DeKALB – Construction remains on track at the former site of Small’s Furniture on Sycamore Road in DeKalb.
According to property owner and developer John Pappas, the 12,950-square foot retail center will be completed by mid-November. He expects to begin moving in businesses 15 to 20 days after that.
The center’s main unit likely will host a high-end seafood restaurant, Pappas said. He declined to reveal what other businesses may be interested in locating to the site, but said he’s actively speaking to six or seven potential tenants.
“We have not signed any leases as of right now, but that’s going to start happening in the next couple of weeks,” he said.
Work at the property has been moving at a blistering pace. Pappas had the old Small’s Furniture building demolished in June. Construction on the new building began immediately.
“We’ve had nice weather; we have good contractors we’re working with,” Pappas said. “The management is pretty organized.”
While the total cost of the development is going to cost Pappas about $4.2 million, he is receiving help from DeKalb city coffers by way of $423,900 in tax increment financing money. City leaders expect those funds to be replaced within seven years by sales and property tax revenues generated by the development.
Pappas said he doesn’t think he’ll have any trouble filling the development.
“We’ve got a great location, right across from Super Walmart,” he said. “I think there is a need for this type of building at this particular location, and we’ll attract outside tenants from different communities.”