Steiner Opens Second Phase of $400M MXD

The first phase of the project was complete in 2004. Mostly retail, the first phase includes Barnes & Noble, Dick's Sporting Goods, Marshalls and Staples; as well as 24 apartments and 40,000 sf of office. Most of the first phase retail is leased, and the office and apartments are full, says Rosemary Salerno, general manager of the project for developer Steiner & Associates. "The response has been tremendous, and the new stores will be wonderful additions," she says.

Along with Dillard's, new stores announced for the $200 million phase two include Coldwater Creek, Chico's, Gymboree, Sephora, Topsy's Popcorn and the Cookie Factory Bakery, Select Comfort and Pretzelmaker. "The new stores really add to the mix, bringing in a lot of new labels, especially women's specialty retail, that we've been lacking," she says.

There are other stores that are going into another 200,000 sf, but Salerno says she can't name them yet. "Many deals are pending and not yet announced," she tells GlobeSt.com. "The economy has been a little bit of a challenge for our leasing team, but we're forging ahead. We've felt that some companies have pulled back on expansion plans, but when they're ready to go, we'll be first on their list."

The 24 loft apartments in phase one are full, she says, and the company has just started marketing the 49 traditional apartment units. "We've leased a couple already," Salerno says. The current Lofts at Zona Rosa apartments lease for about $810 to $1,780 per month.

The current office 45,000-sf of office is also fully leased, and about half of the 35,000-sf in the second phase is taken. Citizen's Bank & Trust is taking a full floor of office space above first-floor retail in one of the buildings. The company is moving in 60 associates in its commercial banking and wealth management, bank holding, executive and administrative functions. The bank will also open a branch in the retail downstairs.