CHICAGO--(BUSINESS WIRE)--Nov. 6, 2006--Urban Retail Properties Co. today announced plans for a 240-acre urban-style, mixed-use community called Orchard Park to be located in Walker, Michigan, a northern suburb of Grand Rapids. Urban Retail has partnered with Trademark Property Company of Fort Worth, Texas to develop this first significant open-air lifestyle concept in the Grand Rapids market.
The City of Walker approved the re-rezoning and preliminary area site plan on October 23rd. Scheduled to open in 2009, the first phase will encompass 500,000 square feet of retail, restaurant, office, a tourist oriented regional anchor, a hotel and residential space. Orchard Park will be a true regional Town Center, combing a mix of uses around a retail core that includes an open-air lifestyle center and a tourist oriented retail anchor. Orchard Park will draw from the Grand Rapids market and beyond to become the prominent retail destination, offering an experience not currently available in West Michigan.
"Grand Rapids trade area is the second fastest growing market in the Midwest, with a projected population of over one million by 2010, and has been rated in the top ten 'Best U.S. Cities for Business' by Fortune Magazine," said Ross Glickman, Chief Executive Officer for Urban Retail Properties. "Our expertise in planned community developments, management, leasing and marketing will, no doubt, strengthen Grand Rapids' overall position in the marketplace."
"Adding Orchard Park to our development and management portfolio is a significant step for Urban as we continue to aggressively grow our core business," continued Glickman.
"Trademark has identified the Grand Rapids Metropolitan Market as one of the most under retailed markets in the country," said Tom Carter, Principal of Trademark Property Company. "The intersection of Walker and I-96 is one of the most regionally accessible locations in greater Grand Rapids with access within a 10 and 15 minute drive time to the largest population densities in the metro area, we believe this location represents the best long term opportunity for retailer expansion in the market."
Specifically, Phase I of Orchard Park will include:
-- A regional tourist oriented retail anchor
-- 500,000 square feet of urban style, mixed-use retail and restaurant space
-- 50,000 square feet of office space
-- 150-200 residential units
-- 200-250 senior housing units
-- A hotel
About Urban Retail Properties Co.
Urban Retail Properties Co. is an independently privately held company, and has been the developer for more than 75 projects which include premier shopping destinations, mixed use products. Headquartered in Chicago, IL and with offices in Florida, Massachusetts, Washington, DC, New York, Iowa, Texas, and Georgia, Urban Retail is also the nation's leading third-party real estate manager, managing over 40 million square feet of space in 28 states and the District of Columbia. The company was formed more than 30 years ago and manages a diverse portfolio that includes retail, office, residential and government projects.
Trademark was founded in 1991 in Forth Worth Texas and has since completed almost 5 million square feet of retail and mix-use development/re-development projects. During this time, they have been a successful investment fiduciary for over $100 million in equity capital and have developed or acquired properties in 17 cities and the central and southern U.S. Trademark is best known for its development of some the country's most successful open-air lifestyle centers, including the infamous Market Street at The Woodlands, Texas.
CONTACT: Murphy Knott Public Relations, Inc. Stephanie McGuire, 847-441-4166 KEYWORD: ILLINOISINDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION ADVERTISING/MARKETING CONSUMER/HOUSEHOLD APPAREL/TEXTILES RETAILSOURCE: Urban Retail Properties Co.
<<Business Wire -- 11/07/06>>