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New Target and Staples Stores Joining Town & Country
Monday, April 26, 2004
Columbus, Ohio — Casto, one of the country's leading real estate organizations, today announced that a new 124,000 square foot Target and a new 18,786 square foot Staples are joining the lineup of retailers at Town & Country on East Broad Street in Whitehall, a suburb of Columbus, Ohio. Whitehall Mayor Lynn Ochsendorf said the city is extremely happy that both Target and Staples are locating new stores in Whitehall. She credits the city's successful approach to private-public partnering and Whitehall's Community Revitalization Area incentive program to achieving tangible results for the community. According to Ochsendorf, "These projects bring new investment that strengthens our tax base while also providing our residents with job opportunities." Anticipating a March, 2005 opening, construction of the new Target store will begin immediately after the demolition of the vacant 65,000 square foot Ames. Construction on the new Staples store, which will occupy 18,786 square feet of the former Drug Emporium space, is projected to begin in June for an anticipated fall, 2004 opening. Citing a trend in the shopping center industry for department stores and other major retailers to open stores in suburban shopping and power centers, partner Don M. Casto, III said, "Retailers are taking another look at properties inside-the-outerbelt for their expansion plans. Several of our centers offer prime redevelopment opportunities and put retailers closer to their customers in stores with lower rents and operating costs than mall locations. Consumers also appreciate the convenience of in-and-out shopping in their own neighborhoods." Understanding the value of neighborhood centers as convenient shopping alternatives, Casto renovated the 489,617 square foot center in 1999 with a new fašade with brick accents and colorful awnings, redesigned parking lot and traffic pattern, new pedestrian light poles and benches, new tenant identification signs, and extensive landscaping. Town & Country was built in 1948 and is known as the country's first regional shopping center. It was previously remodeled in 1975 and expanded in 1987. The center's current availability is limited to several small shops and a 53,000 square foot box previously occupied by Big Bear. Casto, a fully integrated real estate organization since 1926, is a recognized leader in the ownership, management, acquisition and development of commercial shopping centers and multi-family residences, office buildings and corporate parks. Casto's growing portfolio currently includes over 19 million square feet of commercial property and nearly 7,000 residential units located primarily throughout the midwestern United States and southwest Florida.

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