14B — August 11 - 24, 2017 — New Jersey — M id A tlAntic
Real Estate Journal
www.marejournal.com
N ew J ersey
include renovation of the Kmart building into a 30,000 s/f showroom for Raymour & Flanigan $13 million project bringing Olive garden to Vineland on track V
iNELAND, NJ — The $13 million project ex- pected to bring Olive Garden and furniture giant Raymour & Flanigan to Del- sea Dr. is moving forward as planned. Vineland Director of Eco- nomic Development Sandy Forosisky told The Daily Jour- nal she spoke with Raymour & Flanigan representatives, who said the company is finalizing the lease for two lots at the site of the former Kmart. Part of that process includes a site plan exhibit that must be approved by Olive Garden,
Olive Garden and Raymour & Flanigan are expected to anchor new businesses coming to the former site of Kmart on South Delsea Dr. according to Forosisky.
Olive Garden stock image
The project calls for the reno- vation of the Kmart building which closed in October 2015 into a 30,000 s/f showroom for Raymour & Flanigan and a 50,000 s/f Gabe's discount clothing store. Olive Garden and still-to- be-named grocery and auto parts stores would also be con- structed on 123,000 s/f of space at the 15-acre site at 3850 S. Delsea Dr.. The existing TD Bank and Arby's restaurant on location would be unaffected by the project. In March, the New Jersey Economic Development Au- thority approved a proposal by Raymour & Flanigan Proper- ties, LLC, that includes roughly $3 million in eligible state tax refunds. Earlier this month, the NJE- DA at its board meeting OK'd a recommendation to designate Vineland Delsea Dr., LLC (VDD), as the recipient of the incentives. In a memorandum to the board, NJEDA president and COO Timothy Lizura wrote. "The expectation was that Raymour & Flanigan Proper- ties, LLC would create a new single purpose entity (VDD) to be the owner of the property, which is consistent with how development projects are han- dled by (Raymour &Flanigan)." Lizura noted VDD was pre- pared to close on one of the two lots needed for the project at a cost of $2.85 million. The March proposal said the project would create approxi- mately 133 full-time jobs. Estimated opening dates for the businesses are contingent on land acquisition, with Ray- mour & Flanigan needing a year; Olive Garden and Gabe's 18 months; and the grocer and auto parts stores two years. n
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