More than ten years have passed since developer/owners Paul Elliott and Sam Weissman of Soundview Realty Group purchased an underutilized shopping center at the entrance to Miller Place. The center known as the North Shore Mall is located at 159 Rte. 25A. At the time, the local newspaper and civic association reported it to be the most unsightly center on the north shore of Long Island! In response, both Elliott and Weissman said, "We knew circumstances were ideal to create a gateway center unparalleled in the area that would be the pride of the community. Our value-add plan would create the image and sense of arrival needed for this center to anchor the shopping district of the community."
At the time of purchase, the site was not only terribly run down, it had a high vacancy rate and lacked quality tenants. The pair recognized that attracting new tenants would be a major challenge unless physical changes to the appearance of the center were made. "What draws solid tenants to a center is a strong anchor, and with the space available for development, it became a priority for us to expand and secure an anchor that would become the magnet for future tenants," said Elliott. During that time Elliott and Weissman added 3,000 s/f to the main building, constructed a 16,000 s/f building adjacent to the center and acquired CVS Pharmacy as the anchor tenant. New siding, signage, lighting, paving, expanded parking, and landscaping turned the North Shore Mall in to the "best looking shopping center on the north shore" as touted by the same local paper and civic association once regretting its very existence. The $1 million rejuvenation brought them 100% occupancy for the last six years.
The planning and permitting of the undeveloped portion of the project took seven years to come to fruition. The construction of the two new medical buildings started late in 2012. Each building has 10,500 s/f of 60' deep open span. The buildings are beautifully designed and will sport brick siding, and columns to architecturally command a colonial flair. Insulation is R19, the highest grade of energy star Andersen windows and a very high seer rating gas heating system will complete the energy efficient package. Exterior common area lighting will be LED and the savings will be passed directly through to the tenants. Parking will be available for 141 cars; landscaping design will buffer the existing shopping center from the medical office buildings while connecting them through strategically located pavers. Monument signage with a sculpture feature and seating area will greet the tenants and customers/patients upon arrival.
The addition of the 21,000 s/f buildings will now conclude the redevelopment of the site with a total of 60,000 s/f of thriving business space. The developers expect the build out and lease up will be completed during the summer of 2013.
Deborah Ongania is a vice president and licensed associate real estate broker at Soundview Realty Group, Medford, N.Y. Tags: