Shopping Centers Today

APR 2015

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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A p r i l 2 0 1 5 / S C T 5 C E N T E R S T A G E Aging gracefully After 76 yeArs, tucson's broAdwAy villAge still enchAnts By Barbara Thau S ome Shopping centerS get older without ever going out of date. one such is Broadway Village, built in 1939 in tucson, Ariz., in the Spanish co- lonial style. Developer John murphey and his wife, helen, turned to renowned tuc- son architect Josias Joesler, who modeled the project after a mexican village — with low-pitched, clay-tile roofs, arched openings, carved niches, arcades, mortar-washed brick and colored ceramic. Still, though some buildings may never go out of style, some tenants do, and that is what happened at Broadway Village, which by 2008 was crowded with finan- cially distressed tenants "pushed over the edge by the recession," according to broker r. craig Finfrock, a principal of tucson- based commercial retail Advisors. "it was 95 percent leased, but the tenants there were hanging on with Band-Aids and duct tape," he said. "And the mall had no major traffic generator. the restaurant in there was doing very poorly." enter cri Broadway Village partners, Broadway Village's white knight. in 2008 the company, a joint venture with com- mercial retail Advisors and 4D properties, purchased the 38,000-square-foot center from the murphey trust for $5 million and embarked on a $1.5 million upgrade. cri Broadway Village partners "proceeded to retenant Broadway Village," Finfrock re- called, after it went through the mall "brick by brick," making such cosmetic changes as repainting, reroofing and power washing. the idea was to transform the mall from "a collection of nondescript retailers to a neighborhood specialty retail center with an emphasis on [local] restaurants, bou- tiques and higher-end product that we felt would offer something new," Finfrock said. Because food sellers are anchors for many specialty centers, the new owners wooed artisan pizzeria Falora, which ranks second on the USA Today list of the 10 best pizza spots in tucson. today the mall's 11 tenants include Av- enue, a boutique that sells accessories by independent designers plus vintage home goods, antiques and custom furnishings; yoga studio Session Yoga; and Sidecar, a cocktail lounge — all of which provide an alternative to the nearby el con center, a power center offering the likes of target and home Depot. Broadway Village draws locals, tourists and students from the nearby University of Arizona, and it is "oriented to- ward the higher-educated, middle-to-upper- middle-class demographic of this central tucson area," according to Finfrock. the shopping center recently kicked off its second phase of growth with a $2 mil- lion renovation to rebuild and upgrade parking lots and make room for natural grocers, a chain specializing in natural and organic foods. cri Broadway Village partners is banking on the supermarket to drive more traffic by appealing to the mall's many health-conscious shoppers. "natural grocers will help create a sense of place for Broadway Village, the neighborhood and surrounding areas," Finfrock said, "and give a balance to our tenant mix." SCT +1 646 728 3800 Fax: +1 732 694 1730 www.icsc.org Editor in Chief eDmUnD mAnDer +1 646 728 3487 E D I T O R I A L Managing Editor BrAnnon BoSWeLL +1 646 728 3488 Copy Chief DAViD S. ortiZ Copy Editor KriStinA eLDreDge Art Director John D. LeWiS Contributing Editors SteVe BergSmAn mArÍA BirD pic" mADhUSmitA BorA JoeL grooVer DAViD hArriS mAtt hUDginS Beth mAttSon-teig reBeccA meiSer SteVe m c LinDen BArBArA thAU JeSSe SerWer Bennett VoYLeS A D V E R michAeL BeLLi +1 714 313 1942 mbelli@icsc.org Amie LeiBoVitZ +1 773 360 1179 aleibovitz@icsc.org SUZAnne tAngUAY +1 646 728 3475 stanguay@icsc.org SALLY StephenSon +1 847 835 1617 sstephenson@icsc.org Production Coordinator DAViD StAcKhoUSe +1 646 728 3482 dstackhouse@icsc.org I C S C O F F I C E R S Chair man roBert F. WeLAnetZ, crX, cSm President and CEO michAeL p. KercheVAL Vice Presidents Vincent A. corno, crX KAren FLAVeLLe mArtin A. mAYer Kenneth A. m c int Yre Jr., crX mArK A. SchUrgin John A. StrAchAn Secretary-Treasurer DonALD c. WooD Publisher rUDoLph e. miLiAn, crX, cmD, cSm For article reprints, call (866) 879-9144 or contact sales@fostereprints.com S H O P P I N G C E N T E R S T O D A Y SCT (ISSN 0885-9841) is pub lished monthly. VOLUME 36, ISSUE 4 © 2015, International Coun cil of Shop ping Cen ters, 1221 Avenue of the Americas, New York, NY 10020-1099; phone, +1 (646) 728 3800; fax, +1 732 694 1730. All rights reserved. Periodicals postage paid at New York, N.Y., and ad di tion al mailing offces. Sub- scrip tions $70 per year; Canada and other foreign $99. Single-copy price $20 (December issue $30). For subscrip- tion information call +1 727 784 2000. POST MAS TER: Send address changes to Shopping Cen ters Today, Sawida Worley, 1221 Avenue of the Americas, New York, NY 10020-1099. Publications mail agreement No. 41482022, return undeliverable Canadian addresses to PO Box 503, RPO West Beaver Creek, Richmond Hill ON L4B 4R6.

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