work.shop’s Michael Greeby led an ICSC CenterBuild Specialty Industry Group (SIG) session entitled Center Re-Boot in Phoenix, AZ this year. More than 30 professionals joined Michael and his panel of industry all-stars, Andrea Hidalgo of JBG, Stephen Trommsdorff of Kite Realty Group, and Jim Steman of CenterCal Properties, LLC to redevelop an imaginary 50,000 sf shopping center. The team broke into four groups to act as branding, leasing, design and construction teams where they developed a center logo, design vernacular and elevations, merchandising plan and proposed income, and estimated budget.
The group proposed that the estimated income for the of $1.25 M / year and a total capital expenditure of $16.5 M, the cash-on-cash ROI would be 7.4%. In less than one hour, the team nearly got the pro forma to pencil on its first pass. Great work and thanks to all who attended!