Cabela's officially buys land in Bristol, Va.

BRISTOL, Va. - The deal is done. Bristol, Virginia is celebrating a milestone in their plans to bring a new retail destination to the city.

Officials announced Friday Cabela's, an outdoor store, signed a purchase and sale agreement with the city to buy 10 acres of land off Exit 5 for $5 million.

Cabela's will serve as the first of two anchor stores in 'The Falls' retail development.   

City Manager Dewey Cashwell said this came as a "sigh of relief", since this deal means more could be on the way.

"What it means is we can hold out the offer placement in our development to other potential tenants to be able to say unquestionably that the anchor at the facility will be Cabela's," Cashwell told us. He added the city has about eight letters of intent from other retailers at this point.

Cabela's is expected to open in Fall of 2014.

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