LOOP the - The Wilder Companies

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the
LOOP
HUDSON VALLEY, NY
Developed by
At I-84 & I-87 in the heart of the Hudson Valley, New York
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dynamic
location
Into The LOOP
Always family oriented, casual, convenient, and pedestrian friendly, this
new LOOP shopping center joins LOOP successes already in place in
Massachusetts and Florida.
The LOOP is enviably located at the junction of two major interstates,
I-84 & I-87, midway between Poughkeepsie and Harriman in the Town of
Newburgh, New York.
It is bringing the right mix of destination anchors, specialty retailers,
restaurants, cafes, and entertainment venues to an underserved Hudson
Valley market hungry for a destination that pulls it all together.
Unlike any other area shopping experience, it’s the complete package;
dynamic location, tasteful, compelling architecture, lush landscaping, easy
ingress, egress, parking and traffic flow.
OPENING 2015 • 650,000 SQUARE FEET
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An Underserved Market
15 Minute Drivetime
the
LOOP
There are 195,695 people living within 15 minutes of The LOOP.
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A Dynamic Location
37,855
VPD
LOOP
the
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63,684
VPD
46,255
VPD
Over 100,000 vehicles pass directly by The LOOP site daily.
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About the Market*
ORANGE COUNTY’S MAJOR EMPLOYERS
15 MINUTE DRIVE TIME COMPARISON
EMPLOYER
AVERAGE HH INCOME
POPULATION
2013
HH WITH
$100K
INCOME +
DISTANCE
FROM THE LOOP
VIA INTERSTATE
The LOOP - Hudson Valley 195,695
Galleria at Crystal Run
109,533
Poughkeepsie Galleria
190,771
Woodbury Commons
99,207
21,365
11,996
20,475
11,633
n/a
20.2 miles
20.3 miles
20.2 miles
$80,747
$80,422
$79, 386
$93,327
5 MINUTE DRIVE TIME
WORKPLACE POPULATION
5 MINUTE ADJUSTED
DAYTIME DEMO 16+ YEARS
NUMBER OF
EMPLOYEES
POPULATION
The LOOP - Hudson Valley
Galleria at Crystal Run
Poughkeepsie Galleria
Woodbury Commons
The LOOP - Hudson Valley
Galleria at Crystal Run
Poughkeepsie Galleria
Woodbury Commons
* SitesUSA 2013
24,598
25,299
14,709
7,486
37,156
37,613
23,024
12,167
# OF EMPLOYEES
US Military Academy at West Point......3120
Orange Regional Medical Center............2524
Crystal Run Healthcare................................1600
St. Luke’s Cornwall Hospital...................... 1500
Elant, Healthcare........................................... 1200
C&S Wholesale Grocers..............................1000
Empire Blue Cross/Blue Shield...................790
Orange ARHC.....................................................750
Time Warner Cable....................................... 600
Occupations, Inc............................................ 600
Mount St. Mary’s College............................ 500
Staples-Distribution Center....................... 460
Veria International, LTD.................................445
YRC Worldwide Trucking............................. 435
Amscan, Inc. Distribution.............................425
Times Herald Record......................................400
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Market Research/Trade Area Analysis
• The LOOP site has an excellent geographic location.
Peter G. Gerney
• The proposed development will be well positioned to serve its surrounding trade area.
• The LOOP’s geographic area came in nearly 650,000 square feet below the expected level.
•A
void exists in the area, in terms of retail quality.
• T his shortfall in tenancy is quite noticeable.
• T he LOOP’s location offers very real potential
for the recruitment of retailers.
• T he LOOP site will support in the range of
575,000 to 600,000 square feet of retail GLA.
• It will also support approximately 125,000 square feet
of small tenant specialty retailers.
Click here for more detailed information.
CONCLUSION
With the completion of this
analysis, it is clear that there is
sufficient market support, along
with a favorable competitive
landscape surrounding the
potential LOOP, for the successful
recruitment of a strong line-up
of quality retailers.
Peter G. Gerney
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for today’s
discerning
customer
LOOP Success
The LOOP is a shopping center concept created by The Wilder
Companies for today’s discerning customer. It is always an
exceptional mix of retail shops, dining and entertainment
choices set conveniently in distinctive yet casual outdoor
environments of inspired architecture, pleasant walkways
and pedestrian plazas.
The LOOP originated in Methuen, MA (Boston trade area) and
was followed by two centers in Kissimmee/Orlando, Florida;
LOOP and LOOP West. It is extremely successful in each
market with many merchants performing near or at the top
of their chains.
