News & Press Releases
FOLEY’S OFFICIALLY JOINS THE ORCHARD TOWN CENTER
Westminster, Colorado – April 13, 2005 - Foley’s has reached final agreement with Forest City California to create a 140,000-square-foot, two-level store at The Orchard Town Center,* the innovative, main street-style shopping village to be built along the north I-25 corridor in Westminster.
The Foley’s store, scheduled to open in fall 2008, will be specifically designed to respond to the growth of suburban off-mall “lifestyle” centers and the customer’s desire for more convenient shopping. The store will feature brighter, more contemporary architecture; an open floor plan with easy access to merchandise; and movable perimeter walls that quickly change to enhance merchandise displays and showcase multiple outfit options.
“We are pleased to be part of such an exciting shopping environment,” said Drew Pickman, president and chief executive officer of Foley´s. “This will be our second Foley’s location in the Westminster community. It presents an excellent opportunity to showcase our quality merchandise and service to even more customers in the metropolitan area.”
Foley’s will offer merchandise assortments that meet customer needs regardless of age or lifestyle, while continuing Foley’s long-standing tradition of providing superior quality, value, and service. The merchandising mix will include apparel for women, men, teens, and children, as well as accessories, cosmetics and an extensive collection of merchandise for the home including textiles, small electrics and cookware.
“Foley’s joins JC Penney and a 12-screen AMC Theatre to anchor a development that will be unlike anything else in the Greater Denver marketplace,” according to Brian Jones, president, Forest City California, developer of The Orchard Town Center. “The addition of Foley’s only solidifies the strong prospects for the retail development. The shopping experience will provide between 60 and 80 retail establishments to an underserved and growing market in the northern Denver metro area, the site of the region’s major growth,” said Mr. Jones.
“The southern portion of the Denver metro area is nearly built out. Demographic studies show that future growth will be north and northeast of the Denver area, along I-25 and I-76, and this prime site is located on a corridor north of downtown Denver that does not have a regional center,” Mr. Jones added.
Foley’s has recently announced that it will be joining Phase II of Forest City’s NorthField at Stapleton lifestyle center, scheduled to open in 2006. Phase I is opening this fall.
A Main Street Environment
The Orchard Town Center, an open-air, entertainment and lifestyle center, will include a million square feet of exclusive, outdoor, fashion-oriented retail including big boxes, department stores and smaller, upscale retailers. Located on 215 acres on the northwest corner of I-25 and 144th Avenue, south of the E-470 and Northwest Parkway beltway, The Orchard Town Center will also include 500 housing units and office space.
“The Orchard Town Center is designed to be reminiscent of the Main Streets of small towns in the first half of the 20th century. It is the next step in the development of the kind of shopping today’s consumer is looking for,” said Jones. “It is patterned after Victoria Gardens in California’s Inland Empire, Forest City’s most recent, very successful open-air, mixed-use center,” he added.
The mixed-use master plan of residential, office and retail at The Orchard Town Center will be created by Calthorpe Associates. Peter Calthorpe, president and world-renowned urban planner, was named one of 25 "innovators on the cutting edge" by Newsweek magazine for his work redefining the models of urban and suburban growth in America. The Mullhern Group, based in Denver, will be the lead planner for
the retail portion, joining with nationally known design architects Elkus/Manfredi Ltd. of Boston and Field Paoli of San Francisco in creating the commercial and mixed-use design concepts and their execution.
Economic Impact
The Orchard Town Center will generate more than $150 million in sales revenues annually, producing $86.4 million in new retail sales tax, property tax and business license taxes over a 10-year period. These revenues will help pay for the costs of municipal services, such as police, fire and recreational programs, increasingly demanded by the citizens of this fast-growing city. The Orchard Town Center will create more than 3,000 new, permanent and part-time jobs.
About the developer
Forest City Enterprises, Inc. is a $7.3 billion NYSE-listed real estate company headquartered in Cleveland, Ohio. The Company is principally engaged in the ownership, development, acquisition and management of commercial and residential real estate throughout the United States. The Company´s portfolio includes interests in retail centers, apartment communities, office buildings and hotels in 19 states and the District of Columbia.
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* Editorial note: The Orchard Town Center is the more inclusive name for the project formerly referred to as The Orchard at Westminster.
Attachments
pr_04-13-.pdf
Contact:
Nancy McCann
Forest City
216-416-3004
nancymccann@forestcity.net
