Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/739734
30 S C T / N O V E M B E R 2 0 1 6 A fter decades of developing major retail centers like Mall of Georgia, in Buford, and St. Johns Town Center, in Jacksonville, Fla., Ben Carter took on his greatest challenge yet: transforming the character of Savannah's urban core. While developing the Tanger Outlets, in suburban Savannah, in 2014, Carter, owner of Atlanta-based Ben Carter Enterprises, chanced upon the dream opportunity to purchase and rejuvenate an entire inner-city avenue called Broughton Street. "I spent a lot of time in downtown Savannah, and these 150-to-200-year-old buildings were mostly empty on Brough- ton Street, which was once the high street of Savannah, until Oglethorpe Mall was built, and Belk, Sears, Havertys Furni- ture and JCPenney moved out of downtown and it started to decay," Carter said. "The buildings were just beautiful; it reminded me of a traditional Southern town." Carter, a history buff, knew Savannah was the largest his- toric district in America, and yet it did not have a successful retail corridor. "Broughton Street had been that corridor, like Charleston's King Street is to Charleston [S.C.]," he said. "The facades were beautiful, the buildings were beauti- ful, and the insides were all brick and wood beams. This was an incredible opportunity to restore buildings, [to] restore a vibrant street and really do something that brings the center back to the community." Carter sold his stake in St. Johns Town Center for $375 million and bought 35 individual properties in down- town Savannah as part of a $100 million redevelopment called The Broughton Street Collection. The redevelopment encompasses 35 1880s-era buildings redone with 225,000 square feet of retail space, an additional 40,000 square feet of restaurants, and 48 loft-style rental apartments and offices above the retail space in five of the buildings. "I think it was perfect timing for what Ben envisioned and what we implemented, because so many retailers are try- ing to re-centrify into the urban core," said Quito Anderson, CEO of Ben Carter Enterprises. "They were ready for the move when we suggested it." Major retailers have signed on, including Club Monaco, H&M; (which opened a four-story, 35,000-square-foot store in April), Michael Kors, Tommy Bahama and Victoria's Se- cret. As of late August the retail space was 80 percent leased, BUILDING CHARACTER D E V E L O P M E N T D I G E S T F RO M RE ND E RIN G TO GR A ND O PE NIN G Redevelopment helps revive retail in downtown Savannah, Ga. By Ben Johnson