Belk building new store in Bristol, Tenn.
Updated On: May 01 2013 09:17:44 PM CDT
The Belk store in the Bristol, Virginia Mall will be moving.
The retailer announced Wednesday it will relocate that store across the state line to be part of The Pinnacle development in Bristol, Tennessee. The project's developer says the store is set to open in May of 2015.
It will be one of at least two large anchors stores in the 250-acre Pinnacle shopping complex. Work on the other, Bass Pro Shops, is already underway at the site along I-81.
Belk says the present store at Bristol Mall will remain open until the new store opens in 2015.
Bristol, Tennessee officials says they're expecting major revenue from tax dollars. "In the long term it also provides an opportunity for this city to have a revenue stream to help us do other projects like build schools, take care of our roads and basically serve our citizens," says Bristol, Tenn. Deputy City Manager Mike Sparks.
Across the state line in Bristol, Virginia, officials are working on their own development called The Falls.
We contacted several Bristol, Virginia city officials and management at the Bristol Mall, but no one wanted to comment.
Bristol, Virginia plans to make their own announcement about The Falls on Thursday morning.
Bristol, Tennessee officials say there's going to be a regional impact from the new developments and the announcement of Belk will have a domino effect, bringing other stores on board.
"This really helps set the stage for multiple announcements after this," adds Sparks.
The developer at The Pinnacle says they have about 20 letters of intent with stores that will be turned into contracts and expects more announcements coming soon.
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