May
18

Centennial American Properties Downsizes Plans for Easton MarketPlace

By


Developer scales back plans for former Lan-Yair site

May 18, 2008

By Lynne P. Shackleford – Spartanburg Herald-Journal

The plans for Easton MarketPlace have been downsized and one developer has backed out of the deal, but Centennial American Properties has vowed to move the project forward with its same expectations for quality.

Pete Brett, Centennial’s director of development, said challenges in national market conditions forced modifications to the original plans for the $100 million project first announced last May. Site work was initially scheduled to begin in April or May, but will now likely begin in the fall.

Atlanta-based Cousins Properties is no longer part of the development, and the Cousins signature brand, the “Avenues,” which lined the front of the property, have been taken out of the site plans. The “Avenues” are high-end, specialty centers of premiere national and select local merchants and restaurants, according to Cousins.

In a letter to City Manager Mark Scott, Centennial founder David Glenn said recent market conditions have caused high-end retailers to virtually cease any new deals.

Glenn said the new site plans include space for high-end retail tenants as the national market improves and retailers remain “very interested in Spartanburg, but aren’t expanding nationally in today’s market.” Easton MarketPlace will have a “Main Street” or boulevard atmosphere with lush landscaping and pedestrian and bicycle-friendly amenities.

“The original plan looked like the new one we’ve been given, but when the ‘Avenues’ group was a part, the entrance was a larger block of the development,” Assistant City Manager Ed Memmott told council at a recent workshop.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ENTIRE ARICLE HERE:

http://www.goupstate.com/article/20080518/NEWS/805180349/1051/NEWS01
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BLOG NOTE:
Centennial American Properties does a great job with their developments. I have no doubt that Easton MarketPlace will be first class as well.
MBD
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