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.
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