Bisnow Exclusive: Market Street Place Lands LOI
SRS Real Estate Partners SVP Laura Tinetti gave us an exclusive update on Market Street Place and the pending deal that'll eat up a fifth of the project.
Laura tells us her team sealed a deal for an LOI with a 50k SF full-line apparel user that should close in the next few months at the 5th and Market project. Laura, center, spoke at ICSC's much-anticipated retail and development update last week at Gap's HQ. (The postponed event was originally slated for the same day as the monsoon in December.) The 250k SF project just broke ground and is slated to wrap up in Q3 2016. Ownership was there too, with Cypress Equities project manager David Bennett, left, chatting about entitling the multi-property site at a time when it was a big challenge to get retail approved in Midmarket. That's DTZ managing director Rhonda Diaz Caldewey on the right.
Aside from a name change to Market Street Place, the structure itself has stayed the same since day one. The original plan to inject power center tenants, and chats with the likes of JC Penney, fizzled. Now the goal is to create a retail destination with a unique merchandising mix to get away from the power center vibe. Expect higher-end brands prevalent in LA, NYC and internationally.
Floors one and two of the project will be flagship stores in the apparel category and may have multi-level components. (Think a flagship retailer on one side, and on the other, a lower-level specialty store.) Expect dining and entertainment options on the fifth floor. The project will "extend the line" of where traditional retail boundaries end in that part of the city, targeting shoppers that bookend the property like Twitter and Union Square, says Laura, here speaking at Bisnow's retail event last fall.