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Starwood Retail Partners Employ Innovative Strategy For Redevelopment Of The Shops At Willow Bend
$100 Million Redevelopment and Expansion to Meet Demands of Thriving Community
CHICAGO – October 20, 2015 — Starwood Retail Partners (SRP) have introduced a ground-breaking new strategy which aims to make life easier and more convenient through innovation and consumer accessibility. SRP is evolving the retail industry through a concentrated effort to densify the shopper experience with retail, office and entertainment options.
SRP purchased The Shops at Willow Bend in October, 2014, and began a $100 million redesign to overhaul the dated space and create a revitalized complex to meet the demands of Plano’s growing population. The addition will include a highly visible, new main entrance facing the Dallas North Tollway that will communicate a sense of arrival to shoppers, diners and guests. The redevelopment will begin with the replacement of a 125,000-square foot vacant building with a new structure designed exclusively for best in-class retailers and restaurants. The redesign will also include a contemporary hotel and office tower.
“Throughout the country, consumers are looking for conveniences in one space and we’re seeing the same need for those synergies in Plano,” said Scott Wolstein, CEO of Starwood Retail Partners. “Plano deserves a better, more accessible option from the tollway and its new ‘front door’ will be just the start. Consumers have been waiting for a retail environment where they can relax, enjoy and connect. With The Shops at Willow Bend, we’re giving it to them.”
One of 30 mall properties owned and operated by SRP, The Shops at Willow Bend will be another addition to a successful portfolio of restored spaces where guests enjoy themselves and make meaningful connections in a comfortable, stimulating environment. Construction on the compound will commence in early 2016, with staggered completion over 2 years and full transformation scheduled for completion in 3-5 years.
About Starwood Retail Partners
Starwood Retail Partners ("SRP") is a Chicago-based retail real estate platform and owner operator of 30 shopping centers in 14 states across the U.S. that acquires, redevelops, manages and repositions retail real estate assets in order to enhance property cash flow and create long-term value for its capital partners. Formed by Starwood Capital Group, the global private real estate investment firm, and its affiliates, SRP seeks to capitalize on opportunities in the ever-changing retail landscape through a unique combination of talent, experience and execution capabilities in the regional mall, lifestyle, and power center sectors. SRP brings hands on experience in management, leasing and redevelopment to each of its investments, leaving it positioned to acquire, manage, reposition and re-develop market dominant shopping centers into the one-stop shopping destinations of the future.
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