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Brokerage
Posted: January 24, 2017
Heidenberg Properties granted final site plan approval for Lake Plaza renovation and expansion
Carmel, NJ Heidenberg Properties Group has been granted final site plan approval by the planning board of the town for the renovation and expansion of the Lake Plaza Shopping Center.
Central to the redevelopment is the construction of a new 54,000 s/f Stop & Shop. In order to deliver the latest prototype for the Stop & Shop Supermarket Co., Heidenberg will demolish the existing 24,000 s/f Key Food supermarket and the 7,800 s/f CVS Pharmacy. The new building footprint will be over 20,000 s/f larger than the two existing stores and expand Lake Plaza Shopping Center from 141,000 to nearly 165,000 s/f. In addition to the new supermarket, Heidenberg Properties will renovate the façade, repave the parking area and upgrade the site lighting.
When completed, the shopping center will not only have a new anchor, but a more modern look with better traffic flow. As a result, Heidenberg Properties anticipates adding a variety of new inline tenants.
According to vice president of operations Jason Lazar, “The redevelopment of a shopping center around a strong anchor and the creation of a compelling tenant mix is core to creating value for our stakeholders. This was a complicated process involving multiple municipal agencies. Receiving final site plan approval is a testament to the hard work and dedication of our team. We are excited to deliver the new prototype for Stop & Shop and create a great shopping destination for consumers.”
Stop & Shop currently operates 419 stores throughout New York, New Jersey, Massachusetts, Connecticut, and Rhode Island. It is one of 22 brands and 6,500 grocery and specialty stores operated by Ahold Delhaize.
Heidenberg Properties anticipates starting construction in the spring with new and expanded tenants opening shortly thereafter.
Heidenberg Properties is a full-service real estate development company focused on the acquisition and development of open-air shopping centers, net-leased properties, and secured note purchases in the Eastern United States. The group is actively seeking new acquisitions and development opportunities.
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