They think major retail construction turns people away from their shopping mall. Believe it or not, a lot of shopping center landlords and retail investors are afraid of a shopping mall construction project. Here are some points to consider before purchasing an underperforming shopping mall.ġ) Don’t be afraid of a big retail construction project. Many of these purchases will come with a significant retail renovation and construction component that is imperative to making your overall deal work and keeping your commercial construction budget in line. Perhaps the most important aspect in this process will be engaging a national retail commercial contractor for advice and feasibility studies. However, like all major investments, due diligence should be a major component prior to the purchase.

As the economy improves and prices hit bottom, these transactions have become more realistic for commercial real estate investors when compared to past years. Dated interiors, as seen at this EC project, require significant work and reimagining.Īs we have mentioned in previous posts, opportunities abound for investing in underperforming shopping malls right now. Here’s a CBS 3 news report on the redevelopment at Drexeline.Englewood Construction is currently engaged in several mall redevelopments across the country. Read more at the Daily Times about the Drexeline redevelopment. The renovations bring the promise of new jobs, shopping opportunities and tax revenue, says Upper Darby Mayor Barbarann Keffer. It includes a multi-use trail and access to a SEPTA trolley station on site. The project reduces stormwater runoff while increasing square-footage from 260,000 square feet to 320,000.

This is a really important gateway to Upper Darby and we are going to try to bring a really sexy first-class project here.” “This community deserves that development. “This groundbreaking is a new phase in a very extended effort to turn this project into a first-class town center, a mixed-use development,” said Developer David Bramble, co-founder and Managing Partner of MCB Real Estate. Joining it is a new Wawa, 172 market-rate apartments, the return of PNC Bank, 20,000 square feet of other retail and a 120,000 square-foot self-storage facility. The current store will stay open during construction. It is slated to open in the fall of 2023. The work brings a 50% bigger ShopRite with wider aisles and up-to-date selections. The redevelopment of the Drexeline Shopping Center, now known as the Drexeline Town Center, officially kicked off Wednesday with a groundbreaking ceremony, writes Pete Bannan for the Daily Times.

Shopping center construction