$50 Million Redevelopment Plans Appeal To A New Generation Of Mall Shoppers

CHICAGO, Nov. 5, 2015 /PRNewswire/ -- Starwood Retail Partners, the Chicago-based shopping center asset management company, unveiled a $50 million redevelopment plan to upgrade and modernize Stony Point Fashion Park, an already popular retail center known throughout the Richmond area. The plans appeal to the trending lifestyle needs of a new generation of shoppers who value enhanced outdoor spaces, comfortable social seating and experiential entertainment options. A fresh, communal ambience will be developed through further additions, including welcoming common areas, open-air courtyards and green spaces, interactive fountains, new world-class shops and restaurants, and improved accessibility for pedestrians and vehicles.

"Stony Point Fashion Park is already well-known for its shopping environment, but our intention is to expand that identity into a complete lifestyle experience," said Scott Wolstein, CEO, Starwood Retail Partners. "Our vision for Stony Point is to create an oasis-style space where community members and businesses alike can thrive and grow."

The Stony Point Fashion Park plans are the latest addition to Starwood's portfolio of over 30 redeveloped properties where they have created unique lifestyle and community spaces within the retail environment. Each Starwood property is thoughtfully designed for a stress-free, convenient and efficient shopping experience.

Progressive by Design

Starwood's redevelopment plans for Stony Point are scheduled to begin in summer 2016, starting with the center's popular outdoor common areas. Both of the center's east and west courts will undergo unique-to-market enhancements that invite guests to play, relax or connect in a series of tranquil, cozy and energizing all-season environments.

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The West End

The west court will be home to The West End, an eclectic, open-air space where guests can play a game of bocce ball after a movie or relax on modern rockers in a lively, inviting courtyard, interspersed with fire pits, fountains and tables. This addition appeals to both active families and individuals seeking entertainment and a place for social interaction.

The East Side

Continuing to spread personality, color and warmth, The East Side will feature an expansive green space, entertainment and world-class shopping. Stony Point guests, tourists and shoppers will enjoy strolling through Triangle Park, a unique and inviting destination with fountains, experiential art, whimsical seating (including heated benches) and space designed for the seasons — a stage for summer performances that will transform to an ice-skating rink in cooler months.

Further plans for The East Side include adding more world-class shopping and entertainment to the center. Starwood will carefully curate boutiques, retailers and additional restaurants to complement the center's already trendy, sophisticated offering, which range from Tiffany & Co. and Sur La Table to Coach, Restoration Hardware, Saks Fifth Avenue, Brio Tuscan Grille and Fleming's Prime Steakhouse.

About Starwood Retail Partners

Starwood Retail Partners ("SRP") is a Chicago-based retail real estate platform and owner operator of 30 shopping centers in 14 states across the U.S. that acquires, redevelops, manages and repositions retail real estate assets in order to enhance property cash flow and create long-term value for its capital partners. Formed by Starwood Capital Group, the global private real estate investment firm, and its affiliates, SRP seeks to capitalize on opportunities in the ever-changing retail landscape through a unique combination of talent, experience and execution capabilities in the regional mall, lifestyle, and power center sectors. SRP brings hands on experience in management, leasing and redevelopment to each of its investments, leaving it positioned to acquire, manage, reposition and re-develop market dominant shopping centers into the one-stop shopping destinations of the future.

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SOURCE Starwood Retail Partners