Shopping Center Business

MAY 2018

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

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STADIUM RETAIL 222 • SHOPPING CENTER BUSINESS • May 2018 square feet of amenity space with an outdoor terrace, infinity pool, clubroom, fitness center and private event entertain- ment room. PricewaterhouseCoopers, a longtime major employer in downtown St. Lou- is, will anchor the development's of- fice building. The property will include street-level retail space and more than 500 parking spaces. GOAL-SETTING IN ST. PAUL Construction of Allianz Field, a $200 million privately funded soccer stadium for the Minnesota United, is on track to be completed in spring 2019. RD Manage- ment LLC is planning a 20-acre mixed-use development surrounding the 25,000- seat stadium in St. Paul. The balance of planning for the project is currently tak- ing place, with construction expected to commence late this year or early 2019. The build-out will take five to seven years, according to Richard Birdoff, principal and president of New York-based RD Management. As owner of Midway Shopping Cen- ter, a 152,939-square-foot retail property within the development path of the stadi- um, RD Management was looking for a "catalytic event to transform the tradition- al shopping center into something more," says Birdoff. When the opportunity came that the Major League Soccer team was looking for a development site, RD Management worked with the city of St. Paul and the community to draft this master plan of redevelopment. "We want it to be a place that has open space and events not just on game day," says Birdoff. "We want people to gather before, during and after the game." Shoppers can access the project via the new light rail transit line connecting downtown Minneapolis with downtown St. Paul or by rapid bus transit along Snel- ling Avenue. Adjacent is Midway Mar- ketplace, which houses retailers such as Walmart, Cub Foods and LA Fitness. In order to make the development a year-round spot, it's important to attract the proper types of uses. This means resi- dential, restaurants and entertainment, of- fice and hospitality, according to Birdoff. As for the trend of more and more sta- dium-focused projects, Birdoff says that stadiums are now just a part of a develop- ment, not the development itself. "Stadiums alone will not enliven an area, but when you put them in conjunc- tion with other uses they bring a sense of a real community with a spectacular driver of traffic," he says. "You're integrating [the stadium] and trying to put it within the fabric of the community." AN ECONOMIC TOUCHDOWN In Wisconsin, the legendary Green Bay Packers are in the midst of developing the Titletown District. The first few buildings began to open near Lambeau Field last year. Hinterland Brewery was the first to open on Lombardi Avenue, followed by a Lodge Kohler hotel and Bellin Health. Architect firm Rossetti Inc. started working with the football team about five years ago, according to Jon Disbrow, design lead for the project. "We wanted to create a plan for a district adjacent to Lam- With decades of experience, scores of successful retail investments, and relationships with grocers, big box retailers, and small shop tenants across the country, Pine Tree has all the tools to identify and execute your retail strategy. And with over $930 million in transactions since 2013, we're entrenched in the rapidly evolving world of retail. Partner with Pine Tree. OVER $2.2 BILLION IN TRANSACTIONS SINCE 1995. www.pinetree.com info@pinetree.com @pinetreeCRE @pinetree.cre

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