As September closed, a Covington-based affiliate of Anchor Properties, closed the deal on the 63 acres of land that is to become Florence Heights; the largest portion of undeveloped land on the Florence Mall Road corridor.
The development will contain a variety of retail stores, among which Costco and Menards will feature prominently. Costco hopes to open in about a year and Menards in the spring of 2016, according to Anchor vice president of development and acquisitions, Matt Grever. The Menards in Florence would be that company’s second location in the state. Being marketed to restaurateurs are two uncommitted outparcels on the property.
In addition to tax revenue, new businesses provide a trickle-down effect for a variety of companies. Printing companies, for example, will likely profit from the business card printing and other Stationery needs businesses have when they open a new location.
The Florence Heights project is, according to Florence Mayor Diane Whalen, key to Mall Road corridor redevelopment. The Mall Road corridor, almost two miles long, was created in 1976. It allowed for the region’s first and only shopping mall – Florence Mall, which brings shoppers and other enterprises into the area.
Today, the corridor district generates an annual payroll of $150m, employs 3,400 people, and provides the city of Florence with $8.2m in income tax.
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