patch readers . Now it looks like their wishes will come true.
Wellington Management Inc. Vice President Tanya Bell told the Richfield City Council and audience members Tuesday night that the company was 80 percent done with negotiations and expected to secure a final lease agreement at the end of August 2011. Once this is done, and the company has secured a bank loan, the project will continue to move forward.
"I think [LA Fitness has] determined [Richfield] is a fabulous first-ring suburb with a community and demographic that they feel sort of meets their typical member," Bell said.
However, she said Wellington's purchase agreement on the site also expires at the end of August 2011, putting more pressure on the company to get the lease executed and funding secured. If all goes as planned, the company would close on the site in September and begin the first phase of construction in October or November.
, the initial plans included knocking down the existing structure and building three separate structures—one of such buildings being an LA Fitness.
The total development project will include the fitness space, a 19,700-square-foot retail space——and a 9,000-square-foot restaurant space. There will also be 20,000 square feet of additional landscaped space.
The project will be completed in two phases:
- Phase I: Construction of the fitness facility and retail space.
- Phase II: Construction of the restaurant space.
Bell said the company anticipated the second phase of development to begin about 12 months after the first.
In addition, a Richfield Housing and Redevelopment Authority (HRA) property adjacent to the Kmart site is considered necessary by the city for the completion of Phase II. As part of Tuesday’s discussion, the council considered an amendment to the current development plans that would require Wellington Management Inc. to purchase property to promote second-phase development.
The HRA property would make up 14,001 square feet of space. Wellington Management Inc. is currently negotiating the price of the property.
Stay tuned for more developments and updates on this project from Richfield Patch.