8/14/2019 Mall Re-do

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By Amanda Jones Hoyle | Friday, November 13, 2009

University Mall, which has developed into a boutique shoppingoption as mega-malls sprouted around the riangle during its36-year history, is getting some LC.

At 366,000 square eet, the mall is a mite compared to the likes o the 1.3 million-square-oot Te Streets at Southpoint in nearby Durham. But ownership o University Mall changed two yearsago, and the new overseers say they are ready to invest in theirproperty.

“Our expertise is taking properties and making them better,” saysPaul Harnett, senior vice president o management at MadisonMarquette, the mall’s Washington, D.C.-based owner. “Whenwe bought the property, the whole idea was to put our magic inplace and make it a better center or the community.”

Outside, once the work is done, shoppers will be greeted by newentrances designed to modernize the acade. Inside, new oor-ing, lighting and seating will be installed, as well as a perormingarts stage. New artwork will adorn the common areas.

Harnett says the group will spend “multi millions” on the reno- vation, but he declined to disclose the precise amount.

When Madison Marquette bought the mall rom Burlingtonbusinessman Maurice Koury, speculation arose that the newowner might raze the structure and redevelop the site into resi-dential or oce elements.

But Harnett says the mall still has plenty o lie as a retail shop-ping destination.

For the coming holiday season, eight new merchants will greetshoppers, taking the remaining 25,000 square eet o vacantspace. Among the newcomers already open is Branching Out,an antique store owned by Pam Williams, who has operated theNight Gallery women’s apparel store in University Mall since thecenter opened in 1973.

Williams says she decided this year to put both o her ChapelHill stores under one roo. “And … it’s worked,” she says. “Hon-estly, I’m shocked (by) the trac we’ve gotten since it opened.”

Other retailers that have openedrecently or will open soon includeTe Virginia Gail Collection,which will sell luxury bed linens,designer lighting, urniture andartwork; Te North CarolinaHammock Company, a maker o hammocks, swings and rock-ers; Izabelle’s Closet, which sellswomen’s casual and resort wear;Southern Charm, which is a7,000-square-oot arts and crasco-op eaturing more than 30local artisans; and kiosks by TeManana, which sells artwork andcras; Day-by-Day Calendar andSo & Sleepy Sheets.

Te Chapel Hill property hasdeveloped over the past 10 years rom a traditional enclosed madependent on its anchor tenants into a “boutique”-type propertwith mostly local store owners selling local products mixed witha ew national brands.

Te mall still has a Dillard’s department store as an anchor on

one end, a Kerr Drug store in the middle and a Roses discountstore, but it also has become a destination or specialty-ood lovers ocking to the 59,000-square-oot A Southern Season storethat replaced a Hudson Belk department store in 2003.

Williams says the presence o A Southern Season has helped at-tract new tenants to the property.

Anita Kramer, senior director or retail and mixed-use devel-opment at the Urban Land Institute in Washington, D.C., sayssmaller malls such as University Mall have to nd ways to com-pete against the giant retail centers.

“Madison Marquette is a strong company and has vast experi-

ence. Tey clearly have something they want to try (in ChapelHill),” Kramer says. “I’ve always maintained that those with goolocations are still good or retail, but maybe a diferent kind o retail.”

Mall Re-doOwners spifng up Chapel Hill shopping mall to cash in on its place as a boutique attraction.

Madison Marquette is a Washington, D.C.-based investor, developer and operatorof retail and retail mixed-use real estate throughout the United States. Thecompany specializes in creating unique retail destinations that respond best toconsumer preferences. With regional ofces in Fort Lauderdale, Philadelphia,

New York, Charlotte, San Francisco, Los Angeles, Seattle and San Diego, Madison Marquette seeks investment opportunities in growing markets.The company maintains a sophisticated in-house operating capability and oversees 18 million square feet of retail real estate. This diversenational portfolio includes many properties that Madison Marquette manages and leases on behalf of third-party owners.

For more information about the company, visit www.madisonmarquette.com.

“Honestly, I’m shocked (by)

the trafc we’ve gotten since

it opened,” says Pam Williams,

owner o Branching Out.

TriangleBusiness Journal