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LOOP
Methuen, MA • 480,000 SF
Over 30 shops, services & eateries including:
AMC 20 Screen Theatre • Marshalls, • Super Stop & Shop
The Home Depot • LOFT • Old Navy • Gap/Kids
Bath & Body Works • Yankee Candle • Olive Garden
Not Your Average Joe’s • Starbucks
LOOP
Kissimmee/Orlando, FL • 440,000 SF
Over 40 shops, services & eateries including:
Kohl’s • Regal Cinema 16 • Old Navy • Bed Bath & Beyond
Ross • Michaels • Petco • Sports Authority • Pier 1 Imports
American Eagle Outfitters • Kay Jewelers • Sunglass Hut
Macaroni Grill • Chili’s • Panera Bread • Chipotle
LOOP West
Kissimmee/Orlando, FL • 400,000 SF
Over 30 shops, services & eateries including:
JCPenney • Bealls • TJ Maxx • DSW Shoes • Party City
Babies R Us • Books a Million • Ulta • Jared • Shoe Carnival
G by Guess • Bonefish Grill • BJ’s Restaurant & Brewhouse
Menchie’s Frozen Yogurt • Pei Wei Asian Diner
Moe’s Southwest Grill
www.AtTheLoop.com
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About The Wilder Companies
The Wilder Companies is a Boston-based real estate
development, management, and leasing firm specializing
in the positioning of retail properties. Privately held and
owner managed, Wilder’s mission has been and continues
to be to create vibrant shopping places that meet and
exceed the expectations of our customers, retailers,
and investors.
From lifestyle centers to urban properties and mixed-use
developments to community centers and super-regional
malls, The Wilder Companies, in its 40 year history, has
developed, managed, and leased over 20 million square
feet of retail properties throughout the United States
and Puerto Rico.
For more information contact:
617.896.4913 • [email protected]
The Company continues to have a diverse portfolio of
properties throughout the East Coast.
www.wilderco.com
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The Wilder Companies
800 Boylston Street, Suite 1300
Boston, MA 02199
617.247.9200
www.wilderco.com • [email protected]
Developed by
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LOOP
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Route 300 at I-84 & I-87
The Town of Newburgh, New York
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Replicating A Successful Retail Formula
Successful with The LOOP in other areas of the country, The Wilder Companies is developing
The LOOP in the Hudson Valley area of New York.
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Photo credit: Bruce T. Martin
W
hen a retail developer finds a
concept that works — identifying the right tenant mix and
the targeted demographics — the trick is
to repeat the success in different locations.
That is exactly what The Wilder Companies is doing with The LOOP concept,
which it first brought to life in 2000.
The LOOP properties located north of
Boston and south of Orlando have done
well, even during the recession, and The
Wilder Companies is gearing up for development as retailers begin to look for
opportunities to open new stores.
First up is The LOOP-Hudson Valley.
The Wilder Companies has partnered
with Boston-based Sam Park & Co. to
develop 650,000 square feet of retail
space on a 120-acre site at the intersection of Interstates 84 and 87 in Newburgh,
N.Y. The center will serve a population of
300,000 people within a 20-minute drive.
Household income within that driving distance is $82,488.
“It is hard to find under-retailed areas in
the Northeast — and even harder to find
undeveloped land to support 500,000 to
600,000 square feet of retail space. We
have 120 acres that haven’t been developed in the Hudson Valley. And our
timing is perfect,” says Tom Wilder, a
principal with Boston-based The Wilder
Cos.
Citing an October 2012 study by Peter
Gerney of Real Estate Consulting Services,
Wilder notes that a comparative analysis
of the Newburgh (Orange County, N.Y.)
area with several similar markets in the
Northeast showed that the area compares
favorably in terms of density, income
and education but is more than 600,000
square feet short of retail gross leasable
area found in the other markets.
“And there is simply nothing of any
critical mass that is integrated like The
LOOP will be,” Wilder adds.
The LOOP-Hudson Valley will include
At all of its LOOP properties, The Wilder Companies looks to sign a broad mix of
anchor tenants, junior anchors, and small shops. Where feasible, the company likes
to include a movie theater and a grocery store. Pictured is the AMC Loews at The
LOOP in Methuen, Mass., which opened in 2000.
Site plan for The LOOP-Hudson Valley. The Wilder Companies has teamed with
Sam Park & Co. to develop the 650,000-square-foot center, which will open in late
2014.
a movie theater; a supermarket; two or
three large destination anchors of 80,000
to 120,000 square feet; several junior anchors; approximately 35,000 square feet
of restaurants; and 100,000 square feet
of small shop space. The development is
slated to open in fourth quarter 2014.
