Mall-remaker Pacific Retail's billion-dollar projects
Pacific Retail Capital Partners--whose remake of Pacific City in SoCal made it one of 2023’s Top 10 Retail Center Experiences—gives big credit to its in-house architectural design studio for enabling it to speed regional mall renovations.
In a recently released report on its 2023 business activity, PCRP held that the four-architect design staff, led by former Gensler architectural firm partner Annmarie Plenge, gives it the ability to quickly make design and construction changes through close collaboration with community leaders during the conceptualization and planning stages.
“The studio’s entire focus is on helping move projects from conceptualization to construction more quickly,” wrote Plenge in Chain Store Age. “Our work allows those presenting our vision to public or city officials to be better informed and more prepared. That means fewer changes made in the initial design and quicker start times for construction.”
The studio spearheaded the design and master-planning of two large-scale projects: District Galleria in White Plains, N.Y., and the revitalization of the former Carson’s anchor box at Yorktown in Chicago. Funding for the two projects is valued at more than $2.25 billion.
PCRP is working with the City of White Plains on demolishing the Galleria Mall—once Westchester County’s largest shopping center-- to make way for a mixed-use development spanning multiple blocks. The property will be home to seven residential towers of varied heights with up to 3,200 apartments, a quarter-mile-long green promenade, and green spaces.
At Yorktown, PRCP secured all necessary approvals to move forward with its master plan, which will result in more than 600 residential units and a park covering more than an acre. Construction will begin this month.
PRCP’s acquisition strategy targets enclosed shopping malls and lifestyle centers with unrealized potential in strong markets. In 2023, the company entered two new markets, and added more than 2 million sq. ft. to its portfolio, with the purchase of The Shops at Palm Desert in Palm Desert, Calif., and Bridgewater Commons in Bridgewater, N.J. Purchase price of the two malls totaled more than $425 million.
In 2023, the company’s leasing team, including veterans from Westfield, Vornado, Brookfield and Simon, signed nearly 2.8 million square feet of new leases, surpassing the 2.5 million sq. ft. it achieved in 2022. The PRCP report stated that the company balances leasing demand by maintaining relationships with big-box retailers and employing local teams in their operating communities that keep a pulse on emerging trends and vendors.
“We are very pleased with all that we accomplished despite the challenging economic backdrop, and are excited for the year ahead,” said PRCP founder and CEO Steve Plenge. “We will continue to move expeditiously to evolve real estate for the next generation in 2024 to generate added value for the communities we serve and our partners.”