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Shopping. Dining. Gathering Shopping. Dining. Gathering. A new era for a legendary location Introducing The Shoppes at Parma In 1956, a shopping plaza opened in the heart of n Hybrid development including enclosed mall, power center, strip center, outparcels and Parma in suburban Cleveland, Ohio. After decades office uses of evolution, expansion and redevelopment, Parma n Strong existing anchors including JCPenney, Walmart, Dick’s Sporting Goods and Marc’s grocery store residents still shop at this unique complex more than half a century later. n High-traffic landmark site at the intersection of West Ridgewood Drive and Ridge Road, both major thoroughfares through high-density residential areas This legacy of loyalty, combined with powerful n Stable infill location in Parma, Cleveland’s largest suburb and the seventh largest city in Ohio demographics, limited competition and a solid n A key component of Parma’s central hub, surrounded by additional retail, medical facilities, anchor lineup, creates an outstanding opportunity a new library and city offices to revitalize, remerchandise and completely reinvent Existing entry n Limited competition in the primary trade area this retail legend. Open-air center 1961 Historic highlights Opened in 1956 anchored by The May Company and S.S. Kresge | Converted to enclosed mall in the mid-1960s | Higbee’s joined anchor lineup | Parmatown Theater opened with two screens in 1967, one of the first multi-screen theaters in the country | Cinema replaced by Dick’s Sporting Goods in 2004 | Walmart opened in former Dillard’s location in 2004 | Kaufmann’s replaced by Macy’s in 2006 | Acquired by Phillips Edison & Company in October 2012 RIDGE- A Great Location for Shopping WOOD n Located eight miles southwest of downtown Cleveland RIDGE n Infill location south of I-480 between I-71 and I-77 n Located at the intersection of two major thoroughfares with approximately 40,000 vehicles per day passing the property. WEST RIDGEWOOD n The largest component of a retail cluster that includes Target, Kohl’s, Toys R Us, CITY HALL PetSmart and other national tenants. MARC’s n Immediate surroundings include expansive single-family residential neighborhoods as well as high-rise residential towers and the University Hospitals Parma Medical Center. n Regional mall competition includes SouthPark, 10 miles southwest, and Great Northern, 13 miles west, with no convenient highway access from Parma to MEDICAL either location. CENTER DAY DRIVE Demographics 3 miles 5 miles 10 miles Population 2010 108,123 249,635 792,860 GIANT Households 2010 46,232 107,121 334,435 EAGLE TARGET Average HH Income $59,483 $59,741 $60,596 Full-time jobs 37,166 122,590 433,823 Cleveland Area Shopping Centers 1. Beachwood Place • Beachwood, Ohio Drive Distance: 21.64 miles | Drive Time: 28 1. Crocker Park • Westlake, Ohio 4. SouthPark Mall • Strongsville, Ohio minutes Distance: 18 miles | Drive Time: 26 minutes Distance: 10 miles | Drive Time: 21 minutes Super-Regional Mall • 905,486 square feet Super-Regional Mall • 1,282,182 square feet Super-Regional Mall • 1,626,198 square feet Saks Fifth Avenue, Dillard’s, Nordstrom Dick’s, Bed Bath & Beyond, Trader Joe’s Sears, Dillard’s, Macy’s, Kohl’s, JCPenney, Cinemark 2. Legacy Village • Lyndhurst, Ohio 2. Westgate • Fairview Park, Ohio 5. Legacy Village • Lyndhurst, Ohio Drive Distance: 21.93 miles | Drive Time: 29 Distance: 12 miles | Drive Time: 23 minutes Distance: 22 miles | Drive Time: 29 minutes minutes Lifestyle Center • 569,570 square feet Power Center • 556,256 square feet Lifestyle Center • 569,570 square feet Dick’s Sporting Goods, Giant Eagle, Crate & Bar- Kohl’s, Target, Lowe’s Crate & Barrel, Dick’s, Apple, Cheesecake Factory rel, Joseph-Beth Booksellers, Arhaus 3. Great Northern Mall • North Olmsted, Ohio 6. Beachwood Place • Beachwood, Ohio 3. Crocker Park • Westlake, Ohio Distance: 13 miles | Drive Time: 22 minutes Distance: 22 miles | Drive Time: 28 minutes Drive Distance: 18.10 miles | Drive Time: 26 Super-Regional Mall • 1,402,813 square feet Super-Regional Mall • 905,486 square feet minutes Super-Regional Mall • 1,282,182 square Macy’s, Dillard’s, Sears Saks Fifth Avenue, Dillard’s, Nordstrom feet Dick’s Sporting Goods, Bed Bath & Beyond, Trader Joe’s The Development Plan A comprehensive, multi-phase redevelopment will create an inviting new town center destination for shopping, dining