BRISTOL, Tenn. — Thirty-six months ago, what is now The Pinnacle development was a 300-acre field. By spring 2016, the development will total more than 700,000 square feet of retail, dining and entertainment, developer Steve Johnson announced Thursday.
“The reason we’re here today is to announce the newest phase of The Pinnacle called the Crescent and Tower Shops,” Johnson said during a news conference. “It’s a lifestyle center with over 122,000 square feet that represents an added $30 million in private investment.”
Johnson said the types, style and quality of the tenants represent a total of $150 million in private investment and more than $200 million a year in total sales.
“There’s no question The Pinnacle has benefited the area economy,” Johnson said. “This development is providing a welcomed boost to the economies of our entire region. There have been over 2,000 construction jobs created because of our progress to date and over 1,500 full- and part-time jobs and we have more to come.”
Bristol Tennessee Mayor Lea Powers echoed Johnson’s statements.
“I think it speaks volumes that so many city councils, county commissions and chambers are represented here today,” Powers said. “We all understand that this project is the game-changer for our region. It has brought in jobs, marketability and is a huge engine of economic development that is very far reaching.”
Johnson said his vision is to stretch The Pinnacle from U.S. Highway 11W in Tennessee to Gate City Highway in Virginia.
“I’ve assembled the land to do just that,” he said. “The first half of the project all lies within Tennessee. The next half, which we are very much looking forward to, lies in Washington County, Virginia. We’re blazing a completely new trail with this development — it took us about 48 months from conception to where we are today and I think that within the next 36 to 48 months we could finish the second half.”
Part of the vision for the next phase is to add an amphitheater to the mix.
“I have a passion for music and I believe a world class venue here would kill it,” he said. “I have a strong desire to build an amphitheater to host the biggest acts in the country where we could get 15,000 people a month in here. That’s the vision, but I want to catch my breath and let things settle in first, but that’s where we’re headed.”
Sullivan County Mayor Richard Venable said Johnson’s legacy will be much like that of football coach Vince Lombardi, who put together a team to accomplish great things.
“I lacked the talent, size and the smarts to play with the Dallas Cowboys and the New England Patriots,” Venable said. “But I’m happy to be on the same team with Steve Johnson.”
The Crescent and Tower will house: Aveda, Carter’s, OshKosh, Christopher Banks, GAP, Old Navy, Party City, Surf & Dirt, Francesca’s, Justice, Kay Jewelers, Lane Bryant, LOFT, Maurice’s, Rack Room Shoes and Yankee Candle.
Johnson said there are a few more tenants that have not finalized their leases.
The Pinnacle Twelve by Marquee Cinemas, the 54,000-square-foot state-of-the art entertainment center, is expected to open this fall.
“It will have 12 screens, plush, high back rocking and reclining chairs, stadium seating, Real D 3D cinema technology as well as digital sound and projection,” he said.