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RETAIL DEVELOPMENT EXPERIENCE
OAKWOOD PLAZA
Hollywood, FL
 Oakwood
Plaza, a 906,000 square foot regional center, is the largest
open air shopping center in South Florida and spans an entire
mile of frontage directly on Interstate 95. It is the only
retail center visible from I-95 within several miles. Future
location opportunities are extremely limited because there
are no large, zoned, concurrent parcels in the area on which
a retail center can be built.
As part of the Hollywood Portfolio, Hollywood STS acquired
a piece of land which accounted for 40% of what became the
project. The property enjoyed great visibility on I-95 between
the Sheridan Street and Stirling Road exits. Swerdlow Group determined that if the balance of land between these
exits could be acquired, it would own a unique piece of property
suitable for a large-scale regional shopping center. A major
center of this type had not been built in eastern Broward
County due to the dearth of available land.
The only portion of what ultimately became Oakwood Plaza
that was included in the Hollywood Portfolio was the land
and office/service buildings known as Oakwood Business Center
located south of the C-10 Canal Spur. To realize the potential
of exit-to-exit I-95 access and visibility, four (4) additional
parcels were acquired in separate transactions from different
property owners over the course of several years. Included
among the parcels acquired to complete the Oakwood Plaza assemblage
was the former Six Flags Atlantis Water Theme Park. Those
who remember the location will recall that the site contained
a 24-acre lake that was filled. Material was dredged and pumped
into the lake from other nearby land owned by Hollywood STS.
The north and south parts of the property were separated by
the C-10 Canal Spur. A bridge had to be permitted and built
over this environmentally sensitive body of water. The plans
included measures to protect existing mangroves, plant new
mangroves and installation of rip-rap to prevent erosion of
the banks.
The retail plan maintained the existing office/service buildings
and complemented these with weekend and evening uses such
as multiplex movie theater and restaurants for the south end
of the site. This portion of the site ultimately became the
entertainment zone of the project. The north end of the property
was designated as a regional center anchored by K-Mart, Builders
Square, Office Max, Marshall's, Service Merchandise, Ross
Dress For Less and others. Oakwood Plaza has been extremely
successful to date. Development of the project was completed
substantially in accordance with the original budget and timeline.
Today it is known throughout the region as the premiere shopping
center of its type. Thousands of patrons visit the site daily
for shopping, dining and entertainment.
During 1998, leasing and development of the south side and
Sheridan segments of the property were completed, enhancing
the existing entertainment/dining theme of the property housing
Dave and Buster's, Hollywood Ale House and Sweet Tomatoes.
KENDALL LAKES PLAZA
Miami, FL
 Kendall
Lakes Plaza is a 404,000 square foot community retail center
in Miami, Florida located in the middle of an area with very
strong demographics. The well established, densely populated
area boasts an average household annual income in excess of
$50,000. The property is entered from Kendall Drive which
supports some of the highest traffic counts in the region.
The renovation of Kendale Lakes Plaza was completed in 1996.
Although the original Kendale Lakes Mall was very well located,
the property experienced high vacancies. In addition, the
property had become rundown and badly damaged as a result
of Hurricane Andrew. Ultimately, the property was taken back
from its original owner by the lender and subsequently purchased
by affiliates of Swerdlow Group.
A site plan and construction phasing plan was developed and
successfully executed which converted the existing concept
into a state-of-the-art community retail center. The "checkerboard
style" plan provided for the existing tenants to stay
in business while new stores were constructed for them at
different locations on the property. Once the existing tenant's
new stores were occupied, their old stores were demolished
and new tenant stores were built.
The approval and redevelopment of the property came at a
time of great turmoil in Miami-Dade County. The County was
still suffering from the impacts of Hurricane Andrew. A moratorium
on new sewer connections has been declared by the governing
State of Florida environmental agency. Nonetheless, Swerdlow Group successfully negotiated an agreement to allow the new
connections to the sewer system.
In addition, prior to closing on the property, it was discovered
that soil contamination from an existing dry cleaning operation
had occurred. Despite the existence of a State of Florida
program, construction of the buildings was also phased and
coordinated with the completion of the site work supporting
the new premises, which was necessary to obtain a certificate
of occupancy for each new building. Bank of America provided
construction financing for cleanup, there was a significant
risk of being in the chain of title in the event of an enforcement
action by a government agency. In order to overcome this potential
roadblock, Swerdlow negotiated the sale of the dry cleaning
store and affected parking areas, subject to a reciprocal
easement agreement to the dry cleaner, which allowed the transaction
to proceed. Barnett Bank provided construction financing.
The site did not have drainage outfall and was separated
from the nearest available draining canal by a railroad track.
A small parcel of land with frontage on the canal and the
other side of the track was acquired. A permit to bore under
the tracks was obtained and the draining system was designed,
permitted and constructed to meet all necessary governmental
requirements. Credit Lyonnais provided construction financing.
