OXFORD, Mississippi – The success of Trezevant Realty’s Galleria 1 has led principal John Trezevant to announce a fall groundbreaking for a $35 million Galleria II.
This second phase scheduled for completion in fall 2015 will add another 221,000 square feet of retail to a shopping cluster that includes Galleria 1 anchored by Belk, Home Depot and Office Depot and Trezevant’s Oxford Marketplace. With Galleria II, the cluster will have about one million square feet of retail valued at between $150 million and $200 million, according to Germantown, Tenn.-based Trezevant Realty, which also has an office in Oxford.
Galleria II, which is to go up near Jackson Avenue and West Oxford Loop, will include dining, entertainment, hospitality, national retailers and big-box stores, Trezevant said in an interview Tuesday.
“By the time we start this fall the majority of merchants will have already signed leases,” he said.
Some may buy their lots and build their own stores while others may contract for a build-to-suit space and others may take spec space, he added.
Retailers going into the new complex want to be connected and tied to other national merchants, the developer said. “The layout of the shops will be predicated on what the national merchants want.”
Though he declined to name prospective merchants, he said the Galleria II mix will include “a bunch of stores that Oxford does not have right now.”
Expectations are that tenants will include a couple of women’s ready-to-wear apparel retailers, a jewelry store, an electronics retailer and likely a men’s apparel and sporting goods seller, according to Trezevant.
Trezevant said he bought an option on the Galleria II property five years ago and has waited for the region’s retail market to pick up before developing the property. “This is certain indicative of an improved economy,” he said. “It’s also the result of how well our merchants are doing at Galleria I.”
Many of the current retailers set sales records in 20120 and 2013 in the fully leased Galleria I, according to Trezevant.
Trezevant said his realty firm and the Davis Family Trust of Oxford are covering the $35 million cost of the Galleria second phase.