Washington Prime Group Announces First-Class Office Development at The Mall at Fairfield Commons
Washington Prime Group (NYSE: WPG) has announced a partnership with Synergy & Mills Development to transform a former department store into The Meridian, a 150,000 SF office space at The Mall at Fairfield Commons in Beavercreek, Ohio. This redevelopment aims to cater to over 27,000 employees from the nearby Wright-Patterson Air Force Base, enhancing the mall's mixed-use offerings. Construction is set to begin in late 2021, with total investments in the area exceeding $50 million across three projects, emphasizing WPG's commitment to diversifying its tenant mix and boosting community engagement.
- Initiative to redevelop a former department store into 150,000 SF of office space is a significant investment.
- Enhancement of mixed-use offerings at The Mall at Fairfield Commons, which could attract new tenants and visitors.
- Investment of over $50 million in the Dayton region demonstrates long-term commitment to local economic growth.
- Proximity to Wright-Patterson Air Force Base provides a steady customer base for the new office space.
- The significant construction costs and material shortages in 2021 may impact the project's profitability.
- Dependence on a single location for substantial investment increases risk if the project underperforms.
Washington Prime Group Inc. (NYSE: WPG) announced an agreement to bring the newest commercial office development by Synergy & Mills Development to The Mall at Fairfield Commons in Beavercreek, Ohio, which is home to retail stores, restaurants, entertainment venues and hotels.. The project, which Synergy has named The Meridian, will see Synergy redevelop for office use a two-story, 150,000 SF former department store building.
Lou Conforti, CEO and Director of Washington Prime Group stated: “As you all know, Washington Prime Group’s focus is to continue transforming our assets into the dominant town centers within their trade area. I have to admit, we have become pretty darn good at providing differentiated goods and services as well as food, beverage and entertainment options which are relevant to the demographic constituencies we serve. In an increasing number of instances, we have also realized there are mixed use opportunities which allow us to right size existing retail space with such alternatives as office, fulfillment, lodging, health care, etc. These uses are symbiotic to a retail venue as they result in attracting new guests, further buttressing our dominant town center mandate.”
“This mixed use initiative truly evidences itself at The Mall at Fairfield Commons. The Wright-Patterson Air Force Base is situated just a stone’s throw from the property and employs over 27,000 military and civilian personnel. While I can attempt to explain the reciprocal benefit of having dedicated office space catering to its various activities including research and development, take a look below at how Jerad Barnett, the CEO of Synergy who is developing the project, eloquently describes this exciting addition to the Mall at Fairfield Commons.”
Synergy’s office conversion plans contemplate major renovations to the interior and exterior of the building, including a modern, innovative design to the project that reflects the leading-edge technological work done in the Pentagon Corridor.
“The Meridian at Fairfield Commons is a capstone project for Synergy and the development we’ve been doing in this area for the past 25 years – the perfect blend of an amazing office environment and direct, walkable access to amenities for employees,” said Jerad Barnett President and CEO of Synergy. “We talk constantly in our industry about the trend for experiential, mixed use, pedestrian friendly environments and the desire to Work, Shop, and Play without having to jump in your car, and I can’t think of a location like this anywhere in the market that will offer such a large footprint to do so.”
Synergy plans to begin construction to redevelop the existing building into office, laboratory, and research and development space starting in late 2021.
“We toured the building in 2020 and began to dream about what this space could be,” said John Kopilchack Director of Development of Synergy. “It has been maintained extremely well and with its open floorplans, high ceilings, and most importantly, fantastic location and connectivity to the mall, we knew this was an extraordinary opportunity to do something special, not just for Beavercreek and the Pentagon Corridor, but for the entire Dayton region.”
Synergy has been busy developing in the area surrounding Wright-Patterson Air Force Base. With this announcement, Synergy will be under construction or nearing so on 300,000 SF of space in Beavercreek and Fairborn including 63,000 SF at Project Waterworks on National Road, 85,000 SF at Project Promotum on Colonel Glenn and 150,000 SF at The Meridian at The Mall at Fairfield Commons.
