The developer is Continental Retail Development of Columbus, OH. The project is the final phase of the 850-acre Tanasbourne Town Center, originally developed by the Standard Life Insurance Co. and master planned by the City of Hillsboro. Tanasbourne Town Center consists of more than two million sf of office space, 4,000 residential units and 550 hotel rooms.
The 17.7-acre site for the Streets of Tanasbourne was recently sold to Continental by Federal Realty Investment Trust for $9.8 million. The Trust purchased the parcel in 2000 as the future site of a 420,000-sf lifestyle center, but abandoned the project in March 2002 as part of a change in business strategy.
The Streets of Tanasbourne is designed as 13 buildings arranged like an old-style Main Street. The project will be anchored by a two-level, 160,000-sf Meier & Frank store. Other retailers committed to the project include Recreational Equipment Inc., Abercrombie & Fitch, Victoria's Secret, Coldwater Creek, Mimi Maternity and Pacific Sunwear. Nearby retailers include Target, Barnes & Noble and Old Navy.
Three other major retail developments in the region are currently courting tenants. The Macerich Company, owner of the 1.25-million-sf Washington Square mall in Tigard, OR, recently announced a 100,000-sf expansion to its property that will be complete by the 2005 holiday shopping season. Opus Northwest of Bellevue, WA is set to start grading for Bridgeport Village, a 29-acre, $150-million lifestyle center also in Tigard that will contain 680,000-sf of retail and office space, including a Oregon's first Crate & Barrel store. Finally, the former Beaverton Mall, owned by Vancouver, WA-based C.E. John Co., is in the midst of a $35-million renovation and expansion of the 775,000-sf mall, know known as Cedar Hills Crossing.
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