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Page 24 — Retail Properties Quarterly — May 2015
Aging well presents a chal-
lenge to developments as
well as people. However, age
is not just a state of mind for
a retail center – the effects
of time can take a significant toll
on a site’s success as well as the
community surrounding it. Retail
centers built
20-plus years ago
often struggle
with numerous
issues that prevent
the center from
attracting custom-
ers and optimal
tenants. Invest-
ing in an aging
development not
only creates value
for the owner
through more
desirable tenants
and increased cus-
tomer traffic, but
also benefits the
surrounding community through
increased tax revenue and the
elimination of a blighted property.
A carefully executed face-lift often
is what is needed to infuse a dated
or blighted development with new
energy and vitality.
However, unlocking the potential
of an aging retail center is not just
a facilities management exercise,
but also an entitlement and land
development exercise. It takes an
experienced planner to advocate
on the owner’s behalf in order to
secure the optimal plan that ben-
efits the owner and the commu-
nity. Fortunately, communities are
increasingly aware of the benefits of
revitalizing retail centers, and they
generally are willing to revise the
development plan if the owner can
make an effective case for the pro-
posed changes.
Architecture. Façade improvements
are generally the first thing an
owner thinks of when considering
updates for an aging development.
Materials, color palettes, awnings
and monument signs all contribute
Market Driver
Timothy T.
Nelson, RLA
Director of planning
and landscape
architecture,
Galloway & Co.,
Denver
University Park shopping center, at the corner of South Colorado Boulevard and Evans Avenue, was a redevelopment of a vacated
Albertsons building.