Wednesday, November 27, 2013

$60 million retail center opens on former Tasty Baking site



Months before construction started on Bakers Centre, the 220,000-square-foot shopping center was nearly fully leased up.

Now completed, the $60 million project in Hunting Park West is proving there is demand for retail in a neighborhood once dominated by manufacturing companies that have since shuttered or moved out. Just about 11,000 square feet of the development remains to be leased and Metro Development Co. of Ardmore, Pa., is setting its sights on moving forward with the second phase of the project.

“It’s coming together,” said Michael Grasso, chief executive of Metro Development.

When Grasso first looked at the site where Bakers Centre is now located, he and his sales team drove around and trolled the neighborhood to get a handle on it. Grasso was stunned.

“Where do these people shop?,” he wondered. “We had to go to City Line Avenue to get a cup of coffee.”

A 7-Eleven was go-to place to shop for groceries.

A 2010 study done for the Philadelphia Industrial Development Corp. identified retail as a use that would potentially thrive in that part of Philadelphia.

In light of the food desert and other lack of other retail outlets in Hunting Park, Grasso felt bullish Bakers Centre could attract tenants and decided to move forward with the development. The land had been used by Tasty Baking for its headquarters and a production facility.

Bakers Centre is on 30 acres along Hunting Park Avenue, Fox Street and Roberts Avenue. A 71,000-square-foot ShopRite anchors the center. Ross Dress for Less, Family Dollar, Subway, Planet Fitness, Dunkin Donuts are among its others tenants. U.S. Realty Associates Inc. is handling the leasing.

While Metro’s focus has been on Bakers Centre, it will begin to set its sights on redeveloping the former Tasty Baking factory. The 460,000-square-foot building will be converted into primarily office space. Three tenants — two non profits and a school — have been lined up and total about 100,000 square feet. Work will is expected to begin in 90 days.

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