Dollar Tree Moving Forward with Chesapeake Campus Development Project
~ Project Rezoning Application was Approved in September 2013 ~
CHESAPEAKE, Va.--(BUSINESS WIRE)--
Dollar Tree, Inc. (NASDAQ: DLTR), North America's leading operator of
discount variety stores, today announced that it is moving forward with
its existing plan to develop its 70 acre property along Volvo Parkway in
Chesapeake, Virginia. The Company's rezoning application was approved by
Chesapeake City Council in September 2013 after a series of public
hearings. Progress on the real estate development paused while the
Company worked through its recent acquisition of Family Dollar.
The development plans include a broad mix of possible uses such as
retail, office, civic, hotel, and multi-family, as well as a public
parking deck. Among other things, the Company expects additional office
space will allow it to expand organically by at least 100 new jobs
annually over the next six years. Governor Terry McAuliffe, the
Commonwealth of Virginia and the City of Chesapeake have facilitated the
Company's expansion through grants, tax credits, and the Greenbrier Tax
Increment Financing (TIF). As a result, the Company has decided that the
City of Chesapeake will be the center of much of its corporate growth.
The City Council must approve the project in a public meeting.
Much of the new village-style development will be vertical, which
maximizes open space for greenery, plazas, and spacious street-scapes.
The development will directly benefit Dollar Tree's associates and the
general public by fostering uses such as restaurants, daycare, doctors'
offices, apartments and condominiums.
"Dollar Tree has seen tremendous growth over the past 30 years," said
Bob Sasser, Chief Executive Officer of Dollar Tree. "We have grown from
a small number of stores to a leading retailer with more than 14,000
retail stores across North America. To facilitate our continued growth,
we are investing in the development of corporate facilities."
"We are proud to be part of the Hampton Roads community," Sasser
continued. "We are appreciative of the support we have received from the
City of Chesapeake and the Commonwealth of Virginia throughout the past
three decades. We are excited about this development and the opportunity
to create more jobs, as we grow our business."
About Dollar Tree, Inc.
Dollar Tree, a Fortune 200 Company, operates more than 14,000 stores
across 48 states and five Canadian provinces. Stores operate under the
brands of Dollar Tree, Family Dollar, and Dollar Tree Canada. To learn
more about the Company, visit www.DollarTree.com.
A WARNING ABOUT FORWARD-LOOKING STATEMENTS: Our press release contains
"forward-looking statements" as that term is used in the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
address future events, developments or results and typically use words
such as believe, anticipate, expect, intend, plan, forecast, or
estimate. For example, our forward-looking statements include statements
regarding our plans to develop property in Chesapeake, Virginia and the
benefits anticipated from such plans including job growth. For a
discussion of the risks, uncertainties and assumptions that could affect
our future events, developments or results, you should carefully review
the "Risk Factors," "Business" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" sections in our Annual
Report on Form 10-K filed March 28, 2016, our Quarterly Report on Form
10-Q filed June 9, 2016 and other filings with the Securities and
Exchange Commission. We are not obligated to release publicly any
revisions to any forward- looking statements contained in this press
release to reflect events or circumstances occurring after the date of
this report and you should not expect us to do so.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160803005255/en/
Dollar Tree, Inc.
Randy Guiler, 757-321-5284
Source: Dollar Tree, Inc.
News Provided by Acquire Media