|
O'Neill Properties Secures Wegmans to Anchor Worthington Town Center
O’Neill Properties Secures Wegmans to Anchor Worthington Town Center Wegmans will anchor the 1.6 million square-foot Worthington mixed-use development, and bring its innovative shopping experience to the Main Line KING OF PRUSSIA, Pa.—February 15, 2007—Today O’Neill Properties Group announced it has signed the first high-profile retailer to anchor Worthington, a nearly 1.6 million square-foot mixed-use community, strategically located in the affluent Main Line Philadelphia suburb of Malvern, Pa. (CLICK HERE for a press-ready rendering of Worthington Town Square) Wegmans Food Markets, Inc. signed an agreement for approximately 140,000 square feet at the site of the former Worthington Steel Plant. Worthington is strategically located at the intersection of Routes 29, 202, and 30, and a new I-76 ramp slated for completion in 2008, which allows easy access to other historic Main Line suburbs and Center City Philadelphia. The McGarey Group, a comprehensive planning, development, and leasing company, represented O’Neill Properties Group in the deal. “We are very fortunate to be able to add the strength and consumer conviction of Wegmans to Worthington,?says Brian O’Neill, Founder and Chairman of O’Neill Properties Group. “Wegmans sets the bar for the grocery industry in volume, customer service, and loyalty. No one else comes close. The decision was simple. Wegmans is exactly what 21st-century families who are very particular about their food choices are looking for. With some customers willing to drive more than 20 miles for the Wegmans experience, the Wegmans customer is the same customer our other Worthington luxury retail shops want in their stores.? Wegmans will join other high-profile retailers, and contribute to transforming the 97-acre, former Worthington Steel site into a dynamic work, live, and play community that incorporates the architectural integrity and design of New Urbanism principles. Worthington will activate this once economically unproductive, but strategic part of Chester County by creating a true mixed-use development that will feature residential homes, four anchor retail tenants, plus additional stores and restaurants ranging from classic Americana to high-end global brands. “Wegmans is extremely selective in determining new site locations since it only opens two or three new stores per year,?says Ralph Uttaro, Senior Vice President of Real Estate Development for Wegmans. “The Worthington site meets all of Wegmans?new site criteria, including great regional access. We look forward to being a part of this project.? Wegmans Food Markets, Inc., a 71-store supermarket chain with stores in New York, Pennsylvania, New Jersey, Virginia, and Maryland and more than 70,000 different products, is recognized as an industry leader and innovator. In 2006, the family-owned company approached $4.1 billion in sales, and placed No. 3 on Fortune magazine’s Top 100 Companies to Work For, a list which it has appeared on for the past 10 years. Wegmans is evolving into one of the most sought-after supermarkets in the country. Last year alone, the company received 4,896 requests to open stores in various communities across America. “Wegmans?commitment confirms the extraordinary strength of the Worthington market,?says Denver McGarey, President of The McGarey Group. “Combining that with O’Neill Properties Groups?drive will develop the finest and most all-encompassing retail environment and experience for Malvern and far beyond.? Worthington will house a mix of uses, including retail, office, and residential, in a completely underserved area to provide a traditional town experience. The community will include 745,000 square feet of retail, restaurants, and entertainment; 753 multi-family homes; and 185,000 square feet of Class A office space. Worthington will also include an elegant town square, a connection to and extension of the Chester County Rails-to-Trails bike path, and the re-opening of Little Valley Creek, which is currently enclosed in a pipe under asphalt paving. Once complete, Worthington projects an estimated 7,000,000 visitors per year. ABOUT O’NEILL PROPERTIES GROUP O'Neill Properties is a leading national real estate investment and development company headquartered in King of Prussia, Pa., which is developing a portfolio it currently values at over $1 billion. The company focuses on development of Class A office space and luxury multi-family residential housing in the Northeast through the recycling and renovation of surplus brownfield industrial and military real estate. The portfolio includes significant residential, mixed-use, and commercial land development projects, which include the development of over 10,000 residential units, and when completed will increase the portfolio’s value to more than $4 billion. O’Neill Properties has completed development of over 13 million square feet of office space, 700 apartments, and currently has over 2 million square feet of mixed-use and residential developments under construction. NOTE TO PRESSComprehensive resources are available for this story, including people and/or product photographs, company and/or product logos, executive interviews, industry sources, analyst contacts, answers to frequently asked questions, industry research and data, corporate and product briefs, and more. Please contact Mike Lizun at Gregory FCA, at 610-642-8253 ext. 113, or Mike@GregoryFCA.com. ###
|
