Riverdale Park Station - News, Events, Updates, Questions and Developments Etc. (Silver Spring: houses, construction)
Washington, DC suburbs in MarylandCalvert County, Charles County, Montgomery County, and Prince George's County
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I think the retail brokers at Riverdale Park Station have done a great job. And while they don't seem to have the, "We need to fill spots, so let anybody sign a lease.", mentality, I think their announcement pace is tracking with the pace of construction. As I said before, there's no need to rack up leases a year in advance if construction won't be completed for another year. Recall what I said about there actually being roads for customers to drive on? And no one is going to want to open before Whole Foods, which will take 7-9 more months to build out. They are going to want that Whole Foods foot traffic.
If the current retail mix is what comes from taking their good ole sweet time, then by all means, let them take as long as they want. Even if you may think it is due to, "toxicity." Which is an interesting choice of words when looking at the quality of the current retail mix.
*6. Habit Burger (constantly compared to burger stalwart In-N-Out)
7. Jersey Mikes (Thank God it's not another Subway)
*8. Bella Beach Spa (Belmont Chase in Ashburn has one)
What you don't see:
1. Aldi
2. Homewood Suites
3. Chili's
4. Town Homes built by Ryan Homes or some other average production builder
5. God foresaken Chinese Carry Out
6. Burger King
7. Subway
8. Your average nail spa as seen in University Town Center
Ah now!
Let's not get confused, or even diverted, from the issue I raised, which was why no rush to grab the valuable and special restaurant liquor licenses that Annapolis specifically created for RPS in April. Failure by H & R to sell valuable assets (liquor licenses), next to an upscale grocer suggests underlying problems.
I've noted already that when similar occurred for the redeveloped Laurel TC in 2014 they were out the door with their announcements of new restaurants in a matter of weeks. These five restaurants all serving alcohol were announced in quick succession. Bj"s , Mission BBQ, Buffalo Wild Wings, Nando's, Outback.
So far only Burton's Grill is announced for RPS
Jersey Mike's doesn't serve alcohol, so that's a non-sequitur, there's one beside the Shopper's FW on R.1 in Laurel.
You'll find a list of H & R represented restaurants that so far have declined to confirm for RPS here.
LTC is a 48 unit development. 4 units including an 18,000 sf dividable anchor space have never been leased.
RPS seems to be a 24 unit development currently with just 7 confirmed tenants.
That's a 29% completion rate, after at least eighteen months on the market.
Much worse if you deduct the WFM sq footage (development would not have gone ahead without an anchor), and then express the existing confirmed non WFM sq footage as a % of the available sq footage. Probably more like 10-15% of non WFM sq footage has been leased so far. Perhaps WFM set a minimum that must be leased before they open?
Let's not get confused, or even diverted, from the issue I raised, which was why no rush to grab the valuable and special restaurant liquor licenses that Annapolis specifically created for RPS in April. Failure by H & R to sell valuable assets (liquor licenses), next to an upscale grocer suggests underlying problems.
I've noted already that when similar occurred for the redeveloped Laurel TC in 2014 they were out the door with their announcements of new restaurants in a matter of weeks. These five restaurants all serving alcohol were announced in quick succession. Bj"s , Mission BBQ, Buffalo Wild Wings, Nando's, Outback.
So far only Burton's Grill is announced for RPS
Jersey Mike's doesn't serve alcohol, so that's a non-sequitur, there's one beside the Shopper's FW on R.1 in Laurel.
You'll find a list of H & R represented restaurants that so far have declined to confirm for RPS here.
LTC is a 48 unit development. 4 units including an 18,000 sf dividable anchor space have never been leased.
RPS seems to be a 24 unit development currently with just 7 confirmed tenants.
That's a 29% completion rate, after at least eighteen months on the market.
Much worse if you deduct the WFM sq footage (development would not have gone ahead without an anchor), and then express the existing confirmed non WFM sq footage as a % of the available sq footage. Probably more like 10-15% of non WFM sq footage has been leased so far. Perhaps WFM set a minimum that must be leased before they open?
I'm not sure why you are so down on RPS, maybe a desire to be right? or a desire to see it fail? idk.
