Renovate and Freshen Up your Strip Center! Why? Because in many instances you can add tremendous value by renovating or redeveloping your plaza to attract better quality higher paying retail tenants. Creating new energy by way of renovation directly affects the property’s bottom line and positions retail assets to be setup for long-term success by attracting tenants and keeping up the occupancy rate. Deighton Babis with BDG Architects coined a term “In Cap” and created a design to include the punch out of a retail bay in the middle of a strip center development to serve as a breezeway which attracts restaurant tenants and provides space to include a patio which majority of restaurants concepts highly desire.
Majority of strip centers and shopping center plazas here in the Tampa MSA are fortunate enough to have great structural bones. Many are composed of block construction and can easily be redeveloped if the owners can understand and see the value in doing so. A lot of these centers are tired and have aged due to deferred maintenance and inadequate management. To keep up with the trends and reenergize your plazas, there are many options you can purse. A few different routes include façade enhancements, re-paving and sealing the parking lot, adding more modern lighting, crafting a new color and paint scheme, installing up to date backlit channel letter signage and redesigning or implementing a new landscaping plan. Depending on what is needed at the property, incorporating some of these enhancements can give the center a whole new look and, in many cases, a whole new identity which bodes well with the communities of which these assets are located in and is sure to attract higher quality tenants for the landlord.