Plaza America Retail
Sunset Hills Road Reston, VA
Karchem's Role: Owner's Representative
For: Intertech Corporation
Size: 165,000 RSF
Year Built: 1995
Year Built: $24 million
Schedule: 9 months
Karchem Properties was retained in 1995 by Intertech, an international investment company, to review the status of the planned development relative to market and budget matters. Karchem prepared a detailed investment analysis that facilitated Intertech's decision to proceed with development of Phase 1.
Phase 1 included extensive road and site improvements for the entire site, as well as the construction of the 165,000 SF shopping center. Our goal was to deliver the center and its anchor tenants prior to Christmas. Phase 1 construction was completed in November 1995 with a total project budget of $21 million. The center is anchored by Fresh Fields, Super Crown Books, Michael's, and Champp's Restaurant.
Throughout the project's duration, Karchem acted as the owner's representative, approving the monthly application for payment and co-signing checks with the CFO, attending owner and construction progress meetings on behalf of Intertech, and assisting in negotiating major contracts and leases. The project's complexity was compounded by the simultaneous construction of more than 20 retail tenant spaces and the corresponding integration of multiple contractors.
Following the completion of the shopping center, Karchem Properties evaluated the market to determine whether going forward with the office phase on a speculative basis was advisable. It was agreed that the office phase would proceed on a spec basis.
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