Specific plans for the redevelopment haven't been released, including its cost, but according to Joyce Storm, a principal of the ownership group, work is slated to begin in February of 2005 and will be completed about a year later. The complex, which generates $250 million in sales annually, according to Storm, is currently anchored by a 215,000-sf Fortunoff, a 218,000-sf JCPenney store, Borders Books & Music, TGI Friday's and Loehmann's.
RKF's task will be to fill retail spaces ranging from 4,000 sf to 80,000 sf, and the firm's Barry Fischbach, executive vice president, and Jerry Rockoff, senior director, are heading up the assignment.
Fueling the makeover is the competition, specifically the fact that the property sits in the midst of more than three million sf of retail space, according to Rockoff. "The area's critical mass of existing retail space draws shoppers from throughout Northern New Jersey," he says. "The area has developed into a retail destination with a diverse tenant mix."
The primary attraction drawing shoppers in the region is the 1.5-million-sf Willowbrook Mall, which sits directly adjacent to Wayne Towne Center. One of the most productive retail properties in the Northeast, the Rouse Co.-owned asset is anchored by Bloomingdale's, Macy's, Lord & Taylor and Sears and features nearly 200 in-line stores.
An additional one million sf of retail in the immediate area includes a Costco store, Sports Authority and a Loews Theatre, all of which border Wayne Towne Center.
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