Cascades Marketplace traders announce plans to revamp the event | Information

Facing numerous vacancies at Cascades Marketplace in Sterling, Willard Retail, an investor, developer and supervisor of mixed-use properties, and J.P. Morgan Global Alternatives introduced final week their plans to reposition the event.

Originally developed in 1993 to be the central buying district of Cascades, a 6,500 house, deliberate neighborhood, Cascades Marketplace was constructed on 30.5 acres to supply retail and leisure buying.

It is a 417,000 sq. foot retail heart anchored by Giant Food, Marshalls and Gold’s Gym with Home Depot close by.

Loudoun County Supervisor Juli Briskman (D-Algonkian), who represents the Cascades space, advised the Times-Mirror she is trying ahead to working with the builders.

“Over the last 25 years, Cascades has grown to be a wonderful community offering a superior quality of life,” Briskman stated.

“However, as the needs and desires of our residents continue to evolve, we need more lively and livable places that offer walkable shopping and dining experiences while preserving retail spaces that we patronize everyday,” she stated.

While particular particulars of the plan haven’t been launched, the traders say they’re exploring eventualities which will embrace reorganization of retail providers, upgrades to the storefronts, improvement of extra residential alternatives, out of doors neighborhood gathering areas and extra.

“Due to the consolidation of retail in the broader market, the property is nearly one-third vacant, presenting a unique opportunity to consolidate the retail footprint and create a dominate grocery-anchored shopping experience,” stated Michael Majestic, managing companion of Willard Retail in a ready assertion.

“The grid layout of the center and site infrastructure provides flexibility and a unique opportunity to maximize the potential for this property,” he said. “Through these initiatives we believe Cascades Marketplace can reclaim its status as a premier retail destination in Loudoun County.”

Cascades Marketplace is owned by institutional traders suggested by J.P. Morgan Global Alternatives.

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