Shopping Center Business

MAY 2017

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

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Page 236 of 334

CULLINAN 232 • SHOPPING CENTER BUSINESS • May 2017 getheory Fitness and Olivino Tasting Bar opened most recently in 2016. Openings planned for 2017 include Mission Taco Joint, Drury Plaza Hotel, First Watch a Daytime Café and RCS Bank. Tru by Hilton Hotel will open in early 2018. Once the two hotels are open, approximately 80 percent of the acreage at Streets of St. Charles will have been developed. The Levee District at East Peoria Down- town, which opened in 2013, is another signature, place-making mixed-use devel- opment that combines a civic component with retail and hospitality. The Levee District is anchored by Target and Cost- co, and is also home to the City of East Peoria offices and Fondulac Library. The site was a former manufacturing plant that has been cleaned up and revitalized into a thriving destination. The Levee District includes the only Costco and Bass Pro between Chicago and St. Louis. Cullinan tends to develop more than acquire and structures each deal differ- ently. They use a variety of capital to fi- nance projects, leaning on decades-long relationships with lenders who've come to believe in Cullinan's investments, due in part to the fact the company has never given a property back to the bank or done a deed-in-lieu of foreclosure. In terms of equity investors, some projects are self-financed while others bring in cap- ital partners. The formula for activating the mixed- use assets includes diversifying tenant mixes to include national retailers along- side locally and regionally owned shops. Likewise for the palette of restaurant of- ferings. Those run the gamut from fast casual to elegant farm-to-table. It's im- portant to have multiple access points in each development, Cullinan Oberhelman explains. Creating an experience for shop- pers is also important, such as wellness ac- tivities, healthy cooking demonstrations, outdoor yoga classes in partnership with local hospitals, outdoor concert series, holiday events and partnerships with lo- cal nonprofits to fundraise onsite at the property. The future holds promise for more mixed-use developments as well as pur- suing medical facilities and governmental work in General Services Administration development. Cullinan Properties suc- cessfully developed and owned Social Se- curity, as well as IRS, FBI and many other offices in Illinois. "We work closely with our clients and communities to develop properties that benefit all," Cullinan Oberhelman says. "The ripple effect of these projects is exponential. They create jobs, fuel local economies and contribute to quality of place. We're energized by the changing market and excited to continue devel- oping properties that draw consumers. Creating what consumers want and also benefitting the communities in which these developments are located is critical to long-term success." SCB The Rock Run Crossings site is 265 acres and is in close proximity to existing retailers including Ikea, Bass Pro Shops, Dick's Sporting Goods, Target, Best Buy, Macy's, H&M, DSW, Sears and Carson Pirie Scott.

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