POTTSTOWN, PA-A joint venture between Tristate Ventures LP, based in Plymouth Meeting, and Cedar Shopping Centers Inc., based in Port Washington, NY, expect to soon begin construction on the 680,000-sf Upland Square power center. The power center will be located on 106 acres at the intersection of Route 100 and State Street, here. The estimated cost of the project is between $80 million and $90 million, says John Fasciano, a principal of Tristate Ventures.
The site “sits at the nexus of three townships–Pottstown Borough, West Pottsgrove Township and Upper Pottsgrove Township and a portion of Montgomery County,” Fasciano says. The area “is underserved by retail development at this time,” he says. The power center will be anchored by Target, Giant Foods and Best Buy.
Fasciano would not disclose the percentage of the center preleased or the asking lease rate for the center. Fameco Real Estate, based in Plymouth Meeting, will be the property manager for Upland Square. Adam Kohler, with Fameco, will be the leasing agent for the center. The center is expected to open in July 2009. As part of the project, approximately $5.7 million of road improvements will be completed along Route 100. A&W Construction, based in Upper Darby, is the construction manager for the development and Nave Newell, based in King of Prussia, is the lead engineer for the project.
Tristate and Cedar Shopping Centers acquired the property from Sapphire Development Cos. Inc., based in King of Prussia, which had reportedly originally planned to develop the power center. The joint venture closed on the acquisition of the property last week, Fasciano tells GlobeSt.com. The center is estimated to have aggregate annual sales of more than $225 million. The power center is also expected to create 2,000 permanent and temporary retail jobs, according to a released statement on the project.