Success
Stories > Beach Shopping Center
TOTAL
PROPERTY REDEVELOPMENT
Beach Shopping Center - Peekskill,
NY
When DLC acquired Beach Shopping Center in 2000, we intended to renovate a tired center in need of serious renovation, develop additional retail space and lease up the quarter of the center that was vacant. Our plans changed when the center’s grocery anchor, Grand Union, unexpectedly declared bankruptcy.
Tapping into a key relationship, DLC structured a 25-year lease with Stop & Shop designed to provide this leading grocer with a new 65,000 square foot flagship store and cover the cost of redeveloping the center. To create enough room to build the store, we negotiated moving CVS to a 12,150 square foot build-to-suit pad site and the relocation of seven other inline tenants.
DLC also secured approvals from the city of Peekskill, Westchester County and the New York Department of Transportation to add a new signalized entrance to the center and obtained all state environmental approvals in only six months.
The redevelopment was completed with the grand opening of Super Stop & Shop in November 2004. As a result, the Peekskill community, numerous retailers (including GNC, Household Finance, Jembro, Radio Shack, Subway and Tuesday Morning) and local consumers are all enjoying a totally new retail experience. In addition, DLC created over $25 million of incremental value through the redevelopment of Beach.
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