Either way, comparing RPS to LTC is tough. LTC has and is surrounded by several big box anchors from Lowes to Regal to Harris Teeter to whatever which draw in similarly large restaurant chains. I'm not sure this is what RPS is going for. Whole Foods vs Harris Teeter, Burton's vs BJ's, District Taco vs Chipotle if you get my drift...not to say that Whole Foods>Harris Teeter, but I think management at RPS is being pretty particular, more local feel, more expensive about who they want filling those leases and not just opening it up to say TGI Fridays.
Let's not get confused, or even diverted, from the issue I raised, which was why no rush to grab the valuable and special restaurant liquor licenses that Annapolis specifically created for RPS in April. Failure by H & R to sell valuable assets (liquor licenses), next to an upscale grocer suggests underlying problems.
I've noted already that when similar occurred for the redeveloped Laurel TC in 2014 they were out the door with their announcements of new restaurants in a matter of weeks. These five restaurants all serving alcohol were announced in quick succession. Bj"s , Mission BBQ, Buffalo Wild Wings, Nando's, Outback.
So far only Burton's Grill is announced for RPS
Jersey Mike's doesn't serve alcohol, so that's a non-sequitur, there's one beside the Shopper's FW on R.1 in Laurel.
You'll find a list of H & R represented restaurants that so far have declined to confirm for RPS here.
LTC is a 48 unit development. 4 units including an 18,000 sf dividable anchor space have never been leased.
RPS seems to be a 24 unit development currently with just 7 confirmed tenants.
That's a 29% completion rate, after at least eighteen months on the market.
Much worse if you deduct the WFM sq footage (development would not have gone ahead without an anchor), and then express the existing confirmed non WFM sq footage as a % of the available sq footage. Probably more like 10-15% of non WFM sq footage has been leased so far. Perhaps WFM set a minimum that must be leased before they open?
I'm not confused and not trying to divert. You believe that there is an underlying problem based on the process of ONE retail broker. Perhaps then you have a problem with how H&R are negotiating? Are you assuming they are the standard bearers are the only ones capable of signing leases at this God-forsaken project?
Your ONLY issue is timing. Timing for a project that still has cranes on the property and barely has paved roads. The only completed building is building 3.
And I don't think alcohol licenses will be a barometer of success. Buffalo Wild Wings? Come on, that's worse than Applebees. Have you tasted their food? Seriously. BJs? Went their twice. And let me say that beer is just about the only good thing they serve. The food reminded me of Bennigans. Not exactly a restaurant I'd get hype over. Nando's? College Park already has one a mile up the road. And Jersey Mike's is a hell of a lot better than Subway. At least in my opinion.
Like I said, H&R can take as long as they want if they keep providing new retail options never before seen in the county. And that's a good thing.
And retail brokers don't have to sign their clients only. They are free to sign new clients that aren't listed on their website. Especially if the developer desires a certain retail mix that is not represented in their client list. Looking at their client list, I'm glad they were able to sign Burton's, which isn't on their list. As well as District Taco. Their list isn't all that impressive. Unless there's a portfolio they aren't sharing online.
With about 9 months to go before the opening of Whole Foods, there is a lot more time for lease announcements. And when it's all said and done, when Rt. 1 becomes a hot corridor, then what will you say? It won't last?
Let's not get confused, or even diverted, from the issue I raised, which was why no rush to grab the valuable and special restaurant liquor licenses that Annapolis specifically created for RPS in April. Failure by H & R to sell valuable assets (liquor licenses), next to an upscale grocer suggests underlying problems.
I've noted already that when similar occurred for the redeveloped Laurel TC in 2014 they were out the door with their announcements of new restaurants in a matter of weeks. These five restaurants all serving alcohol were announced in quick succession. Bj"s , Mission BBQ, Buffalo Wild Wings, Nando's, Outback.
So far only Burton's Grill is announced for RPS
Jersey Mike's doesn't serve alcohol, so that's a non-sequitur, there's one beside the Shopper's FW on R.1 in Laurel.
You'll find a list of H & R represented restaurants that so far have declined to confirm for RPS here.
LTC is a 48 unit development. 4 units including an 18,000 sf dividable anchor space have never been leased.
RPS seems to be a 24 unit development currently with just 7 confirmed tenants.
That's a 29% completion rate, after at least eighteen months on the market.
