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Ridgeway Trace

northernbizzkit1

By northernbizzkit1
in Memphis

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Rardy Burg

Rardy

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They've started bulldozing Ridgeway Trace - you can really see it well from the westbound Poplar overpass at Ridgeway Loop. Unfortunately, they're taking some of those really nice trees with them. <_<

The shopping center will feel rather dense because of the office buildings that surround it. When you're in the parking lots, St. Francis will be standing tall to the south, the Crescent Center is immediately adjacent to the east, the Hilton will be in plain view to the north, and Clark Tower and White Station Tower will be above the trees to the west. It will not feel at all like a shopping center in Cordova, Collierville, or Southaven.

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tennreb Whistle-Stop

tennreb

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I found some information here: http://www.theshoppingcentergroup.com/cont...t-121-1-300.htm

It looks like it will be a suburban-type center, though a nice one. The flyer says it will have a Target and a Best Buy, and I suspect that it will also have a Cheesecake Factory. Hopefully it can bring in some chains that we don't already have in Memphis instead of just replicating what is at Wolfchase, though at least it means I won't have to venture all the way out to Wolfchase anymore. I hate going out there.

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memphismdtwnr Crossroads

memphismdtwnr

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Ridgeway Trace Plans Progress

This is pretty exciting if things go as planned. According to the article, Target and Maggiano's Little Italy are interested. I've read before that the Cheesecake Factory and Panera Bread are rumored to be a part of this deal as well as a mixed-use tower. I would hope, however, that the retail takes an urban design. I'd like to see the Target be a two-story store with a parking garage simply because the normal box store/parking lot design wouldn't really fit in with the East Memphis area. Maybe the tower (it's not mentioned in this article) would be a new tallest for Memphis! However, it's a tad early to start talking about that.

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northernbizzkit1 Hamlet

northernbizzkit1

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The latest plans show Barnes & Noble as well as the Cheesecake Factory. Of course, we all know Target is going there as well. Also looks to include a parking garage or two. Plan is not really clear. Now let's see if they can come with some new retailers instead of the same ones in every shopping district in the city.

Any more info on the expansion at Saddle Creek? What happened to Forest Hill Plaza?

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jmduke Whistle-Stop

jmduke

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Not much point in debating yea/nay on a CF when a Maggiano's Little Italy is in the discussion; while it is a Brinker chain, they do a very good job. Ate at their Tyson's Corner location twice and was very impressed.

Also, if a Corner Bakery were thrown into the Ridgeway Trace dining mix, so much the better.

Maggiano's: http://www.maggianos.com/

Corner Bakery: http://www.cornerbakery.com/

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Rardy Burg

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Not much point in debating yea/nay on a CF when a Maggiano's Little Italy is in the discussion; while it is a Brinker chain, they do a very good job. Ate at their Tyson's Corner location twice and was very impressed.

Also, if a Corner Bakery were thrown into the Ridgeway Trace dining mix, so much the better.

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memphismdtwnr Crossroads

memphismdtwnr

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Where did you see plans for Barnes and Noble? That's interesting...I wonder if that means the store on Winchester will close.

Saddle Creek is definitely a go. It's part of Germantown Smart Growth, and my friends grandparents owned the property that was just purchased for the Saddle Creek expansion. The one thing is that it may not look like the other parts of Saddle Creek primarily due to one of the plans call for lofts above the stores for residences.

Forest Hill Plaza is still a go as well...or so it seems. The Hyatt Place in Germantown will be across the street from Forest Hill Plaza.

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James Owen Whistle-Stop

James Owen

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More new restaurants and retailers have been named for the Ridgeway Trace development, including a Genghis Grill, Panera Bread, and Logan's Roadhouse, per the Memphis Business Journal:

http://memphis.bizjo...1649600^3197001

The article also makes mention of the former Bennigan's and Cozymel's spaces being marketed to new tenants.