The property has continued to appreciate in value due to
its superior location. In recent years, as national retailers
have gone through consolidation, the project maintained near
100% occupancy with the additions of Home Depot, Old Navy
and BJ's Wholesale Club. The project is currently valued at
approximately $95 million. Barnett Bank and Credit Lyonnais
provided construction financing.
SHERIDAN PLAZA
Hollywood, FL
 Sheridan
Plaza, a 295,0000 square foot suburban regional shopping center
is located two miles from I-95 on Sheridan Street in Hollywood.
The planned redevelopment provides an additional 212,000 square
feet of gross leasable area, consisting of a 66,500 square
foot flagship Publix Supermarket, a 25,000 square foot Office
Depot, a 13,500 square foot AMC Theatre expansion, with an
additional 96,820 feet of specialty stores. Completion is
scheduled for mid 1991.
GREAT MALL OF THE BAY AREA
Milpitas, CA (Silicon Valley)
 The Great Mall of the Bay Area is Northern California's largest
value oriented shopping mall, comprising 1,246,000 square
feet of anchor and in-line retail tenants. The mall is strategically
located in the heart of Silicon Valley where 1-880 and U.S.
101 intersect in Milpitas, California.
The Great Mall of the Bay Area is the premiere regional shopping
center in the San Francisco Bay-Silicon Valley area, an area
boasting extremely favorable demographics, including a median
household income of more than $70,000.
Swerdlow Group and Colony Capital saw the potential for the
Great Mall of the Bay Area to be redeveloped by, among other
things, incorporating a significant entertainment component,
which the existing center lacked. To enable the Great Mall
to achieve its potential, Swerdlow adopted a redevelopment
and re-tenanting plan that included the following components:
(i) An entertainment and leisure time activity component including
movie theaters, restaurants and an interactive adult entertainment
center; (ii) A "cut through" added to enhance pedestrian
traffic flow within the mall; (iii) Select existing anchor
and in-line tenants relocated into property sized, well- merchandised
stores grouped by product type; and (iv) Interior and exterior
appearance and amenities upgraded to enhance the shopping
experience.
In Apri1 of 1998, a subsidiary of Swerdlow Group and
Colony entered into a joint venture and purchased the Great
Mall of the Bay Area from Ford Motor Land Company.
In 1999, SREG acquired Colony and Swerdlow's Joint Venture's
interest in the Great Mall of the Bay Area. Major tenants
that have been added to the project during the current ownership
include Century Theater, Dave and Buster's, Van's Skateboard
Park, Home Depot, Tommy Hilfiger and Ralph Lauren, among others.
CAPITOL PLAZA MALL
Prince Georges County, MD
 Capitol Plaza Mall is a $30 million redevelopment regional
shopping mall of 500,0000 square feet located at the intersection
of Annapolis Road and Baltimore/Washington Parkway in Prince
Georges, County. The project is a traditional retail mix of
department stores and specialty stores. Anchor tenants include
Montgomery Ward's and Bradley's.
CROSS COUNTY MALL
West Palm Beach, FL
 Cross
County Mall was an existing, partially enclosed mall located
in West Palm Beach, Florida at Military Trail and Okeechobee
Road, approximately three-quarters of a mile west of Interstate
95. The site is within 1.5 miles of Florida's Turnpike and
Palm Beach County Airport. The center was purchased in September
1997. Phased demolition of the existing center and construction
of a 365,000 square foot retail center commenced in the fourth
quarter of 1997.
Swerdlow Group identified the opportunity to purchase
the Cross County Mall through its long-standing relationship
with K-Mart. In addition, relationships with Ross Dress for
Less, Just For Feet, Builders Square and AMC were crucial
to recapturing space and reconfiguring the center. Cross County
Mall was an outdated partially enclosed mall that was largely
vacant. It was encumbered by existing below market leases
with K-Mart, AMC and Ross Dress for Less that provided those
tenants with absolute rights over the site plan and any expansion
or demolition of the center. These leases were terminated.
New leases were negotiated with K-Mart and Ross Dress for
Less providing for their relocation into new premises at current
market rental rates. Previous developers had failed to obtain
the cooperation of K-Mart and AMC, which was critical to the
reconfiguration of the center. The enclosed mall had to be
demolished, preserving the ability for K-Mart and Ross Dress
for Less to operate in their existing stores while new premises
were constructed.
The site development was coordinated and scheduled so as
to provide parking during the construction period and bring
the existing lot to an elevation level with the new area (1.5
feet below the existing lot). All the site work had to be
phased, including the reconfiguration of the draining and
utilities to provide service to the new stores while continuing
to provide service to the existing stores.
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POST HASTE PLAZA
Hollywood, FL
The Post Haste Plaza is a 50,000 square feet retail plaza in Hollywood, FL completed in 1996,
with an estimated value of $5 million.
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