Shopping Center Business

MAY 2015

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

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186 • SHOPPING CENTER BUSINESS • MAY 2015 hotels. We are working with a local mul- tifamily developer, PN Hoffman. With mixed-use we are finding the retail space — which we are experts at — creates the opportunity for the other uses. We are investing in a vertical slice — in all the uses; we are not just the retail partners. We think one-plus-one equals three; the retail can make the other uses better, if executed well. We have another major project underway in Alameda, California, that is a reuse of a former naval air station. Our placemaking skills helped land the opportunity, but the economic engine of the deal will be the multifamily. SCB: In addition to those two projects, you are also active with redevelopment. Hohmann: There are not a lot of ma- jor pure retail development opportuni- ties anymore, particularly in the denser markets. There is an unending supply, it seems, of assets that need retuning or refocusing. Retail is an ever-changing in- dustry. It is an organic sector. Last sum- mer, we closed on Pacific Place. This is a vertical retail center in downtown Seattle that was built in 1999. At the time, it was a groundbreaking project. Now, not only has the retail world evolved, but Seattle has changed too. The project sits between Sixth Street and Seventh Street and fronts Pine Street. The back door sits on Olive Street. That neighborhood — South Lake Union — has exploded, and residential has moved into Seattle since this project was built. We should no longer have a back door; that project essentially has its back on that growing neighborhood that it needs to embrace. It's an interesting chal- lenge for us to evolve the merchandising mix to fit our times. We want to evolve the look and feel and to address the city's wants. SCB: Madison Marquette's reputation as a turnaround expert has allowed you to work on some incredible projects. What is driving turnarounds of centers today? Hohmann: In the retail sector, we don't need a lot of new space in the United States. We now find trends in the business that cause us to create a need to reposi- tion assets. One of those is the decline of the traditional anchors. Food is becoming increasingly important, as well as enter- tainment. We are now looking at enter- tainment concepts as taking over some big boxes and becoming anchor draws to cen- ters. We are sitting here in the Bay Area, the capital of the slow food movement. The focus on food has spread nationally. We have been trying to figure out how to harness that, especially with the food hall concept. You will see us make some strategic plays in that area to satisfy the customer's desire for better food options. We think of properties as being either specialty centers or commodity centers. The Model 210h ™ is a quiet, high performance parking lot sweeper utilizing the TYMCO hDrive ™ Power System controlled by TYMCO's BlueLogic ™ . y g R For Information or to schedule a Demonstration ! ™ 800-258-9626 Model Eric Hohmann

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