Westchester County Business Journal 072715

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JULY 27, 2015 | VOL. 51, No. 30

4 | GINSBURG IN GREYSTONE

13 | SPECIAL REPORT

YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS

westfaironline.com

Ridge Hill comes into its own

Shopping center sheds troubled past as it nears capacity EVAN FALLOR efallor@westfairinc.com

W TIMELINE’S TALES PAGE 2

From left, TimeLine Video’s Sean LaGamma, managing director, Adam Stroncone, art director, and Diane Cricchio, CEO and creative director. Photo by Natt McFee of TimeLine Video

estchester’s Ridge Hill shopping center’s plight in filling its 975,000 square feet of retail space has been a rather well-documented one. Nearby competition, the exit stages of a recession, and bribery and corruption charges tied to the center’s development made for a slow arrival of tenants after Ridge Hill opened for business in 2011. Now, the town-like shopping center in the foothills of north Yonkers has reached a pivotal benchmark in its development, according to Kathy Welch, executive vice president for retail development at Forest City Ratner Cos., Ridge Hill’s developer. With the recent opening of 5 Napkin res-

taurant, Welch said the center has now reached 80 percent capacity. “We left retail spaces open specifically so when we reached this point with over 80 percent sales occupancy we could start to bring in the latest and greatest tenants,” Welch said. “We’re very excited to lease the last 20 percent.” That last 20 percent, she said, will go toward a new anchor tenant — the upscale center currently has six — as well as smaller retail tenants. In November, it was announced that eight new tenants would open their doors by the end of 2015. The Container Store is scheduled to open a 25,000-square-foot space Aug. 15 adjacent to Whole Foods Market on Ridge Hill’s south end. The center recently » RIDGE HILL, page 6

A&P era ends

Once national chain to close, sell off stores BY EVAN FALLOR evan@westfairinc.com

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n what was a landscape-altering but not widely unexpected move, A&P said last week it would be selling off its 296 stores — including its 25 Westchester locations — and had executed purchase agreements for 120 stores worth approximately $600 million. Its parent company, The Great Atlantic & Pacific Tea Co., announced July 20 it had filed for Chapter 11 protection in U.S. Bankruptcy Court in White Plains. The long-struggling grocery chain — which also operates Best Cellars, Food

Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum’s — had previously filed for protection against creditors in 2010. In a statement, the company said that the majority of stores will continue to operate before purchases are finalized, but 25 will close in the near future due to operating losses. “After careful consideration of all alternatives, we have concluded that a sale process implemented through Chapter 11 is the best way for A&P to preserve as many jobs as possible, and maximize value for all stakeholders,” said Paul Hertz, president and CEO of A&P. » A&P, page 6

A new owner has yet to be named for the A&P location on Mamaroneck Avenue in Mamaroneck.


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