Tri-City Plaza was ready in 2006 for a major redevelopment of anchor spaces. The existing Price Chopper was an oversized 100,000 SF which had not been renovated in some time and continued to see sales decline year after year. On the opposite end of the center existed a dark Stop & Shop 30,000 SF supermarket. The center also had an oversized Staples and a recently vacated 15,000 SF Old Navy with limited frontage. For DLC this was not just about redeveloping space but improving on the merchandise mix as well to support the existing tenants.
The center, which is located just ten miles northeast of downtown Hartford, CT, had much to offer its tenants. Tri-City Plaza is easily accessible from I-84 which sees over 108,000 vehicles per day and has multiple access points on both SR 83 and Kelly Road. It services both the Vernon and Rockville communities, having over 48,000 residents and average household income of $100K within just three miles. Even the University of Connecticut with 32,000 students, is just a 20-minute drive to the center.
DLC's value creation strategies are designed to create win-win scenarios for all our stakeholders. Tri-City Plaza is just another shining example of our team delivering on that promise. With an expansive selection of high-quality essential retailers and service providers, this redevelopment is primed for many years of success.Adam Ifshin Founder & CEO
The first thing our DLC Leasing team did was focus on revitalizing the difficult to lease center section of the plaza. Combining a mix of vacant small shop spaces and a former Old Navy, they were able to split the combined spaces evenly for two tenants – Dollar Tree and Harbor Freight Tools which included a 10-year term. Not long after they proposed a downsized prototype to Staples and were able to secure a 10-year term with the office supply leader as well. In 2016, DLC was able to secure waivers from five of their anchor tenants to bring a new medical use facility to the center - Hartford HealthCare which provides family and internal medicine services to the community.
The last remaining piece of the center was the 100,000 SF Price Chopper space. After negotiating a lease termination fee with Price Chopper, DLC was able to lease 74,000SF to ShopRite Supermarket for a 20-year term. DLC was able to deliver the space to ShopRite within 9 months of Price Chopper’s termination! ShopRite celebrated its Grand Opening in March of 2020. The remaining space was leased to HomeSense for a 10-year term. This is the first HomeSense to open in Connecticut and the third TJX concept at the center, joining TJMaxx and HomeGoods. In the end, DLC was able to redevelop multiple vacant anchor spaces which improved the center’s merchandising mix, enhanced tenant credit and is driving strong NOI growth.
Success Story Highlights
- Leased 74,000 SF of former Price Chopper space to ShopRite for a 20-year term and delivered space to ShopRite within 9 months of Price Chopper's termination after negotiating a multi-million lease termination fee.
- Leased remaining Price Chopper space (27,600 SF) to HomeSense for a 10-year term, the first HomeSense store to open in CT, and third TJX concept at the center.
- Replaced Stop & Shop with Hartford Healthcare HealthCenter, an A credit tenant, for a 15-year term. Secured waivers from five anchor tenants to bring new medical use to the center.