So few real estate development projects are moving forward that we find it to be a huge success that we have been able to initiate construction on this major retail project
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Frederick, Maryland (Vocus) October 29, 2009
Faison-Clemson LLC and Atapco Clemson, LLC broke ground today for their new shopping center, Clemson Corner, located on 37 acres in Frederick, Maryland. This commercial development project, scheduled to be completed in Spring 2011, will be anchored by Wegmans, Lowe's, and Marshalls, in addition to a free-standing Wachovia full-service bank. "So few real estate development projects are moving forward that we find it to be a huge success that we have been able to initiate construction on this major retail project," said James C. Castillo, Director-Retail Development for Faison. "In these difficult economic times, we are pleased to be able to create over 150 construction jobs for 18 months, and more than 1100 full time job equivalents, once the project is open and operating. We thank the City of Frederick for its support and are pleased to be partnering with Atapco to make this project a success."
A joint venture between Faison and Atapco, Clemson Corner will comprise approximately 380,000 square feet of retail space, located at the intersection of US Route 15 and Maryland Routes 26 and 355 on the north side of the City of Frederick. Faison spent nearly five years in the entitlement process annexing the property into the City of Frederick from Frederick County. This was the first annexation to the City in nearly 10 years. The partnership secured an initial loan through PNC Real Estate Finance in the amount of $6.5 million, which provided for acquisition of the real estate and which will fund the initial development costs of the project. The $6.5 million facility will convert into a full construction loan of $29.5 million. At the ceremony, Howard S. Biel, PhD, Senior Managing Director for Faison said, "It is the Clemson Family Farm that we purchased in August 2009 … the 37 acre setting for Clemson Corner. They worked with us beautifully when we need to extend our purchase contract. They were extremely cooperative throughout the entire process and our purchase of the land. Without tenants we would not have a project. Faison and Atapco do not do projects that are not well anchored by the quality tenants that are active in a metropolitan community."
Patrick Coggins, LEED AP, Vice President - Development for Atapco Properties, Inc. added, "On behalf of Atapco Properties, we are extremely excited to have the opportunity to invest in Frederick, Maryland. We are certain that Frederick will continue to be a great place to live and it's a good place to invest."
Frederick Mayor William J. Holtzinger made closing remarks by saying, "I'm glad you understand that Western Maryland, particularly Frederick County and the City of Frederick, is the place to be. Thank you for investing in the City of Frederick and Frederick County."
Atapco Properties is a wholly owned subsidiary of American Trading and Production Corporation, which was originally formed in 1931 to consolidate, expand and diversify the business activities of the Blaustein family, the founders of the American Oil Company (AMOCO). For more information, please visit http://www.AtapcoProperties.com.
Faison Enterprises, Inc. is a privately-held development company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 45 years in the business and holdings of approximately $1 billion, the Charlotte NC based company manages and develops properties throughout the Southeast and Mid-Atlantic and maintains regional offices in Bethesda MD, Charlotte NC, and Atlanta GA. For more information please visit http://www.Faison.com.