10A — April 23 - May 20, 2021 — Retail Development Reimagined — M id A tlantic Real Estate Journal www.marej.com
www.marej.com M id A tlAntic Real Estate Journal — Retail De
R etail D evelopment R eimagined 507,495 s/f includes luxury apartments, restaurants & shops Summit PointeRealty breaks gound on $68 Million Mosaic 7 0 000 s/f of transactions & new agency assignments among 2020 Levin Mgmt. ushers in 2021 with a l ok back on progress R etail D evel eimagineD
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HESAPEAKE, VA — Summit Pointe Realty, LLC broke ground on Mosaic, the next mixed-use multifamily com- munity in Chesapeake’s met- ropolitan center. The latest effort launches $68 million of new construction that includes 507,495 s/f of luxury apart- ments, restaurants, shops and a public parking garage. 2020, commerci l real state services firm LevinManage e Corporation (LMC) achieved ta gible progr s – a promising sign for the i dustry movi g in o a new year. Over the past 12months th No th Pl i field base organ zation secu ed nearly 700,000 s/f f n w leases and ren wals, added n w leasing and management assign- ments, solidifi d its staff with new hires/promotions, and g rnered several industry recognitio s. Summit Pointe, located on 69 acres in Chesapeake’s Central Business District along Volvo Parkway, is being developed in three distinct phases. Mo- saic, comprising two acres, is a continuation of Phase 2, which also includes Helix, the fully leased lifestyle commu- nity with 133 residences, and 555 Belaire, a five-star office building. “During 2020, not only did we complete our first residential and office buildings, we also completed Summit Pointe’s second 1,500-car parking ga- rage, which opens one week from today,” said Chris Wil- liams , senior vice president with Summit Pointe Realty, LLC. “Office tenants are open and additional office tenants are being signed. New restau- rants are under construction, with several more significant announcements coming very soon.” Highlights of LMC’s re ail leasing activ ty included an anchor lease with off-price retail r Burlington Stores at Mill Creek at Harmon Meadow (Secaucus), a 24,000 s/f lease with Aqui Marke t Twin City Shopping C nter (Bayonn ) and a 20,000 s/f l ase with Pl net Fitness at Mayfair Shoppi g C n- ter (C mmack, NY). LMC’s tr n actional a tivity also brought a host of ren wals as well as new re ailers and service providers to the region, punctuated by n arly one dozen leases with restaura t tenants – seve al of which have already launched opera- ti s. Other openings involved C N ORTH P L A I N - FIELD, NJ — Amid the chal lenges of
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Burlington Stores at Mill Creek at Harmon Meadow
Mosaic is a 212,728 s/f luxury apartment tower with six floors. The building will offer 270 one-, two-, and three-bedroom resi- dences with French-style and full balconies overlooking a dramatically designed interior courtyard. Eight residences are designed as two- story lofts with street-level access. The courtyard amplifies an urban lifestyle with a resort-style swimming pool, lap pool with infinity edge, cabanas, firepits, dog walk and dog-wash station. Encompassing a full city block with a focal point at the corner of Belaire Avenue and Summit Pointe Drive, Mosaic will be the second lifestyle com- munity at Summit Pointe to combine beautifully designed floor plans with a distinctive amenity package that also includes a clubhouse, fitness high-profile anchors like Lidl (North Brunswick) and Burl- ington Stores (Raritan). Non-retail leasing highlights within LMC’s diversified port - folio in luded a 135,000 s/f renewal by Hall’s Wareh use Corp. at Rutgers Industrial Center (Piscataway). “D pite the economic u - certainty a d business-related isrup ons facin our indus- try since Marc , ther ha be n progress – with certain key dynamics coming into sha pened focus,” aid LMC’s Mat hew Harding , chief ex- ecutive officer. “For example, posit ve landlord/tenant rela- ti ns have always been imp r- tant. During 2020, s tenan s w r ed o navig te a incred- ibly difficult environment, we approached everything n a very granular basis, review ing the distinctive needs and nature of each b siness. Lik - wise, we have done the sam with our landlord clien s nd their individ al properties to
center and concierge services. “We are elated to be on the team with Summit Pointe Re- alty and to have the continued opportunity to be a part of all of the exciting development happening in Chesapeake,” said Wendy Drucker , manag- ing director, Drucker + Falk . “After breaking records during the Helix Apartments lease up, we know that the current and future residents of Chesapeake are anxiously awaiting the ability to move into Mosaic at Summit Pointe!” More than 30,000 s/f of street-level retail and restau- rant spaces will create a lively environment for residents, tenants and visitors. An im- bedded 515-car public parking garage comprising 185,000 s/f will also be developed as part of Mosaic. MAREJ help them best respond to ten- ant requests and operational needs. “This customized approach has always been central for our team; h wever, this y ar has intensified the practic o a new level that we will sust in moving forward,” Harding added. “This is an ad- vantag we can provide over some of our larger, n tionally focused peers.” LMC also continued to ex - pand its leasing and manage- m nt portfolio, which today totals 110 prop rties total- ing nearly 15.5 million s/f. Th firm was appoin ed leas - ing and managi g agent for pringfield Avenue Market - place, a 112,000 s/f supermar- ket-anchored property at 204 234 S ringfield Ave. in New - ark. In Bergen County, LMC was amed managing agent for Marketpl ce at Edgewater, a 73,000 s/f shopping center located at 725 Riv r Rd. in Edgew ter. MAREJ
Mosaic
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