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BUILDING CROSSROADS
EARLY 1980S: Commercial real estate broker Steve Stroud assembles 265 acres at U.S. 1/64 and Interstate 40 for the Harlon Group, a Texas land developer.
1985: Harlon sells acreage to the Ohio Public Employees Retirement System. Trustees of the fund propose "Crossroads Park," which would be the largest enclosed shopping mall in the state, with 2 million square feet of retail space.
1987: About 100 acres are sold to L.J. Hooker of Atlanta. The pension fund keeps 165 acres for offices.
1989: Hooker files for bankruptcy. Meanwhile, neighborhood opposition kills a proposed interchange with Interstate 40.
1990: New Market Development of Atlanta buys the retail land and begins construction. Office development is under way in Crossroads Corporate Park.
1991: Crossroads Plaza opens as the Triangle's "power center," an open-air shopping area with free-standing large anchor stores. Crossroads anchors include Service Merchandise, Home Quarters, Uptons and Phar Mor.
1993: The opening of Lowe's Home Improvement and the anticipated arrival of Home Depot and Target prompt major road construction around Crossroads.
1999: Crossroads' largest remaining original anchor, Phar Mor, closes. Uptons also leaves. Consolidated Theaters opens a 20-screen movie theater.
2007: About 18.5 acres sold on Jones Franklin Road for apartments.
(STAFF RESEARCH)
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