LOOP. the HUDSON VALLEY, NY HOME OVERVIEW RETAIL MAP ACCESS DEMOGRAPHICS MARKET RESEARCH SITE PLAN LOOP SUCCESS ABOUT WILDER CONTACT

Transcription

1 the LOOP HUDSON VALLEY, NY Developed by At I-84 & I-87 in the heart of the Hudson Valley, New York

2 Into The LOOP Always family oriented, casual, convenient, and pedestrian friendly, this new LOOP shopping center joins successful LOOP developments currently thriving in Massachusetts and Florida. The LOOP is enviably located at the junction of two major interstates, I-84 & I-87 in the Town of Newburgh, New York. It is bringing the right mix of destination anchors, specialty retailers, restaurants, cafes, and entertainment venues to an underserved Lower Hudson Valley market hungry for a destination that pulls it all together. It s the complete package; dynamic location, tasteful, compelling architecture, lush landscaping, The time is now. The team is right. Phase I: Opening Fall 2015

3 An Underserved Market 10 MILES 5 MILES the LOOP

4 A Dynamic Location 37,855 VPD the LOOP 63,684 VPD 46,255 VPD

5 Demographics POPULATION 5 miles... 81, miles...203, min. drive ,382 AVERAGE HOUSEHOLD INCOME 5 miles... $74, miles...$79, min. drive...$82,488 NUMBER OF HOUSEHOLDS $75K + 5 miles % 10 miles % 20 min. drive % POP. WITH SOME COLLEGE & HIGHER (adults 25 +) 5 miles % 10 miles % 20 min. drive % MEDIAN AGE 5 miles years 10 miles years 20 min. drive years DAYTIME-WORKPLACE POPULATION 5 miles... 41, miles...81, min. drive...134,092 ORANGE COUNTY S MAJOR EMPLOYERS Employer # of Employees US Military Academy at West Point Orange Regional Medical Center Crystal Run Healthcare St. Luke s Cornwall Hospital Elant, Healthcare C&S Wholesale Grocers Empire Blue Cross/Blue Shield Orange ARHC Time Warner Cable Occupations, Inc Mount St. Mary s College Staples-Distribution Center Veria International, LTD YRC Worldwide Trucking Amscan, Inc. Distribution Times Herald Record...400

6 PREPARED BY: Peter G. Gerney, Real Estate Consulting Services,* Market Research/Trade Area Analysis an excellent geographic location the proposed development will be well positioned to serve its surrounding trade area. 1 at nearly 650,000 square feet below the expected level indicated by this comparative analysis. shortfall in tenancy is quite noticeable subject location offers very real potential 2 void in terms of retail quality that was uncovered. Footnotes: * Peter Gerney is one of the nation s top research analysts including prominently participating in the positioning of major dept. stores and national retailers. CONCLUSION Peter G. Gerney

7 OVERVIEW RETAIL MAP ACCESS DEMOGRAPHICS MARKET RESEARCH SITE PLAN LOOP SUCCESS Site Plan FITTNNEESSSS CEENNTTEERR GROCER GROCER GROC SPECI ECIALTY R IO RS N JU CHO AN SP A I L ANCHORSCRAFTS CINEM T E R L I Y HOAU TY RIETAAL T SPECISALP E C W A R ES E S PARTY U RA STA AU ST RE TAIL TS J AN UNIO CH R OR S NT S N RA Y RE PRECEIAT LAT I L S Y T L A DAY SPA ER SPOR S P O RT TING G I N O G O D GOOD OUTD S/ S OUTD OOR T N A O R U OR RESTA WHOL PETS ES CLUB ALE MUSIC EYEWEAR RE HOME CINEM OR JUNI ORS ANCH A ABOUT WILDER CONTACT

