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April 11 , 2011

Addison redevelopment project to begin this fall

Addison redevelopment project to begin this fall

Date: Monday, April 11, 2011, 7:09pm CDT

The multimillion-dollar redevelopment project will be competitively bid to general contractors, officials said.

The retail mix is evolving, but could include an eight- to 12-screen theater, a specialty grocer and several other retailers, said Steve Lieberman, CEO of The Retail Connection. The retail mix could be announced this summer.

"We have tremendous plans for that area," Lieberman said. "But there's a lot of pieces that need to come together first."

Within weeks of announcing the acquisition of the retail site April 1, The Retail Connection, Lincoln Property Company Commercial Inc. and the Fidelity Real Estate Group's preliminary plans include the redevelopment of the north and south side of the 380,000-square-foot lifestyle center.

The redevelopment could increase the restaurant and entertainment space of the center by 10 percent. This could be brought about by expanded venues of current tenants, such as Gloria's restaurant, or a new mix of restaurant tenants.

The former Bed Bath & Beyond three-story retail building at the north end of the center will be redeveloped for a possible specialty grocer or a mix of retailers, or a combination of both, officials said.

The property redevelopment will improve vehicle and pedestrian flow, said Robert Dozier, executive vice president of Lincoln Property Company Commercial.

"We're going to redevelop the south end to optimize the overall project," Dozier said. The south end of the project will include the property's entertainment expansion.

The project is scheduled for completion in 2012.

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