The theme of this year’s ICSC New England Idea Exchange is retail reinvention. This is an exciting time of innovation and creativity for the retail real estate industry.
Retail reinvention includes:
- Novel mixed uses
- New and different uses: healthcare, hotel, residential, service uses, in-theater dining, education, fitness, liquor, etc.
- Innovative public/private partnerships
- Shared open spaces and amenities
- Demolishing vacant in-line spaces and creating new out parcels
- Public promenades
- Bike trails
- Public transportation
- Significant outdoor display and sales areas
- Pop-up stores and events
- Crowd funding
- Fulfillment of internet sales at brick and mortar locations (on-site warehousing/distribution)
- Joint ventures with charities and fundraising events
These concepts can implicate the following legal issues:
- Are all of the new uses allowed in the applicable zoning district?
- Are variances, special permits, or waivers needed?
- Do proposed revisions to existing centers require modifications to approved site plans or other entitlements?
- Does demolition trigger asbestos or other notification requirements?
- Will vested rights be lost or forfeited?
- How will liability associated with the use and enjoyment of public open spaces and amenities be allocated among the stakeholders?
- Will the proposal require amendments to existing REAs or condominium documents?
- Are the consents or approvals of some or all of the existing tenants needed?
- Are there use or other restrictions in existing leases that must be addressed?
- What are the procedural requirements for binding agreements with municipalities and state agencies?
- How will costs be fairly shared among different types of users?
None of these issues is insurmountable. Identifying them early facilitates managing them. Give us a call to discuss how our Real Estate Team can best help you convert your dreams and ideas into reality.