In an interview by The Santa Fe New Mexican, Carmen D. Spinoso, Chairman and CEO of Spinoso Real Estate Group, reflects on the motivation to invest in, and transform Santa Fe Place, located in Santa Fe, NM:
“The first thing that made me smile,” said Spinoso, “was the people [of Santa Fe]. Everybody I talked to was warm and welcoming. I fell in love with the sense of community and the pride of the residents.”
Mr. Spinoso realized that Santa Fe was an underserved market, with a strong population base that also was home to more than four million annual tourists. Further diligence revealed:
- Santa Fe Place was the “Only Game In Town” – the only true enclosed shopping mall, with the nearest competitor located more than an hour away.
- Santa Fe Place was literally the BEST piece of commercial real estate in the entire market – located at the most trafficked and highly visible intersection in the area.
- Santa Fe Place had more linear frontage, and more convenient parking than any other site in Santa Fe.
- Santa Fe is the State Capital of New Mexico with a large, durable economic driver of State Government employees.
- Santa Fe Place is the anchor to the most DOMINANT retail node in the market.
- Santa Fe Place had once prospered as the premier shopping destination in the market, but had suffered from many years of neglect and mismanagement by former owners.
- The tenants that remained at the property performed extremely well.
Extensive research confirmed that the market could support, and desired, a quality project. Furthermore, the current occupancy level (SFP was 70% VACANT) was a function of mismanagement and lack of committed sponsorship.
As a result, the decision was made to acquire this “diamond in the rough” and invest in redeveloping the property to re-establish Santa Fe Place as the premier shopping, dining, and entertainment destination in the market.
Through developing a powerful vision and aggressive leasing plan, SREG succeeded in bringing many new tenants like Cost Plus World Market, Bed Bath & Beyond, Hobby Lobby, H&M, Forever21, Skechers, Francesca’s, Regal Cinemas, Outback Steakhouse, Hibbet’s Sporting Goods, Victoria’s Secret, Pink, and many more. SREG was able to transform a 70% vacant and outdated mall into a vibrant center now 90% occupied with a fresh, authentic and local influence.
While it was a challenge requiring significant effort and resources, “[Now] they know I do what I say I’m going to do. They bought into my vision,” said Mr. Spinoso.
Santa Fe Place illustrates the new trend in the mall world that Mr. Spinoso fully embraces: Pretty much anything goes at malls – especially if it’s not clothing stores. “We approach this mall with an open mind,” he said. “You have to realize what the market wants and make it work. It’s incredible and creative.”
Santa Fe Place is Santa Fe’s place. Mr. Spinoso and Spinoso Real Estate Group are honored to play a critical part in the transformation of a diamond in a the rough. And, we’re just getting started.
Source: SF New Mexican 3/9/20
Photo Credits: Gabriella Marks
Santa Fe Place Mall is an enclosed shopping mall with 580,000 square feet of leasable area. Located in historic and culturaly-rich Santa Fe, NM, SFP is home to Cost Plus World Market, Bed Bath Beyond, Hobby Lobby, Dillards, JCPenny, H&M, Forever 21 Red, Victoria's Secret, PINK, Hibbet Sports, Regal Cinemas, Outback Steakhouse, Skechers, Francesca's, Boot Barn, Sephora (in JCP), and more! For more information, please visit https://www.shopsantafeplace.com.
