Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
Issue link: http://shoppingcenterbusiness.epubxp.com/i/817746
BAYER May 2017 • SHOPPING CENTER BUSINESS • 317 on its way to revival before The Pizitz opened," says Bayer. "In actuality, Bir- mingham was back to life and we are just one of the pieces adding to the regentrifi- cation of downtown; we are just the next addition." Meanwhile, in Lexington, Kentucky, af- ter nearly 30 years of companies working to redevelop a parcel of land that histori- cally operated as a farm, Bayer Properties was able to successfully rezone the prop- erty to fall within the urban land bound- ary of Lexington to create a new upscale community. Bayer Properties opened its $156 million The Summit at Fritz Farm mixed-use project on April 27. The proj- ect is mostly retail, with luxury apartments and a plan for a boutique hotel in the near future. As of early March, the company had 84 percent of the retail space at the 300,000-square-foot center leased. "Lexington has had a great regional mall for years, and a vibrant retail node in Hamburg, but this is the first dynamic project the market has seen in more than 15 years," says Bayer. "The city is on fire with anticipation." More than 60 percent of the brands at the center are exclusive to Kentucky or the Lexington market. Several of the re- tailers have less than 100 locations across the country and, in some cases like Ariat — a $750 million international company — The Summit at Fritz Farm will be home to the retailer's second branded shop in the U.S. The center is anchored by a flagship Whole Foods Market location, and in- cludes retail tenants like Vineyard Vines, Frye, Williams-Sonoma, Pottery Barn, Marine Layer, Lush, Bonobos, Kendra Scott, Lily Rain, J. McLaughlin, Warby Parker and Fabletics, among many others. Restaurant and food tenants include ex- clusives like the first Shake Shack in Ken- tucky and Honeywood, a new restaurant by local star chef Ouita Michel, as well as notable names like Ted's Montana Grill, Steel City Pops, World of Beer, Texas de Brazil, Starbucks Coffee, and Edley's BBQ, among a number of others. Bayer brought a number of retailers to the market to show them the affluence and lifestyle of the residents, as well as the visitors who come — for weeks at a time — to take part in the area's equestrian events. As a result, a number of retailers who are located in similar markets, such as CosBar from Aspen, Colorado, chose to locate in Lexington at The Summit at Fritz Farm. One feature of the center is a food hall called The Barn, which is Kentucky's first artisan food hall — bringing the best of Lexington's culinary scene to the heart of The Summit at Fritz Farm. An all-local, all-independent lineup of restaurateurs are making a new food destination for the city, with craft ice cream, pasture-raised fried chicken, Greek street food, Japanese ramen, and more. The apartment portion of the project opened in December 2016. The company also closed on a parcel of land where it plans to build a 120-room boutique hotel. The company also has land to expand the center in future years as the market and demand grows. SCB