Center Lands Dick's, Hotels

April 2, 2006
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CASCADE TOWNSHIP — There is absolutely no mystery to this large development, as it is flowing along nicely.

Waterfall Shoppe’s, a 65-acre retail center on the former site of Showcase Cinemas at 5100 28th St. SE, has landed Dick’s Sporting Goods. The retailer, based in Pittsburgh, recently signed a 10-year lease for a 50,000-square-foot store in the complex that marks the last big retail development along 28th Street.

“We started construction a few weeks ago and our goal is to turn the space over to them by Aug. 15,” said Jeff Hundley, who is developing the property with partners Mark and Ed Finkelstein.

“I would think that they will open within 30 to 45 days of that date,” he added. “It took us approximately 75 to 90 days to get the deal done and they are taking 50,000 square feet. It went very smoothly. They seem like a real good operation.”

Dick’s Sporting Goods has more than 250 stores in 33 states and the one opening next fall in Waterfall Shoppe’s will be its second in the metro area, joining the Dick’s at the RiverTown Crossings Mall in Grandville.

According to hoovers.com, the company had sales of $2.6 billion in its most recent fiscal year, which ended in January, for a one-year sales growth of 24 percent. Net income closed at $73 million for a growth rate of 6 percent. Dick’s employed 16,900 last year, a jump of 62 percent from 2004 when the company acquired Galyan’s.

But Dick’s isn’t the only new tenant coming to Waterfall Shoppe’s. Party America just signed a deal for 10,300 square feet of space and the Longhorn Steakhouse is set to begin serving on April 17. Other new tenants include Noodles Restaurant, Beautyfirst, Moe’s Southwest Grill, and Starbucks.

The partners had hoped to land a hotel operator for the development, which sits just west of I-96, and it looks like they’ve gotten two. Hundley said Springhill Suites and the Hampton Inn are both coming. Springhill Suites, a Marriot hotel, is close to opening. But Hampton Inn, part of the Hilton line of hotels, hasn’t set an opening date yet.

Hundley also said that they’re working to bring Cold Stone Creamery to the site and have received a letter of intent from the company to locate there.

The new tenants join Costco, Target and Staples, which opened in Waterfall Shoppe’s in 2004, and the three took 315,600 square feet of the 500,000 square feet the partners set aside for retail tenants. Waterfall Shoppe’s sits on 120 acres of property, but only 65 acres of it is being developed because the rest is wetlands.

“The project is coming together better than planned. We have had a wonderful response from the public as well as future possible tenants,” said Hundley, also a director at Colburn-Hundley Inc., a commercial real estate firm.

“We have a great tenant mix, which is a key to any shopping center of this size.”    

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