Industrial Realty Group and PREP Funds Announce Major Redevelopment
The partnership between Industrial Realty Group, LLC (IRG) and PREP Funds is set to embark on an exciting journey to redevelop a traditional retail space into a modern mixed-use environment. This transformation of Washington Crown Center into Franklin Crossroads Park marks a pivotal shift in how this area will be utilized. The project will breathe new life into an underused property and set a foundation for economic growth.
Introducing Franklin Crossroads Park
Spanning a substantial 450,000 square feet, Franklin Crossroads Park aims to revitalize the community through a strategic adaptive reuse project. By transforming a former mall into a mixed-use hub, the site is expected to foster retail and business opportunities, redefining the local landscape.
Exciting Developments Ahead
Chris Salata, Partner at PREP Funds, expresses enthusiasm about the project, highlighting the site’s excellent access and infrastructure. He states, "Our vision is to diversify the site's use, attracting new retailers and businesses. This project aims to boost economic activity and enhance the community significantly." The adaptive reuse will provide a fresh atmosphere that caters to modern shopping habits while also offering space for business operations.
Plans for Mixed-Use Retail and Business Opportunities
Plans for Franklin Crossroads Park include a comprehensive retail development on the eastern side, featuring a 100,000 square foot retail center. This center will strategically position retail tenants directly facing Interstate 70, ensuring visibility and accessibility for visitors. Meanwhile, the western segment of the property will undergo a remarkable transformation, converting 350,000 square feet of vacant retail space into a business park.
A Hub for Innovation and Corporate Uses
Peter Goffstein, Executive Vice President at IRG, mentions that this site is ideally situated within the greater Pittsburgh market. The project will cater to a mix of corporate tenants, including office, industrial, and research-and-development spaces. "This will allow us to meet the evolving needs of modern businesses while driving long-term growth for the region," he adds.
A Community-Driven Vision for Change
Bob Sabot, Chairman of the North Franklin Board of Supervisors, refers to the existing mall as "a dinosaur" that has hindered local progress. His excitement about the incoming redevelopment resonates with the community, signaling a hopeful future. "We are thrilled about the prospects that IRG and PREP Funds are bringing to our area. We eagerly await the start of work and the positive impact it will have on our community," he states.
Adding to the sentiment, Nick Sherman, Chairman of the Washington County Commissioners, underscores the significance of this private investment, stating that their team will wholeheartedly support the developers in their endeavors.
Timeline and Future Prospects
Construction is slated to begin shortly, with portions of the existing mall remaining operational during the process. The goal is to welcome the first retail tenants in the newly developed area by the first quarter of 2026, followed by business park tenants in late spring or early summer of that same year. The customizable business park spaces will be designed to meet various corporate user needs, including office spaces and special buildout packages.
Connecting with the Real Estate Team
For those interested in leasing opportunities at Franklin Crossroads Park, the Genfor Real Estate team is available to assist. Their dedicated staff can provide insights and facilitate leasing inquiries to help potential tenants secure their place in this exciting new development.
About IRG
Industrial Realty Group, LLC is a prominent real estate development and investment firm known for its expertise in commercial and industrial properties nationwide. With a strategic focus on acquisition and development, IRG operates over 150 properties across 31 states, encompassing more than 100 million square feet of rentable space. Their commitment to adaptive reuse has earned them recognition as leaders in solving intricate real estate challenges.
About PREP Funds
Founded in 2020, PREP Funds specializes in commercial real estate fund management, focusing on healthcare, industrial, and retail sectors. Their robust portfolio includes a $100 million value-add opportunities fund dedicated to enhancing existing properties. By investing in transformative redevelopment projects, PREP Funds aims to foster value and functionality in the real estate market.
Frequently Asked Questions
What is the purpose of the Franklin Crossroads Park project?
The project aims to transform a traditional mall into a modern mixed-use hub, enhancing retail and business opportunities.
Who is involved in the redevelopment of the site?
The redevelopment is a collaboration between Industrial Realty Group (IRG) and PREP Funds.
When is the expected completion date for the project?
Construction is set to begin soon, with plans for retail tenants to occupy the space by the first quarter of 2026.
What types of businesses will be included in the new development?
The development will feature a mix of retail spaces and corporate uses, including office and business park facilities.
How can interested parties inquire about leasing opportunities?
Inquiries about leasing can be directed to the Genfor Real Estate team for further assistance and information.
