Shopping Center Business

SEP 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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WILMINGTON 72 • SHOPPING CENTER BUSINESS • September 2018 program and we have a local JPMorgan Chase philanthropic effort where they initiated a retail grant of up to $50,000. Those have been pretty critical because they're both pools of capital that don't require payback or return. What existed before those, and what still exists, is the city of Wilmington — after a project has its pool of sources and uses etched out — will come in and ask the operator to catalogue some cost overruns and will underwrite another non-secured loan that can address those items. SCB : Mike (Maggitti) from your perspec- tive, tell us about what you're doing to keep retail alive and bolstered. MICHAEL MAGGITTI : Since 2012, we have had a program called Façade Im- provement and it's grant money that you would receive through the Community Reinvestment Act. We hand out grants normally ranging from about $5,000 to about $25,000 to the operators of busi- nesses throughout downtown — it isn't just Market Street. We do signage and lighting; we now have moved into fit- out because we know that's a real need for some of our businesses downtown. We have given out almost $400,000. It's all geared towards small business. It's been very successful — if you had be- fore-and-after pictures of Market Street from 2011 to today, it's pretty dramatic, the difference it has made. SCB : There are a lot of big projects go- ing on — we're sitting in one right now — would you talk about those? GANNETT : Our biggest, cool retail proj- ect right now is the DE.CO Food Hall, which is going to be in the corner of this building and is slated to open at the end of the year, fingers crossed. That will be an eight-stall, 12,000-square-foot food hall. It will be reminiscent of Union Sta- tion in Washington, D.C. We have three or four vendors teed up already, and we have a couple more letters of intent out. There will also be a central bar there, as well, that everyone will be able to access. It will be a great amenity, not only for people visiting the hotel. The location of it on the corner of 10th and Orange Street, which is right now kind of a qui- et corner, is going to bring a lot of life there and attract a lot of people from surrounding businesses. SNOWBERGER : DE.CO is the new excit- ing retail project, but another exciting project is a 200-unit residence in Mid- town. While 200 apartments might not move the needle in other cities, this proj- ect is brand new construction of a large community downtown with an amenity package that rivals the best you'd find in Philadelphia. It has a pool, a dog wash room. Maybe even more importantly, underground it has 500 parking spaces. GANNETT : Your first question was what's the retail like here and I think BPG, when we started this about 15 years ago, when we bought 40 buildings along Market Street, we really wanted to target certain segments. We went and stole things from Nashville, Portland, Washington, D.C. Ideas like co-working space, great chefs, a brewery, an Imax theater. Also bring- ing the Royal Café Live down, which is now run by Live Nation, we have two great music venues. We're kind of check- ing the boxes. TIMKO : One of the key things is with DE.CO and Cedar Realty's Christina Crossing, now you have a northern and a southern anchor. As these evolve and as Christina Crossing is undergoing re- development and re-tenanting currently, you're going to have a reason to walk the entire mile. NEAL DANGELLO : The whole city is a tran- sit-oriented development that is walk- (left to right) Jeff Flynn, Michael Maggitti, Rob Herrera and Tim McLaughlin.

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