May 17, 2006
Developers hope $230M center draws in shoppers
Developers wanted to accomplish two things when they planned Renaissance at Colony Park.
They wanted merchants who weren't currently in the Jackson-area market.
And they wanted the open-air life-style center to be a destination point that offered more than just shopping.
Andrew Mattiace, president of Mattiace Properties Inc. said he drew his inspiration after visiting lifestyle centers around the country.
"We took the best features from numerous properties and incorporated them into our center," Mattiace said.
Mattiace has partnered with the H.C. Bailey Co. on the $230 million development that already has commitments from Parisian, P.F. Chang's Chinese Bistro, a Hyatt Place hotel, an Ethan Allen Custom Color Center and White House/Black Market.
The center, scheduled to open October 2007, will sit on 75 acres at Old Agency Road and Highland Colony Parkway. It is being developed as open-air complex that attracts tenants traditionally found in cover malls.
The International Council of Shopping Centers defines a life-style center as a retail development that also is "a multi-purpose, leisure time destination, including restaurants, entertainment and design ambience and amenities."
The council also says the centers are most often located near affluent neighborhoods.
Mattiace said the location for Renaissance is perfect because it's between high-net-worth residents of northeast Jackson and the high-income residents of south Madison County
According to the U.S. Census, residents in the 39211 zip code in northeast Jackson have a median family income of $73,101, while residents in the 39110 zip code that serves Madison have a median family income of $81,921.
The center will include 10 restaurants, a stage for live music and synchronized water fountains moving to music. Two lakes also are planned.
"I believe it will make for ... a premiere development for the entire metro area of Jackson," said Buster Bailey Jr., president of H.C. Bailey Co.
Parisian will occupy a two-story, 130,000-square-foot building. It will be the second Parisian in Mississippi. Its closest stores are in Tupelo and Mobile.
Toni Browning, president and CEO of Parisian, is familiar with the local market having served as CEO of Proffitt's/McRae's.
Browning said she saw firsthand how customers at McRae's at Northpark mall readily took to high-end products.
Parisian is owned by Birmingham-based Saks Inc., which sold its Proffitt's/McRae's to Charlotte, N.C.-based Belk Inc. in July.
Browning said Parisian defines itself as a specialty department store.
She said it counts Nordstrom and Bloomingdale's as direct competition.
Lines include Tommy Bahama, Garfield & Marks, Free People, Hugo Boss, Cutter & Buck, Laura Mercier, Ferragamo and Via Spriga.
There are 38 Parisian department stores in the Southeast and Midwest with new stores planned for Birmingham; Detroit; and Little Rock and Rogers, in Arkansas.
"We see (this store) as a great opportunity for us," Browning said.
Parking for 2,500 vehicles will be provided around the site as the "streets" within the shopping development will be for pedestrian traffic only.
Mattiace said he and Bailey are looking at offering a motorized tram with rubber wheels to move shoppers around the center. "It's under study now," he said.
The shopping center and restaurants will share space with four office buildings and a six-story, 110-room Hyatt Place hotel.
Merrill Lynch closed its office in downtown Jackson and now occupies a new 50,000-square-foot office building on the northwest corner of the development facing the parkway.
Cellular South also is leaving the downtown core to take 60 percent ownership in a seven-story, 185,000-square-foot building. It is scheduled to open by August 2007 and occupy 80,000 square feet.
Two additional office buildings also will be erected. One will be seven stories and provide 180,000 square feet while the other will be eight stories with 250,000 square feet.
Covered colonnades will allow visitors to move from one store to the next in all types of weather, Mattiace said. |
