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Detroit Gateway Marketplace Turnaround

Detroit Gateway Marketplace Turnaround

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Published by Stephen Fuzzytek
Meijer Inc. will fill 215,000 square feet, and there are commitments from retailers for 60 percent of the remaining 145,000 square feet in the center, plus a fast food restaurant set for the parking lot.

The $28.6 million construction loan is expected to be available by January 2012 from the city of Detroit's General Retirement
System, and $10.75 million in tax incentives was approved last week.
Meijer Inc. will fill 215,000 square feet, and there are commitments from retailers for 60 percent of the remaining 145,000 square feet in the center, plus a fast food restaurant set for the parking lot.

The $28.6 million construction loan is expected to be available by January 2012 from the city of Detroit's General Retirement
System, and $10.75 million in tax incentives was approved last week.

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Published by: Stephen Fuzzytek on Jan 24, 2013
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02/02/2013

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Detroit and Southeast Michigan's premier business news and information website
November 06, 2011 8:00 PM
Persistence puts Gateway Marketplace on path forturnaround
By Daniel Duggan
In the summer of 2008, the retail project near Eight Mile and Woodward Avenue was in a free fall after losing its anchor tenantand developer. After being in the works, at that point, for eight years, city leaders and people involved with the
Gateway Marketplace
defended it in the face of skepticism that it would fail.It's in a dramatically different position now. Grand Rapids-based
Meijer Inc.
will fill 215,000 square feet, and there arecommitments from retailers for 60 percent of the remaining 145,000 square feet in the center, plus a fast food restaurant set forthe parking lot.he $28.6 million construction loan is expected to be available by January from the city of Detroit's
General RetirementSystem
, and $10.75million in tax incentives was approved last week.With that funding, construction of the walls and steel beams is set fornext summer.Still, the development team has to confront credibility issues of the past, said Scott McCarthy, vice president of retaildevelopment at Southfield-based
Redico LLC
, the developer that has been overseeing the project for the past year."We're getting traction now, but the leasing has been a challenge because of the credibility issues," said McCarthy. "This projecthas been around for so long there were questions of whether it will happen. Now there's certainty. " And with each lease, the momentum grows, he said.
Marshalls
, the Framingham, Mass.-based discounter, has signed a lease for 28,000 square feet;
K&G Superstores
, a divisionof Houston-based
Men's Wearhouse Inc.
, will lease 20,000 square feet; and Oakbrook, Il-based
McDonald's Corp.
will builda restaurant in the parking lot.Other tenants have either not signed leases or are not ready to announce their involvement, he said.Early momentum came from Chicago-based developer
General Growth Properties
, which was set to develop and own theproject. The company ended its relationship with the project in July 2008. Then, that same summer, Plano, Texas-based
J.C.Penney
dropped out of the project.But the ownership group stuck with the project through those times.he project is owned by
Detroit Gateway Park Outlet Mall LLC
, a group of investors that includes developer Bernie Schrott,

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