The opening phase of the project is 500,000 sf of retail thatincludes a 130,000-sf Wegman's Super Store and a "Main Street"lifestyle format of upscale individual stores with adjacent parkingand numerous theme restaurants. In describing how Valley Squarediffers from traditional shopping centers, David Grasso, Metro'spresident, cites its buffer of trees, separate road access,landscaped sidewalks and varied building heights. Michael Grasso,chairman, compares it to the shopping areas for most US towns inthe early 1950s, which provided easy walking to stores andrestaurants.

The retail sector of the development is 60% preleased, accordingto Gregory Bianchi, VP of US Realty Associates, Metro's leasingarm, which is handling day-to-day management of the development aswell as leasing. He says he expects all retail components to befully leased by the end of this quarter. "Lifestyle retailers areresponding enthusiastically to this well-designed project," hesays, adding that this market is currently "underserved forhigh-end shopping." Among the tenants for the traditional retailphase, scheduled to open in September 2005, are Circuit City,Staples, Micheal's Crafts, and Sports Authority. Wegman's and theremaining lifestyle office and residential phase are set to open inJune 2006.

Village Square is located on the largest undeveloped,commercially zoned land parcel in central Bucks County, which isamong the most affluent in the 11-county greater Philadelphia area.The remaining portions of the project contain 110,000 sf of officespace and more than 200 residential condos for people age 55 andolder. The office space is in boutique structures, leased primarilyto doctors, dentists, lawyers and other professionals andbusinesses, according to Bianchi.