International retailers, wholesalers and manufacturers are all expected to converge on WorldStreet.
WorldStreet, a multibillion master retail resort project going up in Northern, Va., will blend retail, wholesale and factory direct stores with dining, live performance and artistic venues.
“We have designed a complex that boldly blurs the lines,” says David Mignatti, president of WorldStreet. “Ownership of showrooms and stores has never been done before in an enclosed retail venue of this magnitude.”
When completed in 2008, WorldStreet will be the 750,000-square-foot anchor for the Silver Companies' planned community Celebration, Va. The Washington, D.C. — based Silver Companies is developing 4.5 million square feet of mixed-use projects along the southern corridor of I-95 in northern Virginia.
Mignatti contends, WorldStreet will be a first-of-its-kind indoor retail project that combines a piece of the American Dream with sales opportunities. The Silver Companies will offer financing for up to 75 percent of the purchase price for a retail condominium.
The Silver Companies projects more than 100,000 car trips daily to WorldStreet, drawing from a combination of tourists, the six million residents within an hour's drive and the 81.3 million vehicles that pass Celebration every year.
When it comes on line in two years, WorldStreet will be the Silver Companies' first indoor retail resort.
It is already looking at developing more of the so-called “alternatives to traditional malls” in Las Vegas, Orlando, Miami, New York, Los Angeles and Toronto.