Washington Prime Group Inc. (NYSE: WPG) announced an agreement
to bring the newest commercial office development by Synergy &
Mills Development to The Mall at Fairfield Commons in Beavercreek,
Ohio, which is home to retail stores, restaurants, entertainment
venues and hotels.. The project, which Synergy has named The
Meridian, will see Synergy redevelop for office use a two-story,
150,000 SF former department store building.
Lou Conforti, CEO and Director of Washington Prime Group stated:
“As you all know, Washington Prime Group’s focus is to continue
transforming our assets into the dominant town centers within their
trade area. I have to admit, we have become pretty darn good at
providing differentiated goods and services as well as food,
beverage and entertainment options which are relevant to the
demographic constituencies we serve. In an increasing number of
instances, we have also realized there are mixed use opportunities
which allow us to right size existing retail space with such
alternatives as office, fulfillment, lodging, health care, etc.
These uses are symbiotic to a retail venue as they result in
attracting new guests, further buttressing our dominant town center
mandate.”
“This mixed use initiative truly evidences itself at The Mall at
Fairfield Commons. The Wright-Patterson Air Force Base is situated
just a stone’s throw from the property and employs over 27,000
military and civilian personnel. While I can attempt to explain the
reciprocal benefit of having dedicated office space catering to its
various activities including research and development, take a look
below at how Jerad Barnett, the CEO of Synergy who is developing
the project, eloquently describes this exciting addition to the
Mall at Fairfield Commons.”
Synergy’s office conversion plans contemplate major renovations
to the interior and exterior of the building, including a modern,
innovative design to the project that reflects the leading-edge
technological work done in the Pentagon Corridor.
“The Meridian at Fairfield Commons is a capstone project for
Synergy and the development we’ve been doing in this area for the
past 25 years – the perfect blend of an amazing office environment
and direct, walkable access to amenities for employees,” said Jerad
Barnett President and CEO of Synergy. “We talk constantly in our
industry about the trend for experiential, mixed use, pedestrian
friendly environments and the desire to Work, Shop, and Play
without having to jump in your car, and I can’t think of a location
like this anywhere in the market that will offer such a large
footprint to do so.”
Synergy plans to begin construction to redevelop the existing
building into office, laboratory, and research and development
space starting in late 2021.
“We toured the building in 2020 and began to dream about what
this space could be,” said John Kopilchack Director of Development
of Synergy. “It has been maintained extremely well and with its
open floorplans, high ceilings, and most importantly, fantastic
location and connectivity to the mall, we knew this was an
extraordinary opportunity to do something special, not just for
Beavercreek and the Pentagon Corridor, but for the entire Dayton
region.”
Synergy has been busy developing in the area surrounding
Wright-Patterson Air Force Base. With this announcement, Synergy
will be under construction or nearing so on 300,000 SF of space in
Beavercreek and Fairborn including 63,000 SF at Project Waterworks
on National Road, 85,000 SF at Project Promotum on Colonel Glenn
and 150,000 SF at The Meridian at The Mall at Fairfield
Commons.
“These three projects will result in over $50 million of
investment by Synergy, demonstrating our continued commitment to
the Dayton region and to the many companies, individuals and
entrepreneurs who have grown their businesses here and call this
area home,” added Barnett. “From a timing standpoint, with the
significant increase in construction prices we’ve seen in 2021
coupled with a lack of available materials, The Meridian is a
strategic investment for Synergy that allows us to offer amazing
space to the market faster and more affordable than any other
development. The redevelopment of the former department store space
is one of the most unique opportunities we’ve pursued at Synergy,
and I’m incredibly excited for the transformation to begin.”
These redevelopment efforts demonstrate Washington Prime Group’s
commitment to the community while illustrating its mandate to
diversify tenancy and further solidify The Mall at Fairfield
Commons as a go-to gathering place offering a dynamic mix of
retail, dining, entertainment, and mixed use options. Investments
and improvements made at The Mall at Fairfield Commons provide
numerous benefits to the Beavercreek community and the greater
Dayton, Ohio area.
