Grubb Properties Signs Whole Foods Market® to Anchor Elizabeth Avenue
Charlotte, North Carolina (July 28, 2004) – Grubb Properties Inc. today announced that Whole Foods Market (NASDAQ: WFMI), the world’s largest natural and organic supermarket, will join the Elizabeth Avenue development project as the anchor of the six block district. The area is currently being redeveloped into a mix of retail, office and residential space to create a cohesive, urban, pedestrian-friendly environment.
This new gourmet supermarket will be the first Whole Foods Market in the Charlotte area and it will occupy 50,000-square-feet on the corner of 4th Street and Hawthorne Street, less than a mile from Center City Charlotte. The 50,000-square-foot store is one of the Company’s larger supermarkets and it will have a flagship presence within the Elizabeth Avenue development. The specialty grocery store will be adjacent to Presbyterian hospital and surrounded by affluent neighborhoods such as Elizabeth, Myers Park, Eastover and Dilworth.
“Charlotte is a great fit for Whole Foods Market, and adding Charlotte to our growing map of Southeastern store locations is a goal we have worked hard to achieve,” said Ken Meyer, regional president for Whole Foods Market. “The Elizabeth Avenue District is an exciting opportunity for us to make our entry into the Charlotte market. We’re confident Whole Foods Market will become the destination of choice for Charlotte’s foodie community and a favorite gathering place for the city’s many great professional and home chefs.”
Whole Foods Market features a fresh and enticing selection of natural and organic products. It’s kind of an old-fashioned green grocer, an organic farmer’s market, a European pastry shop, a custom butcher and seafood shop, a rotisserie grill, a healthful take-out deli, a first class wine merchant, a nutrition and bodycare center, a full-service market and a community center all rolled into one. Combine the great-tasting food with outstanding customer service and the result is a pleasantly atypical grocery shopping experience.
“Whole Foods Market is the keystone tenant that sets the tone for the redevelopment efforts in the Elizabeth Avenue District,” said Clay Grubb, president of Grubb Properties, developer of the Elizabeth Avenue project. “We have set high standards for our retail mix in this development and Whole Foods Market is a great reflection of the type of quality retailers that we will be bringing to Elizabeth Avenue and to the Charlotte area.”
Construction on the new Whole Foods Market is slated to begin the spring of 2006 with a targeted opening late 2007. Bill Moseley of Adams Moseley represented Whole Foods Market and Jonathan Nance, Grubb Properties’ Retail Broker, represented Grubb Properties in the deal.
The $240 million, ten-year Elizabeth Avenue redevelopment plan, is a collaborative effort between Grubb Properties, Presbyterian Hospital and Central Piedmont Community College and encompasses a six-block area between the two institutions. The project is envisioned to contain 340,000-square-feet of Class A office space, ultimately 800+ residential addresses in a range of market types and more than 250,000-square-feet of retail including Whole Foods Market, specialty boutiques, service-oriented shops, 150+ room hotel, an 8 screen movie theater and about 25 restaurants.
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About Whole Foods Market
Founded in 1980 in Austin, Texas, Whole Foods Market is the world’s largest natural and organic foods supermarket and America’s first national “certified organic” grocer. In fiscal year 2003, the company had sales of $3.1 billion and currently has more than 160 stores in the United States, Canada, and the United Kingdom. The Whole Foods Market motto, “Whole Foods, Whole People, Whole Planet”™ captures the company’s mission to find success in customer satisfaction and wellness, employee excellence and happiness, enhanced shareholder value, community support, and environmental improvement. Whole Foods Market, Harry’s Farmers Market®, and Fresh & Wild® are trademarks owned by Whole Foods Market IP, LP. Whole Foods Market employs more than 27,000 team members and has been ranked for seven consecutive years as one of the “100 Best Companies to Work for” in America by Fortune magazine.
Whole Foods Market’s South region is home to stores located throughout Georgia, North Carolina and South Carolina. Whole Foods Market purchased Atlanta-based Harry’s Farmers Market mega-stores and a warehouse and distribution center in 2001.
About Grubb Properties
Grubb Properties, Inc., founded in 1963, is a fully integrated real estate company with development, construction, acquisition, sales, leasing and management expertise. The Company’s real estate portfolio includes over 2,500 apartment homes and one million square feet of office and retail property. Grubb Properties is committed to securing the best locations in North Carolina and creating a superior return on investment for partners and clients. For additional information about Grubb Properties visit www.grubbproperties.com.
For additional information contact:
Laura Smith
Grubb Properties
919.388.5773
919.247.6936 (mobile)
lsmith@grubbproperties.com
Cheryl Galway
Whole Foods Market
770.751.3353
cheryl.galway@wholefoods.com
Lisa Tilt
Edelman on behalf of Whole Foods Market
404.262.3000
lisa.tilt@edelman.com
Posted: July 28, 2004 - Press Release | More News
