Six Questions for Jamestown’s Michael Phillips

ALAMEDA, CA-One of Jamestown’s recent acquisitions is Alameda South Shore Center, a 594,000-square-foot open-air shopping center in the island city of Alameda, and the only major shopping center on the 23-square-mile island. The recently renovated property also underwent a rebrand, restoring its original “South Shore” name. Atlanta-based Jamestown, which has a long history of engaging communities, points out that it restored the South Shore name “in response to the community’s voice.” Michael Phillips, Jamestown managing director, is responsible for establishing the company’s vision and execution strategy, which includes overseeing the merchandising, leasing, branding and marketing for its real estate projects.

GlobeSt.com: You are known for your development and transformation of projects. How do you know what’s going to work for/in an individual community like Alameda?

Phillips: Universally, people want to be engaged, part of a community and that’s a key element of Jamestown’s asset management philosophy. We like to raise the bar in terms of creating ways for shoppers and visitors to feel more connected to our properties, which gives them a sense of added value when spending their dollars.

We traditionally focus on high-barrier-to-entry markets with defined parameters and protocols. Within this context, we look for innovative ways to enhance and improve what's already there, embracing the history of a site, rather than building something completely new.

GlobeSt.com: Can you speak to the Alameda South Shore Center project currently undergoing a rebrand and how it is unique?

Phillips: Alameda South Shore Center is located in a well-known and long-standing community in the East Bay area of San Francisco and has significant relevance to multiple populations, including seniors, young urban families, and retired military, a diversity that is representative of the Bay Area.

We’re targeting the crossroads of these constituencies. Restoring the property’s “South Shore” name speaks to the center’s origin and the new logo and graphics promote Alameda’s many family-friendly recreational activities. The new tagline “Come Shop at the Beach” highlights the center’s beachfront setting. This rebranding is authentic, and true to the history of the center and the spirit of the Alameda community.

GlobeSt.com: As you launch the rebrand for properties like South Shore or others, how do you keep it fresh ongoing?

Phillips: We see our role as creating the architectural framework for a community, and supporting beneficial interaction among our tenants, their customers, and the public within that environment. We identify what is most important to our tenants, their social and community causes, and then respond accordingly on an ongoing basis. This can take the form of engaging with specific charities, staging food- and art-centric events, or celebrating community milestones, among other activities and programs.

GlobeSt.com: You have two properties in Northern California–Alameda South Shore Center on Alameda Island and Pacific Place in San Francisco. Can you compare and contrast these two retail markets and discuss your near- and long-term outlook for the properties’ performance?

Phillips: The properties are in two very different locations within the Bay Area but share many similarities. Both are situated at the center of their respective communities, ideally positioning them to benefit from the energy and vitality critical to a property’s long-term success. Pacific Place, at Fourth and Market, is in the heart of the Market Street corridor and on the leading edge of the Union Square shopping district. It’s a dynamic environment, mixing boutique brands like the Hotel Palomar with large retailers such as Old Navy and The Container Store.

Alameda South Shore Center is also situated in a gateway location—at the front door of the San Francisco Bay, and one that is central to a vibrant, growing community. Alameda has excellent school systems, transportation, and affordable housing, attracting young families that represent next-generation demand for our retail center.

Other similarities include crossover in tenancy, Old Navy being one example, and both properties are leading the trend of mass retailing and boutique retailing co-existing to their mutual benefit, and the benefit of their customers.

GlobeSt.com: When acquiring and redeveloping a significant property there can be a lot of different parties in the mix—city governments, community activists, current and potential tenants, and, of course, your investors. How do you balance, engage and please the various factions?

Phillips: We have a dedicated focus on community building, non-commodity retail, and best-in-class properties. With this positive premise, we are almost always in alignment with the needs and concerns of the parties involved, including city governments, community partners, tenants, and investors.

Additionally, we emphasize quality over quantity without exception. This gives us the opportunity to go deeply into communities and visit with the various constituencies so that we can fully understand their needs and pressure points. To do anything properly requires a lot of time, thought, and compromise.

GlobeSt.com: Jamestown has a portfolio-wide commitment to green buildings and energy efficiency. What initiatives have been most successful in attracting tenants and creating value for tenants and ownership? Is this something you can quantify?

Phillips: Our commitment to environmental sustainability is evidenced in multiple ways, including supporting LEED certification, implementing recycling programs, and offering zip car and bike sharing alternatives. One of the most important benefits we provide our tenants relates to infrastructure initiatives, including incorporating structural modifications and sustainable interior finishes that can facilitate our tenants’ pursuit of LEED certification.