READING, PA-Stanbery Development plans Shoppes at Wyomissing, a 104,000-sf lifestyle center here, and will break ground in fall 2006 for an opening a year later. Jon Meyer, a Stanbery principal, tells GlobeSt.com the all-in cost is approximately $30 million.
The center will contain three major in-line retail buildings and two outparcels. Ray Brunt, also a principal and leasing partner with Stanbery, says he has obtained signed letters of intent with two tenants. "Bensi, an Italian restaurant, will occupy 6,000 sf," he says, "and Ann Taylor Loft will occupy a 5,500-sf space." He did not disclose the rental rate.
The Wyomissing center will mirror Stanbery's existing 104,500-sf Shoppes at English Village in Montgomeryville and the 80,000-sf Shoppes at Union Hill in Denville, NJ in style and tenant mix, according to Brunt. All follow the Columbus, OH-based developer's pattern of locating what Meyer describes as "small, convenience-oriented lifestyle centers of upscale retailers in affluent areas."
The company is in the midst of aggressive development, having completed Shoppes at Susquehanna Marketplace in Harrisburg in 2004 and announced plans for Shoppes at Coconut Creek, FL to open around the same time the Wyomissing center will open. The Florida property is a regional departure for the company, which previously stuck to the northeast.
Also in the works is the 600,000-sf Shoppes at Saucon Valley in Allentown, which is a joint venture with Memphis-based Poag & McEwen. The first, 420,000-sf phase is scheduled to open in August 2006, followed by the remainder a year later.
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