Shopping Center Business

MAY 2016

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

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MIXED-USE 308 • SHOPPING CENTER BUSINESS • May 2016 D evelopers are maximizing over- looked and underdeveloped sites in urban cores with new mixed-use projects. Shopping Center Business talked to developers that are razing former industrial facilities to devel- op riverfront office, retail and restaurant space; starting construction on a $2.2 bil- lion project at a 440-acre brownfield clean up site; and creating a downtown that serves both local residents and university students. These projects are creating mo- mentum and serving the needs of their communities. THE WATERFRONT ALLENTOWN, PENNSYLVANIA Located on 26 acres along the Lehigh River, The Waterfront will revitalize an area of Allentown, Pennsylvania, that for- merly housed a steel fabrication site for Lehigh Structural Steel. The $325 million project will bring 1.25 million square feet of mixed-use space to an area of the city that has not seen much investment over the last few decades. "The Waterfront is transforming a sig- nificant mass of land that was previously inaccessible and offering new opportuni- ties to experience the Lehigh River like never before," says Zachary Jaindl, prin- cipal of The Waterfront Development Company. With an eight-year build out schedule, the master-planned project will feature 12 new buildings — six commercial office buildings totaling 675,000 square feet, three residential complexes offering 425 market-rate apartments ranging in size from 600 square feet to 1,900 square feet, and three parking structures. Each of the buildings will offer first-floor retail and restaurant space, for a total of 100,000 square feet of street retail and 40,000 square feet of riverside and street-side dining. Designed by Philadelphia-based Cope Linder Architects, the project's design focuses on maximizing the water views while maintaining an urban streetscape via Waterfront Drive, the project's main throughway. With tenant announcements coming in mid-spring, the development team is looking to create a neighborhood retail environment with a mix of everyday ten- ants, including a dry cleaner, fitness cen- ter, daycare, urban grocer and a variety of restaurants to appeal to the city's varied demographics. The team's goal is to es- tablish the project as a self-sustainable site first, then add more of the traditional retailers as culture manifests on the site, notes Jaindl. While the project's build-out will be based on market demand, its timeframe has been accelerated and the team ex- pects to reach full build-out much sooner than the original plan of one building per year, with the goal of reaching 50 percent pre-leased occupancy before starting con- struction on each office complex. An Urban Revival Developers in the Northeast create mixed-use developments that bolster their communities. Amy Bigley Works The Waterfront will also have apartments and 675,000 square feet of offce space. The Waterfront in Allentown, Pennsylvania, will have 140,000 square feet of retail and dining space.

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