8 LOOP Success The LOOP is a shopping center concept created by The Wilder Companies for today s discerning customer. It is always an exceptional mix of retail shops, dining and entertainment choices set conveniently in distinctive yet casual outdoor environments of inspired architecture, pleasant walkways and pedestrian plazas. The LOOP originated in Methuen, MA (Boston trade area) and was followed by two centers in Kissimmee/Orlando, Florida; LOOP and LOOP West. It is extremely successful in each market with many merchants performing near or at the top of their chains. LOOP LOOP LOOP West The LOOP is in the News. Replicating A Successful Retail Formula Introducing The LOOP-Hudson Valley SCB May 2013 >> READ MORE

9 About The Wilder Companies The Wilder Companies is a Boston-based national retail real in the positioning of retail properties. Since its inception the Company has developed, managed and leased over 20 million square feet of retail properties throughout the United States and Puerto Rico. In addition to creating The LOOP concept Wilder s experience includes specialty centers, community centers, urban properties, regional and super-regional malls. For more information contact: The Company currently has a diverse portfolio of over 50 properties throughout the eastern United States. In addition to its own investment partnerships Wilder provides property management and leasing services for institutions, owners and investors. With its history going back over 40 years, Wilder has always been and continues to be privately held and owner-managed.

10 OVERVIEW RETAIL MAP ACCESS The Wilder Companies 800 Boylston Street, Suite 1300 Boston, MA DEMOGRAPHICS MARKET RESEARCH SITE PLAN LOOP SUCCESS ABOUT WILDER CONTACT LOOP the HOME Route 300 at I-84 & I-87 The Town of Newburgh, New York Developed by

11 << BACK Replicating A Successful Retail Formula Successful with The LOOP in other areas of the country, The Wilder Companies is developing The LOOP in the Hudson Valley area of New York. When a retail developer finds a concept that works identifying the right tenant mix and the targeted demographics the trick is to repeat the success in different locations. That is exactly what The Wilder Companies is doing with The LOOP concept, which it first brought to life in The LOOP properties located north of Boston and south of Orlando have done well, even during the recession, and The Wilder Companies is gearing up for development as retailers begin to look for opportunities to open new stores. First up is The LOOP-Hudson Valley. The Wilder Companies has partnered with Boston-based Sam Park & Co. to develop 650,000 square feet of retail space on a 120-acre site at the intersection of Interstates 84 and 87 in Newburgh, N.Y. The center will serve a population of 300,000 people within a 20-minute drive. Household income within that driving distance is $82,488. It is hard to find under-retailed areas in the Northeast and even harder to find undeveloped land to support 500,000 to 600,000 square feet of retail space. We have 120 acres that haven t been developed in the Hudson Valley. And our timing is perfect, says Tom Wilder, a principal with Boston-based The Wilder Cos. Citing an October 2012 study by Peter Gerney of Real Estate Consulting Services, Wilder notes that a comparative analysis of the Newburgh (Orange County, N.Y.) area with several similar markets in the Northeast showed that the area compares favorably in terms of density, income and education but is more than 600,000 square feet short of retail gross leasable area found in the other markets. And there is simply nothing of any critical mass that is integrated like The LOOP will be, Wilder adds. The LOOP-Hudson Valley will include At all of its LOOP properties, The Wilder Companies looks to sign a broad mix of anchor tenants, junior anchors, and small shops. Where feasible, the company likes to include a movie theater and a grocery store. Pictured is the AMC Loews at The LOOP in Methuen, Mass., which opened in Site plan for The LOOP-Hudson Valley. The Wilder Companies has teamed with Sam Park & Co. to develop the 650,000-square-foot center, which will open in late a movie theater; a supermarket; two or three large destination anchors of 80,000 to 120,000 square feet; several junior anchors; approximately 35,000 square feet of restaurants; and 100,000 square feet of small shop space. The development is slated to open in fourth quarter Wilder expects to sign at least one traditional department store at the project, but he hints that the exceptional regional access of the site has also attracted the interest of at least one specialty destination anchor. << BACK >> CONTINUED Photo credit: Bruce T. Martin

