LBG Bets On Medford Retail
LBG Real Estate Cos is redeveloping Medford Center, a 420k SF regional entertainment and lifestyle shopping center. The company is investing $12M in The Village, the 30k SF central pedestrian promenade. The Village at Medford Center will be reconfigured to cater specifically to restaurants, wine-bars and breweries, designed with plenty of outdoor seating in mind. Construction will begin later this month and renovations will be complete in late 2017.
Rated among the top 10 Best Wine Travel Destinations by Wine Enthusiast magazine, the southern Oregon economy is booming. “The redevelopment will transform The Village into a key focal point and gathering spot for customers located in the immediate surrounding markets of Medford and Ashland as well as throughout southern Oregon,” LBG managing partner David Goldman says.
Medford Center is home to Cinemark-owned Tinseltown USA, the largest theater in southern Oregon with 15 screens. The center is currently 90% occupied. LBG is signing new leases at the property, including the Collaborative Theatre Project, a live performance theater.
The Village at Medford Center’s redesign will include a new façade, all new hardscape and signage, additional seating and a water/fire feature. Glass roll-up storefronts are also part of The Village’s new image.
“The improvements to The Village with its contemporary, aesthetically appealing features will help make Medford Center the premier restaurant and entertainment destination for residents in Medford as well as its documented 3.2 million annual visitors, projected to increase to 3.5 million visitors in 2020, 94% of which are leisure travelers,” David says.
LBG has owned Medford Center since November 2014. The center is off Interstate 5 and takes up nearly an entire city block. Signage will be improved as part of the redevelopment to include a highly visible freeway tower.