Category Archives: Real Estate

UP Development Restores Shoppes at Alafaya Project in Orange County

 

The Shoppes at Alafaya pic
The Shoppes at Alafaya
Image: updevelopment.com

Real estate developer Scott Fish is responsible for the successful design and development of retail centers anchored by a wide range of national retail giants, such as Walmart, Target, Lowes, and Dicks Sporting Goods. The principal of UP Development in Franklin, Tennessee, Scott Fish led the company as the developer for The Shoppes at Alafaya in Orange County, California.

A $38.4 million retail center, The Shoppes at Alafaya project consists of nearly 200,000 square feet of retail construction and development. Tenants include Bahama Breeze, Jason’s Deli, Toy’s R’Us, and Dicks Sporting Goods. An additional 14,000 square feet is dedicated to new shops and the center also features a 40,000 square foot full-service fitness center. Furthermore, the resident Dicks Sporting Goods received an expansion of 50,000 square feet.

The project faced several setups prior to UP Development’s involvement that included poor planning and more than 50 pending litigations. After securing the project, UP Development hired some of Orange County’s leading contractors and set to work revitalizing the retail center. Bancorp Bank provided financing and prevented the property from foreclosing.

Winter Park Square

 

Winter Park Square pic
Winter Park Square
Image: updevelopment.com

A commercial real estate developer, Scott Fish has a long history of building or rebuilding shopping centers that feature big-box anchor stores such as Home Depot and Dick’s Sporting Goods. As principal of UP Development in Franklin, Tennessee, Scott Fish has completed multiple large projects in Central Florida. One of these projects is Winter Park Square in the Orlando suburb of Winter Park.

Sitting on over 11 acres on North Orlando Avenue, Winter Park Square features both Whole Foods and Nordstrom Rack as anchor tenants. Nordstrom Rack cut the ribbon on this 25,000-square-foot location on March 9, 2017. Other present and future tenants of Winter Park Square include PNC Bank and Duck Donuts.

Winter Park Square is located adjacent to the urban lifestyle center of Winter Park Village and near the boutiques, fine dining, and entertainment venues of Park Avenue. The shopping center served as the final catalyst for an extension of Lee Road, a project that had been a priority for the City of Winter Park for a decade.

UP Development’s Redevelopment of Fashion Square Mall

Fashion Square Mall pic
Fashion Square Mall
Image: bizjournals.com

A real estate developer with more than 17 years of experience, Scott Fish serves as principal of UP Development in Franklin, Tennessee. Scott Fish has considerable experience as a developer in Florida as well, having redeveloped numerous properties in Orlando, including Fashion Square Mall.

Built more than 40 years ago, Fashion Square Mall is a 1.3 million square-foot shopping center anchored by such major retailers as Macy’s and Dillard’s, as well as a 42,000-square-foot cinema with 14 screens. The shopping center also features Kay Jewelers, PacSun, Charlotte Russe, Champs, Foot Locker, and Vans.

In 2013 UP Development acquired the property for redevelopment, which entailed a number of changes to the mall and adjacent parcels, including StrikeOuts Bowling & Entertainment, an 18,000-square-foot bowling alley with a sports bar and arcade. Parcels additions (buildings outside the mall) include DICK’S Sporting Goods and BB&T Bank.

The redevelopment also improved Fashion Square Mall’s accessibility by extending the bike and pedestrian path on Cady Way Trail. The extension completed the connection between Baldwin Park and the Orlando Fashion Square corridor.

Cypress Trace Mall in Fort Myers, Florida

Cypress Trace Mall pic
Cypress Trace Mall
Image: updevelopment.com

An experienced commercial real estate developer, Scott Fish currently serves as principal of UP Development. Headquartered in Franklin, Tennessee, UP has designed and developed retail centers throughout the American Southeast. Developer Scott Fish’s responsibilities with the company include a range of planning, permitting, and administrative functions.