National retailers land in Poplar corridor center; Four new tenants head to Ridgeway

Memphis Business Journal - by Andy Ashby

Weingarten Realty Investors’ Ridgeway Trace Center at Poplar and I-240 is showing that national retailers are still looking for opportunities in high traffic areas, especially in the coveted Poplar corridor.

The Houston-based commercial owner, manager and developer is filling out its 350,000-square-foot East Memphis project with four leases in three new outparcel buildings, including the first restaurants at the site.

Genghis Grill, a fast-casual Mongolian stir-fry restaurant, has chosen a 3,400-square-foot space at the property for its first Tennessee operation. The Dallas-based company has more than 40 locations nationwide.

Also, Panera Bread Co. will occupy 4,000 square feet and Mattress Firm Inc. is leasing 3,750 square feet for a showroom.

Weingarten Realty is building a pair of 11,250-square-foot outparcel buildings to house these retailers, while the tenants will handle their own build-outs.

Dallas-based O’Brien Architects Inc. is designing the buildings; a contractor has not yet been selected.

Finally, Nashville-based Logan’s Roadhouse is building its own free-standing 6,533-square-foot building at the shopping center as well.

All four retailers are expected to open for business by the fall.

Danny Buring, managing broker of the Shopping Center Group LLC, represented Logan’s Roadhouse and Panera Bread in negotiations. He says retail leasing is still slow, except in key areas.

“But if there is ever a market starting to recover, it’s going to be Poplar Avenue,” he says. “It’s the best corridor for restaurants in our market.”

John Reed, a retail broker with the Shopping Center Group, represented Mattress Firm in its lease negotiations, while Ryan Eastman, an associate of J&B Commercial LLC, represented Genghis Grill.

William E. Coats, regional development director with Weingarten, represented the landlord in negotiations.

Ridgeway Trace’s major tenants include Target Corp., Best Buy Co. Inc., The Sports Authority Inc. and PetSmart Inc.

Buring says companies are taking advantage of the economy by getting into prime locations they normally wouldn’t or couldn’t.

“It’s still great real estate, but it’s slowed down the growth for national brands so that others can step in and get some real estate,” he says. “They’re going to be the beneficiary of it.”

The average asking lease rate for East Memphis, Germantown, Cordova and Collierville was $13.94 per square foot in fourth quarter 2009, according to Memphis Business Journal’s retail real estate leasing guide.

This was down 1% compared to $14.07 in third quarter 2009.

In addition to the Ridgeway Trace outparcel developments, other new retail openings are available along the Poplar corridor in East Memphis.

Dallas-based Food Friends and Co. closed the free standing 9,400-square-foot Cozymel’s Mexican Restaurant at 6450 Poplar in April.

Bailey Wiener Jr., principal broker at retail sales and leasing company Wiener Realty, is listing the free-standing, 6,700-square-foot former Bennigan’s space at 5336 Poplar.

Plano, Texas-based Bennigan’s filed for Chapter 7 bankruptcy in 2008.

Although he has yet to sign a tenant, Wiener says interest in the space has been relentless.

“I get probably 10 calls a day,” he says.

The Ridgeway Trace development and interest in open retail spaces along Poplar is a testament to the corridor, according to Wiener.

“Just north and south of Poplar are some of the best demographics in Memphis,” he says.

Weingarten’s demographic information for Ridgeway Trace confirms this.

Within two miles of that site, there are 29,450 people with an average household income of $100,571.

That income drops to $86,064 within three miles and $71,844 within five miles.

Wiener says retail leasing is location driven, which explains the activity on Poplar.

“Also, I think there are some chains taking advantage of the climate right now because you can get a pretty good deal right now,” he says.

Quality leasing and infill opportunities inside the I-240 loop, such as Ridgeway Trace, are being driven by lack of options.

“I think inside the loop is probably under-retailed,” Wiener says. “A Wal-Mart or Target back in town would probably be a huge hit.”

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