Meadville Medical Center announced that it has reached a formal agreement with Cocca Development to bring additional retail to the Vernon Place property, including large retail chain TJ Maxx.
Cocca Development intends to purchase one of the recently subdivided parcels on the property and will build and lease space to various retail businesses.
Additional businesses are in their final stages of due diligence and are expected to build and lease on the property as well. Infrastructure on the property, funded primarily by the Redevelopment Assistance Capital Program, enables the health system to continue the necessary infrastructure work to attract these partners.
“We are very excited about the collaborative efforts between the hospital, Economic Progress Alliance, and Cocca Development that led to this outcome. Maintaining and improving access to quality healthcare services, developing commerce, job creation and adding retail opportunities in our region is what we have always envisioned at Vernon Place. It’s an exciting time for Vernon Place as we anticipate being able to announce additional retail and medical development on the site in the near future,” stated Philip Pandolph, Chief Executive Officer of Meadville Medical Center.
Collaboration from the Economic Progress Alliance, and support from Senator Michele Brooks and Representative Brad Roae, were important in continued development of Vernon Place.
We are so excited that TJ Maxx is coming to town and think it is a great addition to the community,” said Jim Becker, Executive Director, Economic Progress Alliance of Crawford County. “The team assembled by the medical center worked well together to identify excess land at Vernon Place and target developers to make this project a reality. Our development partnership with Meadville Medical Center has never been stronger and we look forward to many more partnerships in the future.”