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Redevelopment, Public-Interest Style

New Jersey & Company

03/26/2009

By Joel Samberg

This past Halloween, ground was broken in Camden County for what will be called CooperTowne Center, a $40 million retail and commercial redevelopment of the former Lion’s Head Plaza, which is slated to include a 203,000-square-foot Wal-Mart.

Spirits are high surrounding the project, with a few caveats. As Lion’s Head Plaza, the site stood 70 percent empty following years of high retail vacancy. In recent times, the property’s assessed value has dropped more than $3 million. CooperTowne Center is slated to include a 203,000-square foot Wal-Mart, the controversial retail giant—evidenced by websites such as walmartwatch.com and wakeupwalmart.com—that has raised debate and inspired citizen protest in towns nationwide.

But from every indication, the redevelopment will be all treats and no tricks. Not only is Wal-Mart being welcomed with open arms, but optimism is at an all-time high.

“I knew going in that a Wal-Mart would be controversial, and that’s precisely why we engaged the public early on, allowing them to take ownership of the project from the beginning,” says Gary Passanante, mayor of Somerdale, one of the two small towns—the other is Magnolia—whose land shares the bulk of the CooperTowne project. “We also insisted that Wal-Mart conform to our design standards. In the end, they were so pleased with final designs that they are now using it at other locations.”

Wal-Mart couldn’t be happier.

“I met with the mayors of Somerdale and Magnolia and they talked about how excited they were about the project,” says Jennifer Hoehn, senior manager of public affairs for Wal-Mart of New Jersey. “Every township we work with is special, and all of their constituents are special to them. That’s why we work closely with our towns to make sure the leaders and the citizens are all happy.”

The ghosts from the 50-acre site’s recent past all contributed to its designation as a New Jersey greyfields site, meaning redevelopment is a state priority for economic reasons. Currently there are only four state-designated greyfields in New Jersey—not a distinction these two towns are likely to welcome, which is why both decided to think big. Finding the right developer was a major ingredient.

“As a developer we know what to do—but what it really comes down to is being able to work with the community and having everyone there believing in what we can do,” says John Orrico, president of National Realty & Development Corporation (NRDC), the Purchase, NY-based firm charged with turning this greyfield into a field of consumer dreams. “We are fully approved and should be under construction within the next couple of months.” Among several other agencies, the state’s Greyfields Task Force, part of the Office of Smart Growth, is keeping tabs on the project’s progress.

Lions Head Plaza was built 20 years ago at the intersection of White Horse Pike and Eversham Avenue; the CooperTowne redevelopment will be a total makeover. Among other things, the center, now seven years in planning, will feature architecturally advanced façades, a tree-lined grand entrance, gazebos, extra-wide pedestrian-friendly sidewalks, landscaped gardens, and more. The popular CineMark movie complex will be remodeled. LA Fitness and GameStop will be joined by dozens of other retail and service tenants. And Wal-Mart, of course, will anchor it all.

Somerville and Magnolia, each less than one-and-a-half square-miles with less than 5,000 residents each, will be the home of the center, though most visitors could very well come from elsewhere, particularly since the area in just ten miles southeast of Philadelphia, not far from Cherry Hill and Voorhees, and is easily accessible to Routes 30, 76, 544, 295 and the New Jersey Turnpike. In some ways, the towns are part of a New Jersey crossroads, and while not famous by any means, CooperTowne Center may finally allow them to find a modest spotlight of their own.

“This project is the focal point and catalyst for much planned economic development,” says Mayor Passanante, who admits a project of this scope has several challenges, mostly concerning multi-town coordination and meeting state requirements with regard to traffic. “As part of this initiative, we are investing time and money into other parts of our community to improve housing and real estate values and to provide a greater level of services. An overall marketing plan is being developed to attract new businesses and residents.”

“For the people of Somerdale and Magnolia, this will be their downtown,” adds Orrico at NRDC, which has built more than 100 shopping centers in 20 states. “So we included special features such as a center space that can be used for holiday and cultural events.”

And that, of course, is just one additional clue that for all the locals involved, the building of CooperTowne Center, even with some of its challenges, could be the boost that this greyfield has been waiting for.

CooperTowne Center

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