With Final Approvals Secured, Thor Equities Launches Historic Restoration of Burlington Arcade
Landmark Property to Undergo Innovative Renovations, Promising Ultimate Luxury Shopping Experience
NEW YORK, Jan. 18, 2012 /PRNewswire-USNewswire/ -- Having received final approval from the City of Westminster, New York-based Thor Equities today launched its restoration of the famed Burlington Arcade in the heart of London's shopping district.
"Among Thor Equities' international portfolio, Burlington Arcade is one of our crown jewels," said Joseph J. Sitt, CEO of Thor Equities. "Our renovation plans will achieve two distinct goals: We will restore the original grandeur of Burlington Arcade to ensure its rightful seat among the top international luxury shopping destinations, while at the same we pay homage to and keep in the place the arcade's rich history."
Phase I of Thor Equities' renovation project will begin immediately and result in an unobstructed view of the Arcade in its entirety for the first time in more than 100 years. During this phase, new lighting will be installed and the Arcade's painted elements will be restored to the original ecru white color. These modernizations will contribute to a noticeably more chic appearance and ensure that Burlington Arcade remains one of the ultimate international shopping destinations for current and future luxury retailers alike.
Construction will take place over the next 12-14 weeks outside of business hours to ensure that current shopkeepers are not impacted by the renovations. This first phase is expected to be complete in time to welcome tourists and local residents to the modernized arcade by the Queen's Diamond Jubilee Celebration in April 2012.
About Thor Equities
Thor Equities is a leader in urban real estate development, leasing and management, pursuing premier hotel, commercial, retail and mixed-use assets in high-density areas. Thor is also a premier leasing agent for many of its buildings, a third party property owner and exclusively represents global retailers in their search for prime urban locations. Thor Equities provides the best possible "High Street" retail, commercial, hotel and mixed-use building environments within urban centers across the United States – all while delivering attractive, risk-adjusted returns to investors. For more information about the company, visit www.thorequities.com
SOURCE Thor Equities