Shopping Center Business

MAY 2016

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MIXED-USE 312 • SHOPPING CENTER BUSINESS • May 2016 of Class A office space and 1,250 hotel rooms. Additionally, the project is focus- ing on community engagement by includ- ing a variety of public spaces and venues, including a 200-slip marina; five miles of waterfront walkways along Raritan River and a park; a 45,000-square-foot commu- nity and fitness center; a 10,000-square- foot performing arts center; a rooftop solar farm; and a 9,700-square-foot facility for fire and EMS services. Vertical construction is slated to be- gin this summer on the project's anchor tenant Bass Pro Shops Outdoor World, which will open a 200,000-square-foot outdoor sporting goods store — the larg- est location outside of its original flagship operation — in June 2017. The size of five football fields, the location will feature expansive aquariums, waterfalls, and mu- seum-quality fish and wildlife dioramas onsite along a with a huge selection of outdoor gear. "The Bass Pro Shops Outdoor World at The Pointe will draw consumers from Pennsylvania, New York and across New Jersey," says O'Neill. "Customers driving further to visit the store are likely to stay longer and visit other retailers at The Pointe, making the most of their out- ing and increasing foot traffic to other tenants." The development team is actively work- ing with a number of potential tenants to carefully curate a diverse tenant mix that will complement the surrounding community. Additional signed tenants include Regal Cinemas and Century 21 Department Store, and spaces ranging from 1,000 square feet to 150,000 square feet are available at the site. With infrastructure construction and de- velopment underway, Ripco Real Estate is cur- rently pre-leasing the first phase of the project — 725,000 square feet of retail space, which is slated for completion in summer 2017. This first phase also includes the overhaul of exit 125 north- and southbound on the Garden State Parkway, undertaken by the New Jersey Turn- pike Authority, which will provide direct highway access into the project. The res- idential and office components will be subsequent phases, totaling 10 different phases of construction. O'Neill Properties intends to create a small "city" with the $2.2 billion develop- ment, which will be larger than some New Jersey municipalities. "What makes many small cities success- ful is that they have a complementary mix of residential, retail, entertainment and office that is all easily accessible to each other, so that each component feeds off one another," explains O'Neill Jr. "A ma- jor advantage we have is that we designed The Pointe from a blank canvas and can incorporate all of the design features that we know work." More than 400,000 cars pass the site daily, spiking to almost 1 million cars during tourist season. O'Neill Properties plans to use this visibility to create a true destination project with The Pointe. Set to transform the local economy in Sayreville, The Pointe will create 10,000 new jobs. The project's large size, water- front access and proximity to three major highways bolster its live, work and play en- vironment to create a localized communi- ty within the city. STORRS CENTER MANSFIELD, CONNECTICUT Ten years in the making, Storrs Center brings much-needed retail, restaurant and residential space to Mansfield, home of the University of Connecticut (UConn). Locals, including professors, students and staff, no longer have to live and shop miles away. The $220 million, multi-phased mixed- use town center includes approximately 160,000 square feet of retail space; 829 apartment homes in The Oaks on the Square; the Nash Zimmer Transportation Center; surface and structured parking for 1,300 vehicles; and Main Street Homes, a 42-home neighborhood offering a mix of for-sale townhomes and condominiums being developed by Storrs Center Alli- ance, a project partner. The first delivery of residential units (319 units/503 beds) developed by EdR opened in August 2012, with the final phase of 203 units/390 beds delivered in 2015. Retailers began open- ing in fall 2013, and the final phase of re- tail, totaling 40,000 square feet, is coming online now. The town and UConn leadership formed a public-private partnership called the Mansfield Downtown Partnership and brought in LeylandAlliance as master developer to help breathe new life into the community with a New Urbanism-style mixed-use development at the doorsteps of the university. When the development team needed a partner with the financial capabilities and experience to undertake such a massive project, they enlisted the help of Mem- phis, Tennessee-based EdR, a student housing REIT that owns or manages 73 communities with more than 40,000 beds serving 53 universities in 23 states, for the residential portion, and Charter Realty and Development as a retail consultant. "The partnership formed by the town of Mansfield, UConn, LeylandAlliance and EdR proved the perfect team to help make the vision for Storrs Center a reality," says Tom Trubiana, president of EdR. "We are transforming the region and creating a vibrant community center that includes shopping, 829 residential rental units, walkways, green spaces and conservation areas where nothing had ex- isted before." With more than 50 businesses opened or signed to open, Storrs Center appeals to both students and local residents. Last year saw the opening of Wingstop, Hair Cuttery, The UPS Store, E-Fix & More, BLiSS, Dunkin' Donuts and ThinkIt- DrinkIt. A number of retailers are slated to The Pointe will include Bass Pro Shops, Regal Cinemas and Century 21, among other retailers.

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