Seven stores are now open, including a 152,0000-sf Great Indoors and an 83,000-sf Galyan's Trading Co.

However, almost 20 stores have yet to open, following problems with ownership and road construction that is months behind schedule.

"The development is pretty much done," says Michael Lutton, president and chief executive officer of PLC Commercial Inc. of Newport Beach, CA. "We're now finishing out a bunch of sites."

He tells GlobeSt.com everything should be open by the holidays.

"We have about 75% leased out, a little more than 500,000 sf total," Lutton reports.

The development has had a few tenants change plans during the last few years in the planning and construction process, Lutton notes. A Star Theater was set to open, along with a restaurant/video game. However, the owners of Star sold to Loews Cineplex Entertainment of New York.

"Support for the Star died, and the Jillian's Entertainment just couldn't move along," Lutton says.

Now, the development will feature an 18-screen theater complex, owned by Emagine Entertainment Inc. of Troy, Lutton says.

Fountain Walk also lost the leasing guidance of Taubman Centers Inc. of Bloomfield Hills. Lutton says the divorce was the result of differences in style of this development and Taubman's mega-mall style.

"We just felt, and they felt too, that they are better qualified to do inside malls. This isn't an inside mall," Lutton says.

Instead, the development is a "lifestyle center," where the large retailers are situated in a campus-like setting, all with outside entrances.

The developer is teamed, in a way, with Ramco-Gershenson Properties Trust of Southfield on the project. However, the real estate investment trust only has a 10% stake.

"We have a minority investor," Lutton says. "We're also managing the development ourselves."

His company builds multifamily housing and shopping centers, including the Marq*E in Houston.

Instant Insights /

$140M Fountain Walk Center Nears Completion

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