Central Park South 30% full
No hard leases, but letters indicated mix of tenants
Seeing an actual concrete and metal building cradled in the south end of Central Park Plaza may have been just the encouragement potential tenants needed to commit to the Central Park Plaza South retail project.
Based on letters of intent submitted by various retailers and restaurants last week, developers have occupants for more than 30 percent of the building, leasing agent Jim Hansen of Old Town Realty said.
“I think that’s typical. … In a resort community, they need to see the building,” he said.
The businesses, which have not yet signed “hard” leases, requested Hansen not disclose their identities. He did say, however, they are a mix of local businesses that plan to relocate or open second locations, as well as regional restaurants and retailers.
The developer, THF Realty of St. Louis, has marketed the project nationally. So far, other potential lessees include an ice cream shop and coffee shop, as well as businesses based on the Front Range, Hansen said.
About 28,000 square feet, the one-story building will be an extension of Central Park Plaza and will have 16 spaces ranging from 1,200 to 4,380 square feet. The spaces may be reconfigured for larger retailers or businesses needing as much as 8,000 square feet, Hansen said.
Contemporary in style, the building, which is expected to be complete in January, will be painted to match the rest of Central Park Plaza. It will have heated sidewalks where needed, as well as restaurant spaces with patios. It also will have rear signage to take advantage of exposure from U.S. Highway 40, Hansen said.
The developers are being selective about which businesses lease space in the building because they want tenants to provide a good mix of businesses within the building and throughout the plaza, he said.
They are not concerned about competing for lessees with Wildhorse Marketplace, which is being built just across Mount Werner Road. Anchored by Wal-Mart, Central Park Plaza likely will attract different types of restaurants, stores and services than Wildhorse, which appears to be anchored by Gart Sports, Hansen said.
“It’s a benefit to us that we are next to Wal-Mart,” he said. “It’s a different caliber of tenants that want to be next to Wal-Mart.”
Perhaps for that reason, Hansen and developers, who are optimistic the building will be full by the end of next summer, plan to stick with projected lease rates of $20 to $25 per square foot. They estimate triple net fees — including insurance and maintenance of the parking lot and other common areas — will be about $6 per square foot.
“We feel comfortable we’re priced competitively,” Hansen said.
For more information about Central Park Plaza South retail space call Hansen at 871-1960.
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