The Retail Industry in 2000
March 1, 2000
Janis Boyarsky Schiff- Washington
Welcome to the second annual Retail Edition of Property Writes. The retail
real estate market continues to be strong and we at Holland & Knight
continue to work actively in this industry.
The neighborhood shopping center remains a strong product in the market.
Attorneys in our retail development group have represented landlords in leasing
transactions with Food Lion, Safeway Giant Food, Harris Teeter and many other
similar anchor food stores this year. Experts following this product type
predict continued growth especially in the renovation and upgrading of existing,
outdated centers.
"Street retail" projects have proliferated significantly throughout
the country in the past year and we are enjoying our involvement with this
innovative retail concept. This new area of retail development offers new
challenges and opportunities, including the ability to work with cutting-edge
tenants such as the Gap, the Limited, Old Navy, Abercrombie & Fitch,
Borders, Crate & Barrel, Talbot's, and Sephora. These projects include a
variety of restaurants and "destination"-type retailers as well as
entertainment and service components.
Power centers continue as a significant product line for many of our retail
developer clients. While the financial experts are not "high" on power
centers, we continue to be actively involved in the development and renovation
of major power centers throughout the country. Movie theaters and entertainment
concepts are being integrated into power centers to add interest and stability
to these projects. Attorneys from our retail development group represent owners
in their deals with several of the major theater chains, including AMC, Regal,
Hoyt and Century.
Perhaps the greatest growth area in retail development this year is urban
development and redevelopment. In several markets throughout the country local
tax incentives and governmental regulations have spurred new activity in urban
areas. We are involved with several of these projects, including projects in the
Washington, D.C., market. Working with our tax exempt bond attorneys, we have
helped advise our clients on how to structure their involvement in these
projects and we continue to counsel our landlord and tenant clients in their
efforts to lease and finance them.
Mixed use projects, regional malls and restaurant parks are examples of other
types of retail developments that we are working on this year.
Holland & Knight's retail development group now has attorneys in Chicago,
San Francisco, New York, Atlanta and Boston, including our significant presence
in Washington, Tampa, Orlando and Fort Lauderdale to advise and counsel clients
involved in all aspects of retail development. The articles in this annual
retail edition of Property Writes address a broad variety of issues relating to
retail development including bankruptcy, CAM charges, and leasehold mortgages.
We hope you enjoy these articles and find them helpful to you in your business
operations.
Ms. Schiff is co-chair of Holland & Knight's Retail Development Group and
a partner in the Washington, D.C., office. She can be reached at 202-862-5994
and jschiff@hklaw.com.
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