Much worse if you deduct the WFM sq footage (development would not have gone ahead without an anchor), and then express the existing confirmed non WFM sq footage as a % of the available sq footage. Probably more like 10-15% of non WFM sq footage has been leased so far. Perhaps WFM set a minimum that must be leased before they open?
I rarely see Whole Foods w/any of their other clients and some of their other clients already have stores in PG Plaza or the surrounding area so what sense would it make to have another store less than 3 miles away?
From LTC, Nando's, Burger-Fi, Mission, Blaze all fit the profile of a place that I'd expect this plaza to land but was stated, 3 of those 4 are within 2 miles from RPS. I think you'll see some more local chain fast casual restaurants like Cava and &Pizza land here too before it's all said and done.
I'm more interested/concerned about what they'll land other than food & alcohol. There are no retail leases other than Xfinity and Whole Foods. They have some large spaces available that suggest the intent to add retail (4A, 4B/4C, 5B). In fact, 4B/4C might as good of a spot as any in the area for a Nordstrom Rack. I can't think of any good options for a space that large otherwise. Those spaces could be good size for a gym, the mock ups included gyms, but I can see how a gym might hesitate to locate there considering students and teachers have a "free" gym and LA Fitness and Planet Fitness aren't booming.
I'm more interested/concerned about what they'll land other than food & alcohol. There are no retail leases other than Xfinity and Whole Foods. They have some large spaces available that suggest the intent to add retail (4A, 4B/4C, 5B). In fact, 4B/4C might as good of a spot as any in the area for a Nordstrom Rack. I can't think of any good options for a space that large otherwise. Those spaces could be good size for a gym, the mock ups included gyms, but I can see how a gym might hesitate to locate there considering students and teachers have a "free" gym and LA Fitness and Planet Fitness aren't booming.
I agree. I think some non-food & drink retail would be interesting. In their mockups, they do have apparel stores. White House Black Market? Just kidding. But I think you just clicked on level 1 which only shows the bottom floor of building #4. Click on level 2 and you will see the entire top floor and part of the bottom floor is considered 4A. Which in total is big enough for a gym.
I did speak to one of the brokers and they are working on getting a gym there. I also asked them to snag an upscale gym. I mentioned a few of the caliber gyms I was looking for them to sign with. Sport & Health or Life Time Athletic. Both are upscale gyms with spa services and both do not have a presence in the county. All he said was that they are working on it.
I don't care for an LA Fitness, Planet Fitness, or any other low to mid-tier gym. I've been going to various gyms for the past 15 years. LA Fitness is a glorified Ballys. Planet Fitness is, well, Planet Fitness. I'd consider them bottom tier. What gyms are missing from the entire county that proliferate in the DC area? Washington Sports Clubs (WSC), Sport & Health, Life Time Athletics, Vida Fitness, and Equinox.
I noted in my email that there is no gym from deep into DC clear up to Laurel on RT. 1. Not one. A gym located on RT. 1 in that area of growth would nearly monopolize that whole corridor. LA Fitness in Hyattsville is crowded and getting old. Fitness Evolution in the mall is so-so and not nearly big enough for the services the more upscale gyms provide.
However, I do think we have some luck. LA Fitness is too close for a second one. Planet Fitness is just close enough I think not to need a second one so close. We'll see.
Hmm...a Nordstrom Rack would be interesting.Or a HomeGoods. Def. need a gym.
Too close to a mall. If anything, they'd want to locate at The Mall at Prince George's. I think the kind of clothing retail RPS would get would be boutique stores like an in-line store in a mall. For example, Ann Taylor, Express, GNC, Under Armor, etc. Something that doesn't necessarily need to be in a mall, but can survive with occasional shoppers. And of course, it would have to be something not already at The Mall at Prince George's.
Nordstrom Rack would require a lot more foot traffic on a daily basis than I think you'll get at RPS. Especially if there is a mall just a mile down the road.
All is not lost on a possible Apple store or even an Amazon store. There are still big enough spaces left for those types of stores.
I'm not sure why you are so down on RPS, maybe a desire to be right? or a desire to see it fail? idk.
