Master-planning, leasing, and marketing of a 2+ million square foot re-development project; transforming a vacant, failed shopping mall into a world-class mixed-use project.
Opportunities exist to transform existing properties with a one dimensional use – such as a retail shopping center – into a powerful mixed-use project. Such re-development projects can benefit from existing infrastructure, as-of-right approvals, visibility and location, and community support to see a deteriorating property upgraded. Such opportunities can offer potential for exceptional value creation and return on investment.
Project Goals:
Create value by transforming a vacant, failed shopping mall into a world-class, state-of-the-art, mixed-use project which includes:
- Hospitality
- Office
- Residential
- Convention/Meeting Facility
- Dining
- Entertainment
- Enclosed Mall Retailing
- Lifestyle Streetscape Retailing
- Employ the principles of “smart growth” in a multistory, vertically integrated design
- Rally municipal support in favor of the re-development project
- Position the asset as a unique project in its market – differentiating from other existing malls and shopping venues
Project Accomplishments:
- Design: Recruited world-class design firms (The Jerde Partnership, Communication Arts, MCG, Dal Pos) and coordinated a multi-phased design.
- Leasing:Recruited exceptional tenants to join the project such as:
- 275 room Full Service Westin Hotel & Conference Center
- 100 Westin-branded condominium units
- 146 room aloft – a Vision of W Hotels
- Regal 16 screen state-of-the-art megaplex
- Bravo! Italian Cucina
- Ruth’s Chris Steakhouse
- Bar Louie
- Forever XXI (45,000 junior fashion anchor)
- Enclosed mall specialty retailers
- Lifestyle streetscape specialty retailers
- Multiple dining options
- Entertainment venues
- Development:
- Negotiated the buy-out of under-performing Bon-Ton department store
- Obtained all municipal approvals, including the establishment of a Tourism, Resort and Re-development District (TRRD) granting all site plan approvals
- Secured a 30-year PILOT tax financing agreement (Payment in Lieu of Taxes) from Town, County and School Board
About Us
Spinoso Real Estate Group is a highly skilled real estate service firm providing a wide range of personalized services for the leasing, property management, analysis, repositioning, stabilization, materplanning and development of retail-based commercial real estate.
