In 2005 I purchased the Greenlite Shopping Center from Kimco Realty Trust. The 1960s-era shopping center was 30%+ vacant and in need of capital improvements and re-imaging.
My plan was to transform this property into a mixed-use development that would cater to the market that evolved over its 40-year history.
I downsized the shopping center to a supportable 50,000 square feet and sought a developer to introduce housing on the under-utilized portion of this 10-acre site.
Today, the center has been re-imaged. Letters of intent are pending that would bring three new businesses to the neighborhood and raise the center’s occupancy above 95%.
The adjacent Cornerstone Apartments, constructed by NRP Group on a portion of the former shopping center site, is 100% occupied. A second phase is in the offing.
Click HERE to see a video, created by NRP, that illustrates the success of this mixed-use development.