Case Studies

CS_twincities

Twin City Plaza – Cambridge/Somerville, MA

Charter’s involvement with Twin City Plaza began in 2001 by first controlling a master lease before ultimately acquiring the property. This project was a redevelopment of an older shopping center in an urban setting just outside of Boston, Massachusetts. The project involved a 300,000 square foot center, located in both the cities of Cambridge and Somerville. The parking layout of Twin City Plaza was poorly configured and at the time of acquisition, the center suffered from a high vacancy rate. Additional land was acquired and a reconfigured and upgraded parking layout included 100 new parking spaces. This allowed for an old Star Market to be expanded to a new prototypical Shaw’s Supermarket and additional retail space added in order to accommodate a new Marshall’s store. The entitlement process for this project involved a legislative approval allowing for a land swap with the Metropolitan District Commission (MDC), traffic permits from the MDC, Massachusetts Environmental Policy Act (MEPA) approval, and permits from both Cambridge and Somerville. The property was stabilized and sold to a REIT in 2006.


PR_12_3_12Whole_Foods_Towers

Towers Plaza – Melrose, MA

A 70,000 square foot urban in-fill shopping center. Located just outside of Boston, Charter acquired the property in 2012 as a local grocery store anchored asset in a state of major disrepair. The grocer was bought out and immediately replaced with a new Whole Foods. The property is currently undergoing redevelopment of all common areas as well as façade components. A new signage program is also being developed to allow for way finding and improved visual line of sight perspective for merchants. Completion of the renovation and value add reprogramming will occur within 12 months of acquisition.


STCnight

Storrs Downtown Center – Storrs, CT – UConn Campus

Charter Realty was brought in for the development of the retail portion of the $200,000,000 Storrs center in 2011.  The goal of Storrs center was to become the new downtown and retail center for The University of CT as well as the surrounding towns.  From a ground up situation, Charter successfully leased over 120,000sf of retail, restaurant and mixed use space and created a vibrant place to live, work and play. In addition to 400 residential units, Charter was able to secure a 31,500sf Price Chopper Supermarket, 13,500sf CVS, 15,000sf UConn Coop book store, 21,000sf UConn health center, as well as numerous small users such as Moe’s Southwestern, Subway, Insomnia Cookie, Brueger’s Bagels, Jamba Juice, Bank of America, 7-11, Webster Bank and many more small tenants.

The retail is located below 4 floors of fully occupied residential and the site also has a main street, 600 car parking garage and a town green. This public/private partnership has become the hub of campus life.


CS_Delco

Delco Plaza – York, PA

The redevelopment of the Delco shopping center, which contained an enclosed mall as well as two smaller buildings, located in West Manchester, Pennsylvania was performed as a joint venture with a local Pennsylvania partner. Charter participated as a financial joint venture partner in this project, as well as providing fee based development services. The redeveloped shopping center contains approximately 370,000 square feet including an approximately 130,000 square foot Lowe’s Home Improvement Center and 1,600 parking spaces. The enclosed mall was demolished to the steel structure, and a new strip center featuring several major national tenants was constructed. In addition to the Lowe’s, a new Giant Supermarket with a gas station anchors the center. TJ Maxx, Ross Dress for Less, and Office Max were also added. The center was sold in 2007 following stabilization.


CS_Lincoln

Lincoln Mall – Lincoln, RI

Lincoln Mall, a former enclosed regional mall, a 562,900 square foot center located ten miles north of downtown Providence, is another example of a very successful Charter led repositioning and redevelopment project for an institutional partner. The property was 40% vacant when it was acquired in 2003. Prior to Charter’s involvement, Lincoln Mall had struggled for over a decade with large vacancies and with losing one of its main anchor tenants, Kmart, to bankruptcy. Charter’s complete redevelopment of this property included the de-malling of the center, the addition of a new 14-screen Cinema World theater and two pad sites, and the conversion of the existing small store mall space for big box users. Target, Cinema World, and many other small store retailers were added to the property, which was brought to 98% occupancy in 2005 and successfully sold in 2006.


CS_Kmart

Kmart Plaza – Warwick, RI

The redevelopment of the former K-Mart Plaza located in Warwick, RI involved the division of a completely vacant K-Mart building into three tenant spaces, and enclosing the garden center. The Property contains 12.37 +/-acres, a 112,505 square foot building, and 598 parking spaces. The former K-Mart store was subdivided and retenanted with Jo-Ann Fabrics, Bob’s Furniture, and Ashley Furniture. It is part of a shopping center that also contains a Michael’s, Shaw’s, Boston Market, and Friday’s. Shaw’s originally developed the shopping center and subsequently transferred the parcels associated with these cotenants to various entities. In order to proceed with the redevelopment program, complex title and regulatory matters needed to be addressed. Charter worked with local counsel to correct title issues created due to an improper conveyance of one of the cotenant parcels. An illegal subdivision of the parcels occurred, as a prior approved plan was never recorded. The subdivision required several variances in order to legally create the parcels, which were not recorded. The various approvals were originally issued ten years prior and had since expired. Before any transaction could take place, the approvals needed to be reissued and recorded. Charter addressed these issues, received approvals for the new redevelopment program and retenanted the center; all while managing the co-tenancy issues created by the related parcel operating under an existing REA. The center was sold in 2008.