One of UP’s successful repositioning projects is the Cypress Trace Mall in Fort Myers, Florida. Spanning 276,288 square feet, Cypress Trace is located at the intersection of US Route 41 and Daniels Parkway, two of the most prominent highways in the city. The Daniels Parkway averages 37,100 vehicles per day and US Route 41 averages 49,400 vehicles per day.

Formerly anchored by a Home Depot, the Cypress Trace Mall recently underwent a renovation that totaled $3.5 million dollars. Part of this renovation entailed adding 14,000 square feet of space to the old Home Depot and subsequently leasing the space to Bealls. Other retailers in Cypress Trace include Jiffy Lube, CVS, Burger King, and Ross Dress for Less.

The Shoppes at Alafaya – Revitalized Orange County, Florida, Project

Shoppes at Alafaya pic
Shoppes at Alafaya
Image: colliers.com

With a career as a developer of more than two decades, Scott Fish leads UP Development and pursues retail projects spanning the southeastern United States. Scott Fish’s accomplishments as a developer have included designing and building major retail centers with anchor stores such as Target, Walmart, and Home Depot.

One UP Development project involved revitalizing a stalled $38.4 million retail center called The Shoppes at Alafaya in Florida. The Orange County project never moved forward due to poor planning and extensive litigation. In particular, the title to the property had 50 exceptions and the ground lay vacant while title claimants battled in court.

UP Development hired specialized professionals who succeeded in resolving the title issue, and the company restarted the development. The completed retail mall encompasses a total of more than 200,000 square feet and includes a Dick’s Sporting Goods, a Toys “R” Us, and a Babies “R” Us Super Store. At present, new shops are being integrated into 14,000 square feet of retail space and the Dick’s Sporting Goods is being expanded by 50,000 square feet. Taken together, these coordinated efforts provide an enhanced shopping experience for families throughout Orange County.

What to Look For in a Retail Lease

Retail Lease pic
Retail Lease
Image: updevelopment.com

Scott Fish is the principal of UP Development, a retail real estate developer operating primarily in the southeastern United States. In his leadership role with the developer, Scott Fish has managed numerous retail development and workout projects for national retailers such as Walmart and Home Depot.

When it comes to choosing a retail lease, it is important for developers to stay aware of the factors directly influencing their future developments. Here are three key features to consider in retail properties.

Research zoning. While standard retail zoning may be sufficient for most developers, businesses planning to sell hunting equipment or liquor may require special zoning permits. By conducting careful research and speaking directly with zoning authorities, developers can avoid unpleasant surprises down the road.

Determine monthly payments. Costs such as basic rent and real estate taxes should be outlined clearly in a retail lease. Developers should also be on the lookout for utilities and common area maintenance (CAM), which may vary widely based on the type of building in question.

Assess the surrounding area. Most retail businesses thrive in high-traffic areas, which naturally bring customers to their doors. High-traffic areas typically include increased rent and utilities costs, requiring developers to employ careful cost-benefit analysis.

The Role of an Anchor Tenant in Retail Real Estate

Up Development pic
Up Development
Image: .updevelopment.com

Ferris State University graduate Scott Fish functions as the principal of UP Development, a firm which focuses on the management of retail projects in the Southeast. A resident of Franklin, Tennessee, developer Scott Fish has have most recently worked on projects for major big-box retailers like Dick’s Sporting Goods and Home Depot, two stores that often serve as anchor tenants in retail real estate properties.

An anchor tenant, by definition, is a major, recognizable retailer that serves as the primary draw for shopping traffic within a retail center. Anchor stores are usually surrounded by ancillary tenants, which are smaller, usually lesser-known retailers that gain more foot traffic from the shoppers patronizing the anchor tenant than they would independently.

Because of their ability to bring in customers, anchor tenants typically make a lower rent payment than other stores within a shopping complex. In large-scale retail real estate projects like malls or community centers, several anchor stores will be placed in proximity to each other to draw in an even higher number of shoppers.