Barnett Properties

Sep 17, 2010

DEVELOPMENT TAKES OFF


Martinsville,VA.-- This community at the heart of Henry County, located 12 miles north of the North Carolina state line is poised to break out of the economic doldrums which have plagued it for the past 15 years. 

Until two years ago the area was still reeling from the loss of textile and furniture plants which went first to Mexico and then to Asia. Today there  is still some shakeout taking place as the furniture industry makes the adjustment from manufacturing to that of distribution. 

However there is a new sense of optimism. Much of the old manufacturing space is being recycled, upgraded and refurbished, and in some cases demolished to make way for new construction.

There are still some buildings available in the 600-800,000 square foot range but there is a growing demand for smaller space in the 50,000 to 75,000 square foot range.

Much of the optimism is generated by recent announcements that a local foundation is spearheading the development of a 90-acre soccer and sports complex in the outskirts of the city in Henry County. This is expected to generate demand for more hotel rooms, restaurants,etc.

This, coupled with a proposed 40,000 square foot multi-purpose arena  and fitness center with a 1/8-mile elevated  walking track in the center of town has breathed a new sense of optimism into the community.

Our firm is currently involved in the development of a new 30,000 square foot retail, restaurant and office facility tucked between the 4,000 employee Patriot Center Industrial Park and 4,000 student/faculty Patrick Henry Community College, one of the features of which will be a new child day-care facility, drug store, medical offices and neighborhood commercial area to help service the King's Grant Retirement Community across the street.

There is a new sense of excitement in the air and it is our intention to keep you informed as these develop. 

(For more information on anything you read in this space you may contact James Barnett, CCIM by e-mail at jbarnett@ccim.net or by telephone at 276.656.3538} 


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