Sprucing up the Northeast region: Latest shopping center redevelopments
It’s safe to say shopping centers are being revamped across the Northeast. While some centers are being developed from the ground-up, others are simply expanding to make room for new tenants that will enhance the customer experience and add value to the surrounding community. For example, at the The Shoppes and Residences at Renaissance Square in Marlton, NJ we recently announced the opening of anchor tenant Virtua Medical Group, a network of 502 physicians, surgeons, and clinicians exclusively affiliated with one of New Jersey’s largest non-profit health systems. The $70 million redevelopment of the 583,858 s/f mixed-use center is also underway. Once completed, Renaissance Square will consist of luxury apartments, retail, restaurants, medical, and office space; a place where people can truly work, live, and play. Elsewhere in New Jersey, Waterview Marketplace in Parsippany is getting the ground-up treatment. We broke ground on the 148,562 s/f shopping center, anchored by Whole Foods Market, alongside our partners, JMF Properties and Ripco Real Estate, this July. In 2016, MONEY Magazine named Parsippany the fifth best place to live in the U.S. due to its abundance of trees, low unemployment rates, and close proximity to New York City. Our goal at Waterview Marketplace is to create a destination that appeals to both residents and employees in the Parsippany area. Heading north on the eastern seaboard, we’re enthusiastic about the current redevelopment of Milford Crossing in Milford, Massachusetts. Located off I-495 in a bustling retail corridor, the 158,020 s/f center, complete with an 80-foot pylon sign, welcomed reputable tenants this past year including Stop & Shop, HomeGoods, TJ Maxx, Starbucks, and Chipotle. The former Kmart on the property is currently being redeveloped and expanded for the new anchors, in addition to new 6,000 s/f and 20,000 s/f buildings that are being constructed. Shopping centers throughout the Northeast are undergoing phenomenal upgrades to not only increase foot traffic, but provide go-to destinations for visitors and residents alike. It’s our responsibility as developers in the region to ensure our properties are attracting national tenants and staying ahead of the curve. Richard Birdoff is principal and president of RD Management. RD Management owns 62 retail, mixed-use, vacant land, office, hospitality, and storage properties in the Northeast and has more than 150 properties in its national portfolio.