CONTACT: Dennis Castleman
(410) 369-1277
                    

 

BALTIMORE (June 12, 2007) – St. John Properties, Inc. has unveiled a comprehensive renovation and revitalization program for Lake Shore Plaza, a 161,000 square foot retail center located near the intersection of MD Route 100 and Magothy Beach Road in Pasadena, MD. The center, which was constructed in the mid 1980s, is anchored by Safeway, Ace Hardware and Blockbuster Video and features a variety of national and locally-operated in-line and pad site merchants. The company anticipates beginning construction activities for the physical makeover this summer, with a completion date targeted by the early 2008.

 

“Lake Shore Plaza is performing exceptionally well and is nearly 100% leased, but we made the decision to enhance the value of the asset by investing in a wide-ranging physical makeover of the project,” stated Jerry Wit, Senior Vice President - Marketing for St. John Properties, Inc. “Upon completion, these improvements will create a Village Main Street environment at the center, improve both vehicular and pedestrian traffic flow, and modernize its exterior façade. The size of the project will also increase by approximately 7000 square feet of space, providing us with additional leasing opportunities,” he added.

 

Architectural firm Bignell Watkins Hasser has devised a program that will incorporate exterior upgrades such as modernizing the canopy section, replacing the existing columns with new structures comprised of round wood, adding architectural features to the towers and roof scape, incorporating a new color scheme throughout the center and adding new lighting fixtures. In addition, St. John Properties intends to reposition the entrance road to Lake Shore Plaza and connect it to an existing drive at Lake Shore South. This road realignment will create new traffic patterns at the center and allow for the access of additional parking fields. 

The redirection of the interior road network will also impact one of the buildings within Lake Shore Plaza, and cause it to be turned approximately 90 degrees to allow for this shift. Upon completion of this realignment, the Village Main Street effect will be achieved as it will open up views of the project to and from MD Route 100. A number of landscaping improvements, including outdoor seating and planters, will also be incorporated into this program.

 

“Our investment in this renovation program will benefit existing and future tenants at Lake Shore Plaza and bring it to the standards achieved by newer shopping center venues in the Anne Arundel County marketplace. This innovative plan will dramatically improve Lake Shore Plaza and allow the center to better serve the needs of our merchants and consumers,” Wit added.   

 

Lake Shore Plaza services communities situated in the eastern sections of Anne Arundel County, including Pasadena and Arnold. More than 112,000 residents are contained within a five-mile radius of the retail center, and the average household income exceeds $96,000.   

 

As of year-end 2006, the St. John Properties portfolio was 97% leased and included more than 1500 tenants. The total real estate investments of the company are valued at more than $1.1 billion.

St. John Properties manages approximately 13 million square feet of flex/office, office, warehouse, industrial and retail space in the greater Baltimore, Frederick and Washington, D.C. region, as well as Colorado, Louisiana, Virginia and Wisconsin.   For more information about the company, visit www.sjpi.com.

 

For additional information,
Contact: Larry Lichtenauer, Lawrence Howard & Associates, Inc.
               410-833-6205