How you plan the space, how you market the space, how you structure the leases – and manage all of it – is a little different in retail than in multifamily. I’ll act as the bridge.
DALLAS, Texas (PRWEB) June 14, 2016
Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced the promotion of Peter Melmed to managing director – national practice leader for retail.
Mixed-use communities – those that feature a retail component in addition to apartment homes – have become a significantly larger portion of Mill Creek’s portfolio, creating the need for the new position. Melmed, formerly Mill Creek’s vice president of development, has a background in retail as well as multifamily development, making him uniquely qualified for the role.
“There has been a secular trend toward building mixed-use communities because of demand from residents, neighborhoods and local jurisdictions, which has created a need for in-house retail leadership,” said Chip Bay, executive managing director and national practice leader for construction and development for Mill Creek. “As builders and developers of multifamily communities, we needed to add this skill set to be competitive in the market and adept in our execution of this component.”
In his new role, Melmed will assist in the underwriting, design and marketing of community-based retail across multiple markets. The creation of his position also is designed to assist Mill Creek in both creating value for its communities and managing the risk associated with the retail component.
“When there is retail in the project, the company is looking for consistency nationwide,” Melmed said. “How you plan the space, how you market the space, how you structure the leases – and manage all of it – is a little different in retail than in multifamily. I’ll act as the bridge.”
Melmed spent more than 3 years with EDENS, a retail-based developer, and also worked as a retail consultant for companies such as Faison, Lincoln Property and UrbanAtlantic. In addition, he periodically assisted Giant Foods in a retail capacity, the company for which he began his career with an 11-year stint as vice president of development and property management. In addition, Melmed worked with Freeman Companies, which operated a number of shopping centers in the Washington, D.C. area.
Mill Creek’s mixed-use communities feature a variety of retailers, most commonly fast-casual restaurants, convenience retailers and coffee shops. One prime example is Modera Tempo, based in Alexandria, Va., which features retailers such as Starbucks, Smashburger and a forthcoming Portner Brewhouse. In addition, a Harris Teeter grocery store was recently added to Modera Avenir Place in Merrifield, Va.
“The retail component we have at each community will be different based on location and demand,” Bay said. “The intent is to have retailers that not only create value for the community but that also are an amenity for our residents.”
Mill Creek currently has a total of 500,000 square feet of retail space, including space in its development pipeline and 200,000 square feet that has already been developed.
About Mill Creek Residential
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston. As of March 31, 2016, the company’s portfolio comprises 54 communities representing nearly 15,600 apartment homes that are operating and/or under construction. For more information, please visit http://www.MillCreekPlaces.com.