M I X E D - U S E

DRE is charged with identifying and leasing distinctive, upscale retailers for The Village at Valley Forge, a mixed-use development in King of Prussia, Pa.

The Village at Valley Forge Goes Beyond
the Standard Retail in King of Prussia

KING OF PRUSSIA, PENNSYLVANIA – The Village at Valley Forge, a mixed-use Town Center development, is taking retail beyond the standard experience. Opening in spring 2009, this new urban community will bring a collection of new and interesting retail, entertainment, dining, hotel, office and residential facilities to the premier retail location in the mid-Atlantic region.

“We intend to enhance the overall retail offering of this dynamic marketplace,” stated Gerald Divaris, chairman and CEO of Divaris Real Estate, Inc., the retail development consultant responsible for leasing the retail space in the project. “We are developing approximately 1 million square feet of commercial space, of which approximately 850,000 square feet will be leased to exciting and distinctive retailers.”

Owned by a joint venture between Northwestern Mutual and Realen Properties, the property will feature 2,000 to 3,000 residential units and 500 hotel rooms, in addition to the commercial space, all designed by an “all-star” team. Jones Lang LaSalle has been selected as the project’s retail developer. The retail master plan was prepared by StreetSense, while Niles Bolton Associates developed the residential plan.

“Our development approach is based on the Smart Growth principals,” noted Dennis Maloomian, president of Realen Properties, “and we intend to deliver an exciting community that will be LEED certified. This commitment to sustainable development has helped us to generate enthusiasm in the local community as well as attract unique tenants.”

One of the first to sign on is Sundance Cinema, a movie theater concept created by Robert Redford. It will show independent, foreign films and art movies in a state-of-the-art facility with great sound, stadium seating and other amenities including a restaurant and retail facility. This will be the first East Coast presence for the storied franchise and an East Coast version of the Sundance Film Festival is expected to be hosted at The Village at Valley Forge.

The leasing program is focused on identifying retailers that are “new to market” or that have a specific fit with the overall development plan. Residential and office space will be available above the ground-level retail, while the bulk of the residential development will be built to the north of the town center.

“Since we have more retailers interested in the project than we have space to fill, we have had to be very selective,” commented Bill Norton, regional director of Northwestern Mutual. “Our leasing plan capitalizes on the strength of the King of Prussia location, situated at the nexus of the major regional highways, and is targeting one-of-a-kind retailers that want to be located next to a mall rather than in it.”

Because of the tremendous traffic flow that already exists, together with direct exits from the Pennsylvania Turnpike and the Philadelphia Beltway (Route 202) which lead directly into The Village at Valley Forge, the property will have some of the finest access in the country.

“In this area, you have malls and you have strip centers, but you don’t have anything in the format that this project will provide,” commented Divaris. “With shoppers coming from over 100 miles, we’ve designed the leasing plan to complement the retailers already in the market, expanding the overall appeal.”

Construction begins in the summer of 2007 with Whiting Turner as the general contractor. The Village at Valley Forge will open its first phase of 425,000 square feet in 2009.

“We’re going beyond the standard development with our unique retailers, our top-rated design team, our solid ownership and our commitment to Smart Growth,” observed Maloomian. “And we’re going beyond to ensure our success.”