“These three projects will result in over
These redevelopment efforts demonstrate Washington Prime Group’s commitment to the community while illustrating its mandate to diversify tenancy and further solidify The Mall at Fairfield Commons as a go-to gathering place offering a dynamic mix of retail, dining, entertainment, and mixed use options. Investments and improvements made at The Mall at Fairfield Commons provide numerous benefits to the Beavercreek community and the greater Dayton, Ohio area.
About Washington Prime Group
Washington Prime Group Inc. is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. The Company combines a national real estate portfolio with its expertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S. Washington Prime Group® is a registered trademarks of the Company. Learn more at www.washingtonprime.com.
About Synergy & Mills Development
Synergy & Mills Development is a privately held construction and full-service real estate development company located in Dayton, Ohio with a focus on the defense, medical, office and retail sectors. Learn more at www.synergybldg.com.
Forward-Looking Statements
This press release contains “forward-looking statements” related to future events. Forward-looking statements contain words such as “expect,” “anticipate,” “could,” “should,” “intend,” “plan,” “believe,” “seek,” “see,” “may,” “will,” “would,” or “target.” Forward-looking statements are based on management’s current expectations, beliefs, assumptions and estimates and may include, for example, statements regarding the voluntary cases commenced by Washington Prime Group Inc. (the “Company”) and certain of its subsidiaries (the “Chapter 11 Cases”), the Company’s ability to complete the restructuring and its ability to continue operating in the ordinary course while the Chapter 11 Cases are pending. These statements are subject to significant risks, uncertainties, and assumptions that are difficult to predict and could cause actual results to differ materially and adversely from those expressed or implied in the forward-looking statements, including risks and uncertainties regarding the Company’s ability to successfully complete a restructuring under Chapter 11, including: consummation of the restructuring; potential adverse effects of the Chapter 11 Cases on the Company’s liquidity and results of operations; the Company’s ability to obtain timely approval by the Bankruptcy Court with respect to the motions filed in the Chapter 11 Cases; objections to the Company’s recapitalization process or other pleadings filed that could protract the Chapter 11 Cases; employee attrition and the Company’s ability to retain senior management and other key personnel due to the distractions and uncertainties imposed in part by the Chapter 11 Cases; the Company’s ability to comply with financing arrangements; the Company’s ability to maintain relationships with its tenants, suppliers, customers, employees, sponsors, and other third parties and regulatory authorities as a result of the Chapter 11 Cases; the effects of the Chapter 11 Cases on the Company and on the interests of various constituents, including holders of the Company’s common stock and other equity securities; the Bankruptcy Court’s rulings in the Chapter 11 Cases, including the approvals of the terms and conditions of the restructuring and the outcome of the Chapter 11 Cases generally; the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 Cases; risks associated with third party motions in the Chapter 11 Cases, which may interfere with the Company’s ability to consummate the restructuring or an alternative restructuring; increased administrative and legal costs related to the Chapter 11 process; potential delays in the Chapter 11 process due to the effects of the COVID-19 virus; and other litigation and inherent risks involved in a bankruptcy process. Forward-looking statements are also subject to the risk factors and cautionary language described from time to time in the reports the Company files with the U.S. Securities and Exchange Commission, including those in the Company’s most recent Annual Report on Form 10-K and any updates thereto in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These risks and uncertainties may cause actual future results to be materially different than those expressed in such forward-looking statements. The Company has no obligation to update or revise these forward-looking statements and does not undertake to do so.
The Company cautions that trading in the Company’s securities during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. Trading prices for the Company’s securities may bear little or no relationship to the actual recovery, if any, by holders of the Company’s securities in the Chapter 11 Cases. Holders of shares of the Company’s common stock and other equity securities could experience a complete loss on their investment, depending on the outcome of the Chapter 11 Cases.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210621005040/en/
FAQ
What is Washington Prime Group's new project in Beavercreek, Ohio?
When will construction for The Meridian begin?
How much does Washington Prime Group plan to invest in the Dayton area?
What is the significance of The Meridian project?
How does The Meridian support the local economy?
