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4-Traders Homepage  >  Equities  >  Nyse  >  Wal-Mart Stores, Inc.    WMT

Delayed Quote. Delayed  - 02/12 04:01:11 pm
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Wal Mart Stores : Spring construction expected for Egg Harbor Township WalMart

02/13/2016 | 12:04pm US/Eastern

Construction on the more than 120,000-square-foot WalMart Supercenter, which township officials hope will generate more than a $1 million a year in tax revenues, is expected to start in the spring.

The Wolfson Group, the developer of the site located near the intersection of Fire Road and the Black Horse Pike, is working on meeting its township Planning Board mandates before being able to apply for the needed construction permits, said Peter Miller, township administrator.

They have represented to me that they should have everything in order within four to six weeks, and then they would submit their construction drawings, Miller said. Their goal is to get a permit for construction this spring.

Over the years, the project has been delayed by legal issues.

It was originally approved by the township Planning Board in 2011, but legal challenges have delayed the start of construction. In October, the state Supreme Court refused to hear Springfield-based Village Super Markets Inc.s appeal of a lower-court ruling that said the Planning Board followed local land-use law in approving the project in 2011. The ruling cleared the way for construction on the project to start.

A fiscal analysis done by the developer in 2010 estimated the project would bring the value of the property to about $33 million. If that were the overall assessed value, it would mean the property would have had a 2010 total tax bill of $1.3 million. The property currently is assessed at $11.5 million. The fiscal analysis also predicts 423 jobs will be created by the shopping center, which will include two adjoining retail spaces, a separate bank and four detached fast-food restaurants, plans filed with the township show.

Wal-Mart is in the final stage of pulling permits to begin preliminary site work and demolition that is required before construction can commence sometimes later this year. said Jennifer Hoehn, Wal-Marts director of public affairs. Were eager to provide additional convenience, affordable grocery options and new jobs to Egg Harbor Township.

The store will be located just 7 miles from the Wal-Mart Supercenter on the Black Horse Pike in Hamilton Township. The proposed Egg Harbor Township store also will be less than a mile from the Sams Club another Wal-Mart Stores Inc. property on the Black Horse Pike in Pleasantville.

The project is not the companys only new location in the area. A WalMart is under construction in Little Egg Harbor Township. The 161,000-square-foot Supercenter is expected to open in the spring, officials have said.

(c) 2016 NNA LEBANON Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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