12 << BACK The Wilder Companies developed The LOOP in Orlando (pictured) in The company expanded the center with an adjacent development, The LOOP West, in The LOOP-Hudson Valley, which will open in 2014, will feature the same concept of a power center crossed with a lifestyle center. THE HISTORY In 2000, The Wilder Companies opened The LOOP at the former Methuen Mall site in Methuen, Mass., 28 miles north of Boston. The old enclosed traditional mall was 99 percent vacant. It couldn t compete with a 1 million-square-foot mall that was built four miles away in tax-free New Hampshire, Wilder says. We recognized that it had great regional access but we needed a new concept. The Wilder Companies saw an opportunity to create a cross between a power center and a lifestyle center at the site. We wanted to create a concept that is fun, festive and family-oriented, says David Mallen, another Wilder principal. We opted for an outdoor streetscape reminiscent of Main Street, which hadn t really been done yet in New England. Tenants at the 480,000-square-foot center include AMC Theatres, Marshalls, Home Depot, Stop & Shop, Old Navy, Starbucks, and 50,000 square feet of small shop space. The center has been a phenomenal success. It is still 100 percent leased with many stores at this center ranking number one or two among all of a company s New England stores, Mallen says. As for the outdoor nature of the center? It works, even in the Northeast. In fact, we embrace it with winter sleigh rides and ice sculptures, Wilder says. We get solid traffic year-round. And on a 45-degree day in January? It is glorious. In 2005, The Wilder Companies opened The LOOP-Orlando, in Kissimmee, Fla. In 2008, the company expanded the project with the adjacent development called The LOOP West. Together, the properties contain 840,000 square feet of space, including 200,000 square feet of small shop space. Anchors include Bealls, JC Penney, Kohl s and Regal Cinemas. Junior anchors include TJ Maxx, Babies R Us, Bed Bath & Beyond, Sports Authority, Petco, CVS, Old Navy and Michaels. Both Florida properties are 100 percent leased, Wilder reports. We did lose Circuit City during the recession but the space was easy to backfill. Retailers knew they would thrive in a center with the co-tenancy that we offer. After Circuit City filed bankruptcy, The Wilder Companies entered talks with TJX Cos. and had TJ Maxx lined up to take over the 27,000-square-foot space as soon as Circuit City closed its store. The LOOP is a concept with staying power. We survived the recession and now we are thriving, Wilder says. The concept is not super-upscale. We attract a broad demographic even the valueconscious shopper comes to The LOOP, and that was especially important during the recession. The Wilder Companies also owns 120 acres in Florida, destined to become The Loop-Punta Gorda. This project has been delayed due to the recession. THE STRATEGY We look for voids in the market, Wilder says. Some developers look to feed off of mall traffic, but with The LOOP, we do not want to be adjacent to a mall. We look for areas that are not large enough for a regular mall. The company looks to serve populations of at least 200,000 people within a 10-mile radius in locations that are approximately 10 miles from their closest competitors. The company also brings together a varied mix of tenants and not just because it is difficult to line up four department store anchors these days. We want a cross of department stores and junior anchors, including retailers like sporting goods or a large category shoe store. The dining options are also important, Wilder notes. He adds, Our tenant strategy is a function of how people shop today. In addition to the anchors, we ll have 30 to 40 small shops. This is a reflection of the customer s desire to cross-shop and have various options for eating out. When feasible, the company likes to include a movie theater in the tenant mix. Depending on the local competition, the company also looks to sign a supermarket. Everyday traffic is important to The LOOP concept, Wilder explains. The open-air layout of the center also accommodates the different ways people shop. On a weekday, a mom and child can park directly in front on a store to run in and out for a quick errand. On a weekend, a family can see a movie, stroll around for a couple of hours, and enjoy a meal. We click on all cylinders, bringing traffic throughout the week. This is the beauty of The LOOP concept, Wilder says. SCB This article originally appeared in Shopping Center Business, May France Media, Inc. << BACK