CVS project may jumpstart Dayton retail
The deal put together in late September that will bring a CVS Pharmacy to Dayton was the culmination of a years-long process and signals some positive news in the retail sector for hard-hit Lyon County, says Brad Bonkowski of Coldwell Banker Commercial Premier Brokers in Carson City.
CVS will anchor the new 50 Fortune Shopping Center at Highway 50 and Fortune Drive. The company headquartered at Woonsocket, R.I. will occupy 74,000 square feet on a 1.4-acre site. There is the possibility for additional retail development through adjacent landowners, Bonkowski says.
The center’s developer, 50 Fortune LLC, has prepared a master plan for the site and plans to sell off additional parcels to other developers. The addition of CVS is the first significant retail development in Dayton since the early days of the recession, which eroded home values in Dayton and stagnated growth.
“We are starting to see signs of life in the retail sector in Dayton, and this can only help,” Bonkowski says. “This is a sign that the economy is turning and there is more of a rosy outlook moving forward. Things are getting better not quickly but they are getting better.”
CVS paid $1.25 million for the pad-ready site adjacent to the Dayton Valley Medical Center. The store is expected to be open for business sometime in 2014.
Coldwell Banker Commercial Premier Brokers represented the landowner, and Jack Brower of Sperry Van Ness/Gold Dust Commercial Associates represented the developer for CVS.
Since launching its new pediatric products two years ago, Neo Medical has seen a 35% growth in sales; moreover, the company has seen revenue grow 15% year-over-year since relocating to Sparks in late 2012.