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BIG PICTURE: Town Center Revival Challenging Regional Malls

ORLANDO-Big-name tenants are taking a hard look at the wave of affluent "new towns" entering suburbia. Some figure they can generate $400 per-sf sales in the town centers, too--without the parking hassles of a mall.

By Alex Finkelstein | Updated on August 27, 2001

ORLANDO-The revival of the 50-year-old town center as the dominant retail hub of a community is in full swing across affluent suburbia. Whether or not the concept will seriously challenge regional malls, however, is the question of the day among developers, brokers, owners, planners and lenders. Most are divided on the issue, they tell GlobeSt.com.

“The regional mall is dead,” says David W. Marks, president, Marketplace Advisors Inc., Orlando and a former Trammell Crow Co. senior vice president/retail. “The regional mall replaced the old town center and now the town center is making a comeback.” Marks is working with developers/owners on at least two major town center projects in the Southeast.

“The sterility of the regional mall as a one-dimensional fashion center is being replaced by the concept of a town center that is more inclusive with other activities, such as entertainment, office, residential and civic functions,” the consultant tells GlobeSt.com. “It is a place where the community comes together.”

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