Konover Development Corporation is constructing a multi-tenanted retail project on Rte. 9 bypass. Konover Development purchased this fully approved, 16,410 s/f project from a larger, master-planned development in September of 2008.
The Conn.-based developer has already leased space within the center to local restaurant staples and industry leaders, Five Guys Burgers and Fries and Jerry's Subs & Pizza. The Ranson Shoppes are part of the highly successful Potomac Town Center anchored by Home Depot, Weiss Supermarket & Kohl's on the east side of the signalized highway intersection. On the west side of Rte. 9, Konover's new open air center's neighbors are Rite Aid, Chick-fil-A, Bob Evans and McDonald's. A multiple screen theater complex and other large format retailers are approved as part of the balance of the master-planned Potomac Town Center surrounding Konover's new project. Construction of The Ranson Shoppes is expected to be completed this summer.
Michelle Carlson, vice president of project development and Henry Resnikoff, executive vice president for development, are responsible for completion of the project.
Wallingford, CT O,R&L Commercial has completed the $3.8 million sale of a mixed-use investment property located at 33-39 North Main St. and 24-25 Wallace Ave. in the town center.
This may seem self-serving, and I’ll be the first to admit it. But unlike some of the artificial intelligence tools now reshaping our industry, I am fully aware of my own bias. So, hear me out. The rise of AI in commercial real estate is not a distant threat or a speculative headline.
Now what? As the year comes to a close, the state of retail is always in the news. The answers vary greatly depending on who in the various related industries you ask, each offering a unique lens on the challenges and opportunities ahead.