THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Thursday, September 29, 1994 TAG: 9409290439
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY MYLENE MANGALINDAN, STAFF WRITER
LENGTH: Medium: 87 lines
Alexius C. Conroy, the Connecticut-based developer of the proposed MacArthur Center announced Wednesday that a Japanese firm will lead the downtown shopping center's construction team and will financially back the $270 million project to help ensure its completion.
The choice of Kajima International Inc., based in Englewood Cliffs, N.J., was unveiled at a breakfast meeting of the Downtown Norfolk Council in Main Street Tower. Members of the business community, the City Council and other city officials attended the meeting, which featured Conroy as the keynote speaker.
``Kajima is one of the largest and most well-known construction companies in Japan,'' Conroy said. Kajima International is a subsidiary of Kajima Corp., a $16 billion company with net assets exceeding $300 billion. Conroy and Norfolk city officials chose Kajima primarily for its participation in securing financing for the 17-acre project.
Conroy said he and the city are working on four financing proposals. He called Kajima's involvement ``a key element'' in the financing process, which should be completed in three to four months. The firm's commitment to the project is very meaningful, he said.
Kajima will lead a construction team composed of national and local firms that will work on the three-story mall, to be anchored by Nordstrom and Macy's department stores. The city and Conroy decided to enlist the participation of several firms because of the center's size and the need for particular expertise in building a mall in a restricted downtown space.
Leasing and management of the mall will begin next month. The city of Norfolk and Conroy are negotiating with a national firm to handle leasing and management of the shopping center. That firm will open a local office.
A decision on a third anchor has not been made, although the mall's developers are considering five stores.
Construction will start in March 1995. The mall is expected to open in the fall of 1996.
Alexius C. Conroy, the Connecticut-based developer of the proposed MacArthur Center announced Wednesday that a Japanese firm will lead the downtown shopping center's construction team and will financially back the $270 million project to help ensure its completion.
The choice of Kajima International Inc., based in Englewood Cliffs, N.J., was unveiled at a breakfast meeting of the Downtown Norfolk Council in Main Street Tower. Members of the business community, the City Council and other city officials attended the meeting, which featured Conroy as the keynote speaker.
``Kajima is one of the largest and most well-known construction companies in Japan,'' Conroy said. Kajima International is a subsidiary of Kajima Corp., a $16 billion company with net assets exceeding $300 billion. Conroy and Norfolk city officials chose Kajima primarily for its participation in securing financing for the 17-acre project.
Conroy said he and the city are working on four financing proposals. He called Kajima's involvement ``a key element'' in the financing process, which should be completed in three to four months. The firm's commitment to the project is very meaningful, he said.
Kajima will lead a construction team composed of national and local firms that will work on the three-story mall, to be anchored by Nordstrom and Macy's department stores. The city and Conroy decided to enlist the participation of several firms because of the center's size and the need for particularexpertise in building a mall in a restricted downtown space.
Leasing and management of the mall will begin next month. The city of Norfolk and Conroy are negotiating with a national firm to handle leasing and management of the shopping center. That firm will open a local office.
A decision on a third anchor has not been made, although the mall's developers are considering five stores.
Construction will start in March 1995. The mall is expected to open in the fall of 1996. ILLUSTRATION: Color photo
ALEXIUS C. CONROY
by CNB