(For more retail coverage, click GlobeSt.com/RETAIL.)
ROCKY RIVER, OH-A $31-million project has transformed an aging 50,000-sf enclosed retail building into a 100,000-sf, open-air retail district, according to developer Madison Marquette. Beachcliff Market Square, which recently opened in this suburban Cleveland community, is currently about 75% occupied by a mix of local and national tenants.
Jay Lask, managing director of investments with Madison Marquette, tells GlobeSt.com that the urban infill project presented a variety of challenges, including parking issues and accommodating tenants during construction. He says that Madison Marquette was able to work with the city to develop a 133-space, lower-level parking garage.
Meanwhile, the existing tenants--Pearl of the Orient and Tomorrow's Hair Salon--survived the redevelopment project and have been joined by a variety of national retailers, including White House/Black Market, Ann Taylor Loft, Aveda, Chico's, First Watch and Jos. A. Bank. The project's available space includes approximately 20,000 sf of retail and 6,000 sf of office space.
More than 217,000 people live within five miles of the redevelopment, and the average household income in the area is more than $67,000 per year, according to Madison Marquette. "One thing we have found is that the Rocky River residents are very loyal," Lask says. "They are happy to do their shopping locally."
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