Either way, comparing RPS to LTC is tough. LTC has and is surrounded by several big box anchors from Lowes to Regal to Harris Teeter to whatever which draw in similarly large restaurant chains. I'm not sure this is what RPS is going for. Whole Foods vs Harris Teeter, Burton's vs BJ's, District Taco vs Chipotle if you get my drift...not to say that Whole Foods>Harris Teeter, but I think management at RPS is being pretty particular, more local feel, more expensive about who they want filling those leases and not just opening it up to say TGI Fridays.
I'm not actually down on it per se. But I am definitely suspicious of what I see and don't see. Specifically I do not believe that the units marked "under negotiation" on the H & R site plan are in fact under negotiation. They've been identified as such since this thread was started almost eighteen months ago, and since then nothing has been secured.
That's not how "under negotiation" works in the retail leasing industry.
Under negotiation begins when a lessee signs a Letter of Intent (LoI) with a lessor.
An LoI is not legally binding, and either party can walk away, but it sets out the broad parameters of the relationship that are not in dispute, the size of the area, cost per sq ft etc. The parties agree via the LoI not to back out of the deal using these issues as a pretext. They also commit to creating a legally binding fully executable lease within a defined period, usually 60-90 days from signing the LoI. This is for the protection of both parties.
My suspicion is that at one point H&R may have had signed LoI's for some or all the identified spaces, but leases have not been signed because the other party walked away, and H&R has been unwilling to acknowledge that, and convert the spaces back to open market. because it would represent a setback. It would say we had six LoI's and all six walked away. That would give other potentials pause.
This WaPo article from Oct 2013 references an opening date of early 2015, an 18 month build out timescale. We're now at 36 months.
Quote:
Prince George’s County is a step closer to getting its first Whole Foods Market.
On Monday, a county panel voted to support the development in an appeal case that has delayed the project for months.
The County Council, convening as the District Council to deal with land-use matters, voted 8 to 0 to allow the developer of the proposed $250 million project to move forward from what has been a lengthy and contentious approval process.
Washington-based Calvin Cafritz Enterprises can now start seeking permits for plots and grading for the 37-acre site in Riverdale Park. Groundbreaking could take place as early as this fall, with the opening planned for early 2015.
“It is not just an idea anymore — it is actually going to happen,” said council member William A. Campos (D-Hyattsville), a strong supporter of the project who represents an area adjacent to the site. “The hardest part is done.”
I'm not confused and not trying to divert. You believe that there is an underlying problem based on the process of ONE retail broker. Perhaps then you have a problem with how H&R are negotiating? Are you assuming they are the standard bearers are the only ones capable of signing leases at this God-forsaken project?
Your ONLY issue is timing. Timing for a project that still has cranes on the property and barely has paved roads. The only completed building is building 3.
And I don't think alcohol licenses will be a barometer of success. Buffalo Wild Wings? Come on, that's worse than Applebees. Have you tasted their food? Seriously. BJs? Went their twice. And let me say that beer is just about the only good thing they serve. The food reminded me of Bennigans. Not exactly a restaurant I'd get hype over. Nando's? College Park already has one a mile up the road. And Jersey Mike's is a hell of a lot better than Subway. At least in my opinion.
Like I said, H&R can take as long as they want if they keep providing new retail options never before seen in the county. And that's a good thing.
And retail brokers don't have to sign their clients only. They are free to sign new clients that aren't listed on their website. Especially if the developer desires a certain retail mix that is not represented in their client list. Looking at their client list, I'm glad they were able to sign Burton's, which isn't on their list. As well as District Taco. Their list isn't all that impressive. Unless there's a portfolio they aren't sharing online.
With about 9 months to go before the opening of Whole Foods, there is a lot more time for lease announcements. And when it's all said and done, when Rt. 1 becomes a hot corridor, then what will you say? It won't last?
So address the issue I raised, the failure so far to recruit new restaurants to avail of the specially created alcohol licenses. Believe it or not, fashion retailers, and even pet grooming facilities have no interest in alcohol licenses. Beyond the restaurants at LTC there are many other restaurants that have also so far failed to snap up these valuable assets. You've ridiculed the restaurants at LTC, as not being suitable for RPS. Fine, why don't you identify some restaurants that you would find acceptable?
Ruth's Chris is getting ready to open next to the MARC Station at Odenton. Much less traffic than on R.1 or 410. Would that be acceptable to you? Or Cheesecake Factory, PF Chang's none of which I believe are likely to open in RPS.
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