At Ivy Realty’s White Plains Redevelopment Site
Big-Box Retailer Anchors Ivy’s 280,000-Square-Foot Renewal Project
White Plains, NY, July 21, 2006 – Ivy Realty has announced that Wal-Mart has opened its new 186,000-square-foot store at 275 Main Street in White Plains. As the anchor of Ivy Realty’s downtown White Plains redevelopment project, Wal-Mart will occupy two floors of the three-story, 280,000-square-foot building.
Ivy Realty purchased the property, a former Sears Department Store, in May 2003 and has since invested more than $25 million into renovating the building, including adding state-of-the-art technological capabilities, significantly improving the property’s parking garage, and installing oversized vertical transportation elevators to maximize Wal-Mart’s ability to use its multi-story space. A divisible, 84,000-square-foot, retail space remains available at the shopping plaza, which is called the “Shoppes on Main.”
On behalf of Ivy Realty and its joint venture partner, Barrow Street Capital, Ivy's CEO Anthony DiTommaso, Jr., commented, “We are excited to bring the world’s best known brand name to White Plains as the anchor of this world-class redevelopment. This historic lease exemplifies the White Plains retail renaissance as it continues to grow even stronger. Wal-Mart is a perfect fit for White Plains, offering the entire community new jobs, new investment and its community leadership, which has been heralded worldwide. It is a major win for the city that Wal-Mart has chosen White Plains as one of its first urban locations.”
The City of White Plains has undergone a tremendous renaissance with new retail and housing development leading the way. White Plains has recently welcomed such national retailers as Target, Fortunoff’s and additional upscale retailers in local malls. Additionally, a new 15-screen movie theater complex and new luxury residential development have added to White Plains’ ongoing revival. Just a few years ago, White Plains suffered from very high vacancy and unemployment rates within the CBD. Now with Wal-Mart coming to the area, the community of White Plains at large has a much wider selection of retail options to choose from and a significant new investment in jobs and rateables in the community.
About Wal-Mart
Wal-Mart Stores, Inc., operates Wal-Mart Stores, Super centers, Neighborhood Markets and SAM'S CLUBS in the United States. Internationally, the company operates in Puerto Rico, Canada, China, Mexico, Brazil, Germany, United Kingdom, Argentina and South Korea. The company's securities are listed on the New York and Pacific stock exchanges under the symbol WMT. Last year, Wal-Mart Stores, Inc., contributed more than $150 million to support communities and local non-profit organizations. Customers and associates raised an additional $70 million at stores and clubs.
About Ivy Realty
Founded in 1996, Ivy Realty, a wholly owned subsidiary of Ivy Equities, is a leading real estate investor and developer throughout New Jersey, New York and Connecticut. Ivy targets investment opportunities in undervalued, high grade, income producing commercial properties. The Company has built a reputation for successfully completing a wide spectrum of creative developments in the office, mixed-use, retail, build-to-suit and residential sectors. Currently, Ivy Realty owns, manages and leases a 3.5 million-square-foot portfolio with added development potential throughout the tri-state area.
For more information contact Ivy Realty at their Montvale, New Jersey headquarters at (201) 573-8400 or visit the website at www.ivy-realty.com.
