The Northeast market: Project profiles

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The Northeast market: Project profiles

By Al Urbanski - 11/16/2017
The Northeast market has always had a lot of what both retailers and retail center developers want — density. And the most densely populated region of the country continues to pack them in.

Below are five profiles of projects in various stages of development from DLC, RPAI, PREIT, Phillips Edison & Company, and Olshan Properties.




 

Northeast Market DLC

Mid Valley Mall

  • Location: Route 32 (North Plank Road) and Gidney Avenue in Newburgh, N.Y.

  • Size: 244,378 sq. ft.

  • Owner: DLC Management Corp.

  • Key tenants: Planet Fitness, Dollar Tree, Citi Trends, Market 32 by Price Chopper, Mid Valley Wine & Liquor

  • Status: Under construction. Project completion is set for the first quarter of 2018.


Price Chopper at Mid Valley Mall will soon be transforming to a new contemporary food-focused concept called Market 32. The look and feel of it will be distinctively more modern and marked by open space and décor filled with product-focused displays. DLC Management Corp. is excited to announce its partnership with Price Chopper on this $8 million total renovation of the already successful 74,000-sq.-ft. location. The project will firmly solidify Price Chopper’s commitment to Mid Valley Mall and the Newburgh, N.Y., market. The new offering by Price Chopper reflects what today’s customer wants in a modern and convenient shopping experience. Market 32 is dedicated to finding local providers for produce and is committed to an expanded assortment of organic produce. Customers can look forward to a variety of prepared, ready-to-cook, and grab-n-go fruit and vegetables options.







 

Northeast Market RPAI

Downtown Crown

  • Location: Gaithersburg, Md.

  • Size: 255,000 sq. ft.

  • Owner: Owned, leased, and managed by RPAI U.S. Management; a subsidiary of Retail Properties of America Inc.

  • Key tenants: Old Town Pour House, Coastal Flats, Paladar Latin Kitchen & Rum Bar, Ted’s Bulletin, Great Gatherings, and Harris Teeter. More tenants will be announced soon.

  • Status: RPAI plans to develop a future mixed-use pad site at Downtown Crown, which is included in the 180-acre urban master plan development of Crown.


Set in Gaithersburg, Md., one of the most affluent communities in the nation, Downtown Crown is an exciting mixed-use destination that offers approximately 255,000 sq. ft. of Class A retail space in the 180-acre master plan Crown community. With unique-to-market restaurants, shops, and services, Downtown Crown is not only a regional draw, but is the local destination for the more than 2,200 residential units that are already under construction. With prices from the mid $500,000s up to $1.5 million, these upscale offerings represent the highest level of living in Gaithersburg, and are within walking distance of the impeccable retail and restaurants of Downtown Crown. Downtown Crown’s prestigious existing lineup, along with fabulous future additions will make this area the most coveted 24/7 live-work-play community in the urban heart of Montgomery County.







 

Northeast Market PREIT

Viewmont Mall

  • Location: Scranton, Pa.

  • Size: 768,000 sq. ft.

  • Owner: PREIT

  • Key tenants: Dick’s Sporting Goods/Field & Stream combination store, HomeGoods, Forever 21, Ulta, Buffalo Wild Wings, Victoria’s Secret/Pink, Kay Jewelers, Express, American Eagle Outfitters/Aerie, Macy’s, J.C. Penney

  • Status: Redevelopment of former Sears box, with a new Dick’s Sporting Goods/Field & Stream combination store and HomeGoods that opened in summer 2017.


As a part of PREIT’s ongoing initiative to recast its anchor mix to further diversify and enhance the shopper experience, the company opened a 90,000-sq.-ft. Dick’s Sporting Goods/Field & Stream combination store and a 23,000-sq.-ft. HomeGoods within the space formerly occupied by Sears and proactively recaptured by PREIT. Within 14 months of Sears’ closing, the opening of these popular new retailers demonstrates PREIT’s proficiency in identifying and securing quality and high-performing replacement anchors. This transformational redevelopment project represented Phase II of Viewmont Mall’s evolution, which saw the introduction of multiple unique-to-market retailers including Ulta, Forever 21, and Buffalo Wild Wings, thus solidifying the property’s already dominant position in the Scranton market.







 

Northeast Market Phillips Edison & Company

Shaw's Plaza Raynham

  • Location: 300 New State Highway, Raynham, Mass.

  • Size: 175,842 sq. ft.

  • Owner: Phillips Edison & Company

  • Key tenants: Anchored by Shaw’s grocery store; co-anchored by Jo-Ann Fabric, Marshalls, PetSmart, Dressbarn, and CVS.

  • Status: Construction is complete. It currently has one space available for lease.


At the regional level, the center benefits from Raynham’s proximity to both Boston and Providence (each 20 to 30 miles away). Locally, the center is well-positioned near Route 24 along Raynham’s main commercial thoroughfare (New State Highway) and benefits from exposure to more than 26,500 vehicles passing by each day. The center has recently completed façade improvements and upgraded signage that will allow retailers to attract additional shoppers.







 

Northeast Market Olshan Properties

Parkchester

  • Location: Metropolitan Avenue and Hugh Grant Circle, Bronx, N.Y.

  • Size: 525,500 sq. ft. of retail and office space.

  • Owner: Olshan Properties and Parkchester Preservation Company, L.P.

  • Key tenants: Macy’s, Marshalls, Blink Fitness, Rainbo