Shopping Center Business

MAY 2016

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

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Page 116 of 358

CENTER REVIEW 112 • SHOPPING CENTER BUSINESS • May 2016 S tony Point Fashion Park in Rich- mond, Virginia, is an attractive, en- gaging development with an open- air setting and high-profile tenants such as Cinébistro, Saks Fifth Avenue, Resto- ration Hardware, Coach and Tiffany & Co. So then why would Starwood Retail Partners, the mall's owner and manager, decide to invest $50 million to renovate the asset? "To enhance the customer experience and increase overall dwell times," says Robert Hense, senior vice president of Starwood Retail Partners. A division of Starwood Capital Group, the Chica- go-based shopping center investment firm owns 30 malls in 15 states for a total investment exceeding $6.5 billion. The firm is doubling down on Stony Point Fashion Park's customer expe- rience by remerchandising and rehab- bing existing space, rolling out new out- door amenities and engaging shoppers through new programming and Stony Point's existing social media platforms. Starwood Retail hopes to attract cus- tomers to the stores, restaurants and entertainment venues and keep them on-site with the mall's new outdoor offerings. "The outdoors becomes the focal point of the shopping center beyond the retailers themselves," says Hense, whose primary responsibility is overseeing the progress of Starwood Retail's existing assets through all stages of development. Starwood Retail has owned Stony Point since the firm closed on its $1.4 billion acquisition of a seven-property portfolio of shopping malls from Taub- man Centers back in October 2014. Starwood Retail plans to renovate all the malls in the Taubman portfolio, though not all will be to the same degree as Stony Point's facelift. "Not every redevelopment plan is for $50 million," says Hense. "Taubman did a great job of creating a really welcoming atmosphere here. The project, in its ini- tial phase, had some of the nicer open-air elements and customer engagement fea- tures that you'll find virtually anywhere in the shopping center world. With years of operating history at this center, we're able to see what has worked and what can be improved upon." Michael Platt, head of design at Star- wood Retail, is working closely with Dallas-based architect CallisonRTKL on the design for the redevelopment, which Stony Point Fashion Park Embraces The Outdoors Owned, managed and leased by Starwood Retail Partners, the open-air shopping mall in Virginia is undergoing a $50 million transformation that will draw customers outside via new amenities and programming. John Nelson Starwood Retail Partners is investing $50 million into Stony Point Fashion Park in Richmond, Va.

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