About Washington Prime Group
Washington Prime Group Inc. is a retail REIT and a recognized
leader in the ownership, management, acquisition and development of
retail properties. The Company combines a national real estate
portfolio with its expertise across the entire shopping center
sector to increase cash flow through rigorous management of assets
and provide new opportunities to retailers looking for growth
throughout the U.S. Washington Prime Group® is a registered
trademarks of the Company. Learn more at
www.washingtonprime.com.
About Synergy & Mills Development
Synergy & Mills Development is a privately held construction
and full-service real estate development company located in Dayton,
Ohio with a focus on the defense, medical, office and retail
sectors. Learn more at www.synergybldg.com.
Forward-Looking Statements
This press release contains “forward-looking statements” related
to future events. Forward-looking statements contain words such as
“expect,” “anticipate,” “could,” “should,” “intend,” “plan,”
“believe,” “seek,” “see,” “may,” “will,” “would,” or “target.”
Forward-looking statements are based on management’s current
expectations, beliefs, assumptions and estimates and may include,
for example, statements regarding the voluntary cases commenced by
Washington Prime Group Inc. (the “Company”) and certain of its
subsidiaries (the “Chapter 11 Cases”), the Company’s ability to
complete the restructuring and its ability to continue operating in
the ordinary course while the Chapter 11 Cases are pending. These
statements are subject to significant risks, uncertainties, and
assumptions that are difficult to predict and could cause actual
results to differ materially and adversely from those expressed or
implied in the forward-looking statements, including risks and
uncertainties regarding the Company’s ability to successfully
complete a restructuring under Chapter 11, including: consummation
of the restructuring; potential adverse effects of the Chapter 11
Cases on the Company’s liquidity and results of operations; the
Company’s ability to obtain timely approval by the Bankruptcy Court
with respect to the motions filed in the Chapter 11 Cases;
objections to the Company’s recapitalization process or other
pleadings filed that could protract the Chapter 11 Cases; employee
attrition and the Company’s ability to retain senior management and
other key personnel due to the distractions and uncertainties
imposed in part by the Chapter 11 Cases; the Company’s ability to
comply with financing arrangements; the Company’s ability to
maintain relationships with its tenants, suppliers, customers,
employees, sponsors, and other third parties and regulatory
authorities as a result of the Chapter 11 Cases; the effects of the
Chapter 11 Cases on the Company and on the interests of various
constituents, including holders of the Company’s common stock and
other equity securities; the Bankruptcy Court’s rulings in the
Chapter 11 Cases, including the approvals of the terms and
conditions of the restructuring and the outcome of the Chapter 11
Cases generally; the length of time that the Company will operate
under Chapter 11 protection and the continued availability of
operating capital during the pendency of the Chapter 11 Cases;
risks associated with third party motions in the Chapter 11 Cases,
which may interfere with the Company’s ability to consummate the
restructuring or an alternative restructuring; increased
administrative and legal costs related to the Chapter 11 process;
potential delays in the Chapter 11 process due to the effects of
the COVID-19 virus; and other litigation and inherent risks
involved in a bankruptcy process. Forward-looking statements are
also subject to the risk factors and cautionary language described
from time to time in the reports the Company files with the U.S.
Securities and Exchange Commission, including those in the
Company’s most recent Annual Report on Form 10-K and any updates
thereto in the Company’s Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. These risks and uncertainties may cause actual
future results to be materially different than those expressed in
such forward-looking statements. The Company has no obligation to
update or revise these forward-looking statements and does not
undertake to do so.
The Company cautions that trading in the Company’s securities
during the pendency of the Chapter 11 Cases is highly speculative
and poses substantial risks. Trading prices for the Company’s
securities may bear little or no relationship to the actual
recovery, if any, by holders of the Company’s securities in the
Chapter 11 Cases. Holders of shares of the Company’s common stock
and other equity securities could experience a complete loss on
their investment, depending on the outcome of the Chapter 11
Cases.
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version on businesswire.com: https://www.businesswire.com/news/home/20210621005040/en/
Media Contacts Washington Prime Group:
Media.Relations@washingtonprime.com Synergy:
johnk@synergybldg.com
Washington Prime (NYSE:WPG)
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