82-25 AUTHORIZING, APPROVING, RATIFYING AND CONFIRMING CERTAIN ADDITIONS AND CHANGES TO ECONOMIC DEVELOPMENT REVENUE BONDS (BRETTWOOD VILLAGE ASSOCIATES PROJECT)

Home Browse Search

THE PROJECT Brettwood Village Shopping Center is an existing community scale center containing approximately 209,583 square feet of leasable space. The property presently consists of five major buildings in an L-configuration with two outparcel improvements and a photo kiosk. Current anchor tenants include The Kroger Co. , the Great Atlantic and Pacific Tea Company, Inc. �"A & p��) , Super X Drug CorpooTt40 ercentyofo he 83 400 square feet, P Ltd. These tenants currently occupy � total space. These tenants will remain throughoua e h Within the acentererfor with Kroger and Super X moving to new, larger sp which they have already executed leases. Upon completion of the rehabilitation program these same anchors will occupy Sa pfore workforh im rovementseto the funds from the Bonds will be used to p y P building leased to A & P, though A fi P will be remaining as part of the center. There are a number of smaller credit and local tenants who have occupied spaces at the center for several years and who intena 6 019e square footg Utse credit tenants are a 2,240 square foot Dairy Queen, , Post Office facility and a 1,500 square foot Baskliancebstore,op intcstoret local tenants include two furniture stores, an app two clothing stores, a eloccu iedrby smaller8creditbandglocal tenantseis 39t750 office. The total spac P square feet or an additional 19 percent of the total space. The property is located at the northea�eCOS te cont ins 518(81 acres Street) and Pershing Road in the City. Center District. There is (excluding A&P) and is zoned B=3, Planned Shopping paved and lighted on-site parking for 1,108 sutos, or 5.45 parking spaces per 1,000 square feet of leasable area. Back�d g y p y ears ago. Over Brettwood Village was ori inall develo ed over twent y the past two decades retailing has changed in that modern supe�n►arkets are now substantially larger and entire categori earsfagorchConsumer rereferenceslhave P purchased that did not even exist twenty y centers has also changed and the standard of quality of modern shopping evolved. While numerous improvements have been made to Brettwood Village in recent years, the center has experin the aareacr Compound ngtthisoproblemewas thealoss to new shopping facilities of Goldblatt's, the center's largest tenant. The result of these difficulties has been a reduction in the productivity and accept�esentf almo t 40� aof� the course, a substantial reduction in cash flow• thetma orit �of which is concen- retail space in Brettwood Village is vacant, � y trated in the former Goldblatt's building. 10