X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

ROCKY RIVER, OH-A $31-million project has transformed an aging 50,000-sf enclosed retail building into a 100,000-sf, open-air retail district, according to developer Madison Marquette. Beachcliff Market Square, which recently opened in this suburban Cleveland community, is currently about 75% occupied by a mix of local and national tenants.

Jay Lask, managing director of investments with Madison Marquette, tells GlobeSt.com that the urban infill project presented a variety of challenges, including parking issues and accommodating tenants during construction. He says that Madison Marquette was able to work with the city to develop a 133-space, lower-level parking garage.

Meanwhile, the existing tenants–Pearl of the Orient and Tomorrow’s Hair Salon–survived the redevelopment project and have been joined by a variety of national retailers, including White House/Black Market, Ann Taylor Loft, Aveda, Chico’s, First Watch and Jos. A. Bank. The project’s available space includes approximately 20,000 sf of retail and 6,000 sf of office space.

More than 217,000 people live within five miles of the redevelopment, and the average household income in the area is more than $67,000 per year, according to Madison Marquette. “One thing we have found is that the Rocky River residents are very loyal,” Lask says. “They are happy to do their shopping locally.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.