Enclosed Shopping Mall Re-Development

Design and implement a major re-development of an enclosed regional mall to include a lifestyle “open-air” streetscape, new structured parking, and a significantly upgraded tenant-mix.

Project area approximately 500,000 square feet


Enclosed shopping malls are often the dominant retail offering in a given market and benefit from a diverse mix of tenants.  However, many such properties fail to maximize their value and therefore have significant upside potential resulting from increased vacancy, lackluster tenant mix, out-moded physical plant, increased competition, etc.

 

Project Goals:

  • Upgrade Tenant Mix
  • Incorporate Lifestyle Streetscape
  • Increase Net Operating Income (NOI)
  • Credit-enhance the asset
  • Create a competitive barrier to entry

Development:

  • Negotiated the buy-out of under-performing Bon-Ton department store
  • Negotiated the buy-back of existing AMC 12 screen, sloped floor theater
  • Obtained site plan approvals from existing anchors: Macy’s, Sears, Penney
  • Downsized and relocated Limited Brands
  • Obtained DEC approvals
  • Obtained Municipal Approvals

Project Accomplishments:

 

  • Design: Conducted design charettes with multiple leading architectural firms to refine project design, architecture, and site planning
  • Streetscape: Created an architecturally interesting, pedestrian-friendly, “life-style”,  open-air streetscape to redefine and energize the overall asset
  • Finance: Dramatic enhancement of NOI and sales performance across entire center resulting in center valuation increasing over $110 million
  • Leasing: Executed a leasing plan that resulted in an upgrade of the overall project tenant-mix, including:
  • Regal 16 screen megaplex
  • Best Buy
  • Cheesecake Factory
  • Bravo! Italian Cucina
  • Hyde Park Steakhouse
  • The Melting Pot
  • Bar Louie
  • P.F. Chang
  • Urban Outfitters
  • Lucky Brand
  • Sephora
  • Coach
  • Ann Taylor (relocated/expanded)
  • Forever XXI (30,000 s.f. junior anchor)
  • L’Occitane
  • Swarovski
  • Hugo Boss
  • MetroPark
  • Victoria’s Secret (relocated/expanded)

 

Project Status: COMPLETED