REDEVELOPMENT PIGEON FORGE, TENNESSEE FOR LEASING / PROJECT INFO PLEASE CONTACT: Dixon Greenwood, CCIM 865-585-2307 Tim Zitzman 865-804-4131
TABLE OF CONTENTS EXECUTIVE SUMMARY AREA MAPS AERIALS TRAFFIC PATTERN MAP SITE PLANS RENDERINGS 2013 BUSINESS STATS DEMOGRAPHICS FOR PROJECT / LEASING INFO PLEASE CONTACT: DIXON GREENWOOD, CCIM 865-585-2307 TIM ZITZMAN 865-804-4131 Aerial Imagery of Pigeon River Crossings (formerly called Belz Factory Outlet World) Circa November 2001
EXECUTIVE SUMMARY SIZE: YEAR BUILT: 1988 / 1989 390,248 sq. ft. gross leasable area (as currently configured) ADDRESS: 2655 Teaster Lane, Pigeon Forge, TN 37863 DESCRIPTION: Pigeon River Crossings (formerly Belz Outlet Mall) is a 390,248 square foot retail center spanning 3 buildings on a prominent section of Teaster Lane, just one block off of Hwy 441 (Parkway) at the intersection of Wears Valley Road. Teaster Lane is a major road that parallels the Parkway and provides easy access to/from Dollywood via Veteran s Pkwy. The property was originally constructed in 1989 and the current configuration includes: Annex 1 152,134 sq. ft. big box strip anchored by Old Time Pottery Annex 2 52,626 sq. ft. strip located across Teaster Lane with many conventional and outlet tenants such as Nike, rue21, Dress Barn, Rack Room Shoes, Easy Spirit, Lane Bryant, etc. Main Mall 185,488 sq. ft. of GLA in the only enclosed mall in the region. The main focus of this project will consist of redeveloping the mall into a more conventional big-box strip center to take advantage of the excellent location and infrastructure already in place. The mall was a regional destination when it opened and for many years after, but recently it has reached a level of functional obsolescence that requires a total different approach to revitalize the property. MARKET: Pigeon Forge is one of the top tourist destinations in the country (10.5 million visitors annually), and the Great Smoky Mountains National Park is the most visited national park, with visitation over 9 million annually. Pigeon Forge is a bustling town, but it only has approximately 5,800 permanent residents. However, visitors boost the daily population in excess of 50,000 on a regular basis, so a different approach is required to understanding the retail sales potential then simple population & income figures. Many of these tourists rent one of over 10,000 cabins or other extended stay facilities, and in doing so spend a great deal of time and money here. This market is outperforming similar tourist destinations like Branson, Myrtle Beach, Wisconsin Dells, etc. in both tourism and retail sales. Please review the attached 2013 Business Statistics that will show the breakdowns for retail expenditures by category, along with hotel/cabin rentals and other important factors. COMPETITORS: When comparing locations in the Sevierville/Pigeon Forge/Gatlinburg market, we believe the best option is to be centrally located amongst all three. There are multiple ways to access the Pigeon Forge/Gatlinburg area from north, east, south, and west. A location here puts you in the middle of the population concentration of tourists that spend money while they re here, not when they are on their way out of town. REDEVELOPMENT: As stated, our plans are to de-mall the mall portion of the property with a conventional big box arrangement. We just acquired this property recently, but we have interest from a lot of major retailers and we think this a unique opportunity, as land is very scarce in this market with prices north of $1 million per acre along the Parkway. With 18 existing co-tenants, our plans are to target big -box soft goods and other specialties that are not currently in the market or those that are looking for a second location. The look and feel of the redevelopment will pay homage to the Great Smoky Mountains and cabin lifestyle of this region. IMMEDIATE AREA: This property is ripe for redeveloping for several reasons: The Island 26 acre tourist attraction featuring a 200 ferris wheel, restaurants, and specialty shops just opened in the summer of 13. The main access point is less than 1/8 mile from our site and has significantly increased traffic on Teaster Lane. The wheel is visible from just about anywhere in Pigeon Forge. LeConte Center --$45 million, 232,000 sq. ft. convention and events facility that just opened in October of 13. The property is located less than ¼ mile from our site directly adjacent to a city-owned parking lot consisting of over 1,600 spaces. The facility includes a 100,000 sq. ft. clear span exhibit hall, several conference rooms, staging area, reception space, and concourse. The facility is booked solid through 2014, and many exhibitors have booked 10+ years in advance. Cal Ripken Baseball Tournament Park The City of Pigeon Forge has purchased approximately 100 acres directly adjacent to our site with the goal of building a baseball facility to host tournaments for little league through high school. They have committed over $22 million towards the construction and secured the Cal Ripken Experience to manage the park, which has been extremely successful in Myrtle Beach, SC and Aberdeen, MD. The projections of the Cal Ripkin Experience indicates an economic impact to the area of 82,000 more visitors, 30,000 more hotel/cabin nights booked, and another $38.5 million in spending per year. Jake Thomas Blvd Extension This road will eventually connect the Parkway to Dollywood s main entrance, which will significantly increase accessibility along the Teaster corridor. A portion is currently under construction along the baseball facility property with the remaining portion under study. Dollywood s $300 million/10 year Plan Dollywood just announced a $300 million, 10 year capital improvement plan including construction of a resort and multiple new major attractions. The goal is to establish Dollywood as the top theme park in the nation. OUR RESUME: We have extensive experience in large scale retail developments with national tenants of all types and sizes. We are unique in that we have redeveloped a functionally obsolete interior mall in East TN (Kingsport) with big boxes such as: Hobby Lobby, Office Depot, Pier One Imports, Ross Dress For Less, TJ MAXX, PETsMART, and multiple other national chains. We are familiar with the complexities of these types of deals, and we are well capitalized to make them a reality. FOR PROJECT / LEASING INFO PLEASE CONTACT: DIXON GREENWOOD, CCIM 865-585-2307 TIM ZITZMAN 865-804-4131
AREA MAPS
AREA MAPS (cont.)