and recreation. Demolition, reconfiguration, new construction, landscaping, signage, decor and more will all contribute to the development of a new heart for the community. Key Components: n Walmart will expand to a supercenter and JCPenney will remain in their current location and will be renovated. n Dick’s Sporting Goods will move to a new building with both exterior and interior mall entrances. n Demolition of the current Dick’s building and vacant Macy’s building will create opportunities for new big box uses. n The enclosed mall will be reconfigured and redesigned with new decor and amenities. EVOLVE n The strip center will be renovated and remerchandised. n New outparcels will be created along West Ridgewood Drive and Day Drive. n Landscaping, signage and other amenities will enhance the new and renovated buildings to create an attractive, inviting setting. MALL SHOPS Anchored by The May Company, 1960 Redevelopment Site Plan The Mall Plan n The center’s successful JCPenney will continue as the mall’s department store anchor and will be updated in keeping with the redevelopment plan. n Dick’s Sporting Goods new location will provide greater visibility from West Ridgewood Drive and will be connected to both the enclosed mall and the adjacent big box spaces. n Walmart will expand 30,000 square feet to a supercenter bringing a wider selection of merchandise. n New big box uses facing West Ridgewood Drive will connect Dick’s Sporting Goods and Walmart. n The enclosed mall area will be condensed to a more appropriate size to showcase its collection of national, regional and local merchants. n A new food court will expand shoppers’ dining options. Redesigned JCPenney concourse New Dick’s Sporting Goods mall entrance Concourse of newly enclosed mall, 1968 Existing concourse Power center facade facing West Ridgewood Drive ANTICIPATE Remodeling 1979 Mall Shops Lease Plan for Enclosed Mall The Food Court The Shoppes at Parma will feature an all-new food court with select offerings for shoppers and families. n Easy access from enclosed mall shops n Fresh, modern design with abundant lighting and colorful décor n Seating for 300 diners at sleek café tables, benches and counters TRANSFORM Fisher Foods 1960 Existing Parmatown Plaza The Plaza n Marc’s grocery store will continue to anchor the strip center. n New design features will unify the visual appeal of the mall and strip center, creating an architecturally cohesive project. n A total redesign and renovation will modernize the center and offer a more pedestrian-friendly environment with new n Exterior renovation will update the office complex on the strip landscaping, lighting and outdoor seating. center’s east end and the connected medical center building. Existing Marc’s facade New Marc’s facade concept New connection to mall Proposed Elevations for Plaza North elevation, facing West Ridgewood Drive East end of north elevation, facing West Ridgewood Drive Center of north elevation, facing West Ridgewood Drive West end of north elevation, facing West Ridgewood Drive Proposed Lease Plan for Strip Center Contact Us For more information and to lease space contact: Development Manager Roy Williams Senior Vice President, Total Retail Solutions [email protected] 801/983-6301 Leasing Team Scott Mitchell Senior Vice President, Total Retail Solutions [email protected] 513/619-5050 Robyn Hays Senior Leasing Director, Total Retail Solutions [email protected] 216/513-1536 About Phillips Edison & Company Phillips Edison & Company offers a complete range of retail solutions for investors and retailers. The Company has an operating platform designed to optimize property value and consistently deliver a great shopping experience. Phillips Edison provides retail services including development, redevelopment, leasing and management of retail centers. Established in 1991, the company’s portfolio currently includes a national footprint of retail properties. The Company has corporate offices in Cincinnati, Salt Lake City, New York City and Atlanta. For more information, please visit www.phillipsedison.com or connect with us on LinkedIn. *The images and information in this brochure are preliminary and subject to change. Historic photos are the property of The Cleveland Press Collection, Michael Schwartz Library, Cleveland State University. PHILLIPS EDISON & COMPANY 7899 WEST RIDGEWOOD DRIVE | PARMA, OHIO 44129.
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