Clint Engel — Furniture Today,
\nIndustry\u00e2\u20ac\u2122s struggles table retail project<\/p>\n
GILBERT, Ariz. \u00e2\u20ac\u201d The developer and marketer of what was to be the largest home furnishings center in the country now say those plans are on hold.<\/p>\n
The Gilbert Esplanade Home Furnishings Center was to be part of a 650,000- to 800,000-square-foot mixed-use development, but the furniture industry\u00e2\u20ac\u2122s struggles have tabled the project.
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\u00e2\u20ac\u0153We\u00e2\u20ac\u2122re hoping to revitalize it later, but don\u00e2\u20ac\u2122t have a true timetable of when that\u00e2\u20ac\u2122s going to happen,\u00e2\u20ac\u009d said Andy Kroot, partner in De Rito Partners Development, which was developing the estimated $150 million center with Kimco Real Estate Trust.<\/p>\n
\u00e2\u20ac\u0153Due to the current market conditions in the home furnishing industry as well as residential real estate, we felt the time would be wrong for this development,\u00e2\u20ac\u009d said Julius Feinblum, president of Julius M. Feinblum Real Estate, which was marketing the project to the industry.<\/p>\n
\u00e2\u20ac\u0153When this development was planned there were different economic conditions nationwide and worldwide.\u00e2\u20ac\u009d<\/p>\n
Construction on the center in the greater Phoenix market was expected to begin this year. Fort Myers, Fla.-based Robb & Stucky was identified as an anchor tenant on Gilbert Esplanade plans, though the Top 100 store never confirmed that.<\/p>\n
Kroot said furniture had been expected to represent about 70% of the center, which would also feature, offices, restaurants and other retail.<\/p>\n
\u00e2\u20ac\u0153We\u00e2\u20ac\u2122re probably going to scale back the furniture \u00e2\u20ac\u201d move forward with office, restaurants and other retail and bring in the furniture at the appropriate time,\u00e2\u20ac\u009d he said. Furniture will probably represent 20% to 25% of the completed projected.<\/p>\n
Feinblum, whose Plainview, N.Y.-based firm has been a proponent of home furnishings center and furniture store clusters, said that despite recent challenges, other large furniture centers have remained successful, including the PGA Design Center in Palm Beach Gardens, Fla., and others in Costa Mesa and Murrieta, Calif.<\/p>\n
\u00e2\u20ac\u0153So far all of the home furnishings centers that have been built and that have been operating longer than one year are showing above average sales (per square foot),\u00e2\u20ac\u009d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Clint Engel — Furniture Today, Industry\u00e2\u20ac\u2122s struggles table retail project GILBERT, Ariz. \u00e2\u20ac\u201d The developer and marketer of what was to be the largest home furnishings center in the country now say those plans are on hold. The Gilbert Esplanade Home Furnishings Center was to be part of a 650,000- to 800,000-square-foot mixed-use development, but […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4719","post","type-post","status-publish","format-standard","hentry","category-furniture-indonesia-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/4719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=4719"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/4719\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=4719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=4719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=4719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}