Wilder expects to sign at least one traditional department store at the project,
but he hints that the exceptional regional
access of the site has also attracted the
interest of at least one specialty destination anchor.
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The Wilder Companies developed The LOOP in Orlando (pictured) in 2005. The company expanded the center with an
adjacent development, The LOOP West, in 2008. The LOOP-Hudson Valley, which will open in 2014, will feature the same
concept of a power center crossed with a lifestyle center.
THE HISTORY
In 2000, The Wilder Companies
opened The LOOP at the former Methuen Mall site in Methuen, Mass., 28 miles
north of Boston.
“The old enclosed traditional mall was
99 percent vacant. It couldn’t compete
with a 1 million-square-foot mall that
was built four miles away in tax-free New
Hampshire,” Wilder says. “We recognized that it had great regional access but
we needed a new concept.”
The Wilder Companies saw an opportunity to create a cross between a power
center and a lifestyle center at the site.
“We wanted to create a concept that is
fun, festive and family-oriented,” says
David Mallen, another Wilder principal.
“We opted for an outdoor streetscape
reminiscent of Main Street, which hadn’t
really been done yet in New England.”
Tenants at the 480,000-square-foot
center include AMC Theatres, Marshalls,
Home Depot, Stop & Shop, Old Navy,
Starbucks, and 50,000 square feet of small
shop space.
“The center has been a phenomenal
success. It is still 100 percent leased with
many stores at this center ranking number
one or two among all of a company’s New
England stores,” Mallen says.
As for the outdoor nature of the center? “It works, even in the Northeast. In
fact, we embrace it with winter sleigh rides
and ice sculptures,” Wilder says. “We get
solid traffic year-round. And on a 45-degree day in January? It is glorious.”
In 2005, The Wilder Companies
opened The LOOP-Orlando, in Kissimmee, Fla. In 2008, the company expanded
the project with the adjacent development
called The LOOP West. Together, the
properties contain 840,000 square feet of
space, including 200,000 square feet of
small shop space. Anchors include Bealls,
JC Penney, Kohl’s and Regal Cinemas. Junior anchors include TJ Maxx, Babies R
Us, Bed Bath & Beyond, Sports Authority, Petco, CVS, Old Navy and Michaels.
“Both Florida properties are 100 percent leased,” Wilder reports. “We did
lose Circuit City during the recession but
the space was easy to backfill. Retailers
knew they would thrive in a center with
the co-tenancy that we offer.”
After Circuit City filed bankruptcy, The
Wilder Companies entered talks with
TJX Cos. and had TJ Maxx lined up to
take over the 27,000-square-foot space as
soon as Circuit City closed its store.
“The LOOP is a concept with staying
power. We survived the recession and
now we are thriving,” Wilder says. “The
concept is not super-upscale. We attract
a broad demographic — even the valueconscious shopper comes to The LOOP,
and that was especially important during
the recession.”
The Wilder Companies also owns 120
acres in Florida, destined to become The
Loop-Punta Gorda. This project has been
delayed due to the recession.
THE STRATEGY
“We look for voids in the market,”
Wilder says. “Some developers look
to feed off of mall traffic, but with The
LOOP, we do not want to be adjacent
to a mall. We look for areas that are not
large enough for a regular mall.”
The company looks to serve populations of at least 200,000 people within a
10-mile radius in locations that are approximately 10 miles from their closest
competitors.
The company also brings together a varied mix of tenants — and not just because
it is difficult to line up four department
store anchors these days.
“We want a cross of department stores
and junior anchors, including retailers like
sporting goods or a large category shoe
store. The dining options are also important,” Wilder notes.
He adds, “Our tenant strategy is a function of how people shop today. In addition to the anchors, we’ll have 30 to 40
small shops. This is a reflection of the
customer’s desire to cross-shop and have
various options for eating out.”
When feasible, the company likes to
include a movie theater in the tenant mix.
Depending on the local competition, the
company also looks to sign a supermarket. “Everyday traffic is important to The
LOOP concept,” Wilder explains.
The open-air layout of the center also
accommodates the different ways people
shop. On a weekday, a mom and child
can park directly in front on a store to
run in and out for a quick errand. On a
weekend, a family can see a movie, stroll
around for a couple of hours, and enjoy
a meal.
“We click on all cylinders, bringing
traffic throughout the week. This is the
beauty of The LOOP concept,” Wilder
says. SCB
This article originally appeared in Shopping Center Business, May 2013.
© 2013 France Media, Inc.
www.shoppingcenterbusiness.com
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