Doran Expanding Centers

The company's other land purchase was a 15-acre parcel that it bought for about $2 million to expand its Northshore Town Center in Knoxville, which will total 155 acres and will be valued at about $500 million when completed. when completed. Pete Harper, COO for Doran, tells GSR that construction is nearly finished on the first phase of the Winter Springs project, where the company will soon begin a Phase II development.

When both phases of the Winter Springs Town Center are completed, the development will comprise 400,000 sf of retail space, 300,000 sf of class A office space and 700 residential units. At Northshore, the Town Center mixed-use development will comprise a similar amount of residential, retail and office development. The project will comprise 500,000 sf of retail space, 300,000 sf of class A office space and 700 residential units. Among its amenities will be a five-acre natural lake, a lakeside boardwalk, parks and plazas, and outdoor public amphitheater and other features.

The new developments continue Doran's push to expand its portfolio of major mixed-use real estate developments in the Southeast. Shane Doran, SVP of acquisitions, describes the land purchases as central to the company's five-year strategic plan to increase real estate holdings in targeted growth markets in the Southeast. According to Harper, Doran is focusing on the Southeast for a number of reasons, among them its first-hand knowledge of the market and its belief that "We think the Southeast is the best region of the country right now in terms of growth."

Doran began building town center projects about three years ago after developing approximately 3.5 million sf of power centers, Harper explains. "We like to stay in the markets that we know best, where we have good relationships with brokers and others in the industry," Harper tells GSR. Also, he says, "We think it's easier to find a site in the Southeast that has the income levels we are looking for" to develop new centers.

Privately held Doran traces its roots to the late 1800s, when it was founded as a shipping company that later diversified into real estate. Doran's other town center developments include projects such as its Winterfield Village in Richmond, VA and Downtown Daniel Island in Charleston.