MAJOR ATTRACTIONS SITE TEASTER LANE FOR PROJECT / LEASING INFO PLEASE CONTACT: DIXON GREENWOOD, CCIM TIM ZITZMAN 865-585-2307 865-804-4131
TRAFFIC PATTERN MAP PARKWAY This is the main road access from Sevierville to Pigeon Forge. WEARS VALLEY This is a major road extending all the way to Townsend. There is a lot of residential along this road along with a great deal of tourist traffic. Kroger (and other grocery stores) get so busy on the weekends due to cabin rentals and long term guests that locals get groceries during the week. VETERANS PKWY This is the main access to Dollywood and a bypass for those traveling to Gatlinburg. This is a way many locals use to avoid the Parkway when busy and takes you straight to Sevierville. Our site benefits from easy access to Veterans Pkwy. SITE PARKWAY Traffic from the Park and Gatlinburg have several options to access the site which allow them to bypass the busy areas. PIGEON FORGE PIGEON FORGE HIGH SCHOOL GOVERNMENT OFFICES FOR PROJECT / LEASING INFO PLEASE CONTACT: DIXON GREENWOOD, CCIM TIM ZITZMAN 865-585-2307 865-804-4131 Traffic along Teaster Lane is increasing tremendously with the addition of the Leconte Convention Center, The Island theme park, and soon to be Cal Ripken Experience. The main intersection of Pigeon Forge is where the Parkway and Wears Valley meet and we are just seconds away...
SITE PLAN (EXISTING) ANNEX I 3,791 sq. ft. AVAILABLE REDEVELOPMENT 20,000 sq. ft. Expansion Area 30,888 sq. ft. AVAILABLE (divisible) proposed 799 Spaces OUTPARCEL / Expansion Area (see detail) 871 Spaces < proposed traffic light TEASTER LANE MALL BURKE S OUTLET COLEMAN ANNEX I 26,372 sq. ft. OLD TIME POTTERY 85,473 sq. ft. ROCKY TOP LEATHER 2,550 sq. ft. 4,789 sq. ft. TUESDAY MORNING 10,891 sq. ft. DRESSBARN 5,100 sq. ft. rue21 5,237 sq. ft. VITAMIN WORLD 1,400 sq. ft. LANE BRYANT 4,389 sq. ft. EASY SPIRIT 3,627 sq. ft. WESTPORT WOMAN 3,920 sq. ft. AVAILABLE 1,680 sq. ft. FRAGRANCE OUTLET 1,807 sq. ft. RACK ROOM SHOES 4,327 sq. ft. GH BASS & CO 3,500 sq. ft. CHRISTOPHER & BANKS 4,812 sq. ft. NIKE FACTORY OUTLET 10,227 sq. ft. *AVAILABLE SPACE RANGES FROM 2,000 SQ. FT. UP TO 195,000 SQ. FT. ANNEX II ROCKY TOP LEATHER FRAGRANCE OUTLET THE REDEVELOPMENT WILL FOCUS ON DE-MALLING THIS PORTION OF THE PROPERTY, WHICH WILL ALLOW FOR MULTIPLE BIG-BOX STOREFRONTS. TOTAL GLA (possible): ANNEX II 223,573 sq. ft. BURLINGTON BRANDS 7,919 sq. ft. CASUAL MALE 5,325 sq. ft. COLEMAN (proposed) 7,825 sq. ft. AVAILABLE Up to 55,000 sq. ft contiguous TOTAL GLA: 152,134 sq. ft. TOTAL GLA: 52,626 sq. ft.
OUTPARCEL / EXPANSION AREA DETAIL 1.38 ACRES ANNEX II
RENDERINGS
RENDERINGS (cont.)
RENDERINGS (cont.)
REDEVELOPMENT PIGEON FORGE, TENNESSEE FOR LEASING / PROJECT INFO PLEASE CONTACT: Dixon Greenwood, CCIM 865-585-2307 Tim Zitzman 865-804-4131 The information contained in this package is derived from sources we believe to be reliable, however no warranty is made regarding its accuracy and/or validity.