Ground was broken last Thursday morning for Wayside Commons, a $40 million “lifestyle center” being developed in Burlington by Patriot Partners and O’Connor Capital Partners.
Framed by blue skies and a dusty worksite already teeming with construction activity, one of retailing’s hottest development concepts was launched in Burlington last Thursday morning, when project team members, local business leaders and public officials gathered to fete the start of Wayside Commons. Abutting Route 128 at the Route 3 South interchange, the $40 million “lifestyle center” development is a joint venture between Patriot Partners and O’Connor Capital Partners.
“We’re looking forward to delivering a very exciting project,” Patriot Partners principal Steven C. Rice proclaimed to the crowd assembled for the groundbreaking ceremony. Totaling just over 190,000 square feet, Wayside Commons is slated for an opening next autumn, promising a pedestrian-friendly layout, new restaurants and specialty stores focused on high-end fashion and household goods.
“It’s a different way to shop,” OCP principal John Rivard told Banker & Tradesman in a brief interview prior to the festivities. “It appeals to people who want the type of products you can find at a mall, but in a smaller, more intimate setting.” Rivard cited strained schedules as one reason the lifestyle model has seen a swift ascension, offering harried consumers a convenient retailing experience close to the home or office.
In that regard, lifestyle centers are considered an example of the smart-growth movement currently popular in land use circles. The measured size takes up less acreage and ostensibly reduces vehicular traffic by relying on a nearby demographic, while Rivard said that the “town square” format reduces maintenance and utility costs, which also makes such properties more affordable for tenants. As the idea expands, even top retailers are trimming their size requirements to fit into the lifestyle center model, said Rivard, whose firm is developing a similar project in Orlando, Fla., in partnership with the Wilder Cos. of Boston.
‘Quite an Asset’
Although OCP namesake Jeremiah W. O’Connor Jr. has a deep lineage in the retail sector, at one time owning the nearby Burlington Mall, the firm initially joined with Patriot Partners to construct an office building on the Wayside Commons site. The dour office market quashed that plan, but OCP’s background in the retail arena was of major assistance in successfully altering the strategy, said Rice.
Rice recognized several public officials gathered for the Wayside Commons event, including Planning Board Chairwoman Jayne L. Hyde, Planning Director Tony Fields, Selectman Albert L. Fay Jr. and state Rep. Charles A. Murphy, D-Burlington. Rice also praised Burlington-based law firm Riemer & Braunstein for assistance in getting the plan approved, and took a moment to recall the contributions of Riemer & Braunstein stalwart Harold C. DuLong, the late attorney and native Burlington son whose legal guidance produced a significant portion of the community’s expansive commercial supply. Colleague and Riemer & Braunstein attorney Robert C. Buckley attended the groundbreaking, later pointing out an abutting office building that was among DuLong’s initial accomplishments and one of the town’s first commercial properties.
During his remarks, Fay lauded the hands-on approach taken by Rice and Patriot Partners principal Joseph Zink in finding a vibrant use for the former commercial property, which was occupied by Raytheon Inc. prior to its 1999 sale. “I think this is going to be quite an asset for the community,” Fay said of Wayside Commons. “It’s really going to be very beautiful.” Town Administrator Robert Mercier said he believes the near-unanimous vote at Town Meeting was a barometer of the eager anticipation among residents for Wayside Commons.
“Burlington takes pride in development that is good development,” said Mercier. “And this is one of the projects we can take pride in as a community.” Anticipated at more than $1 million annually, the fresh tax revenues also will be welcomed, Mercier added.
Tenant response to Wayside Commons has been encouraging, according to Rice, who declined to offer names but said virtually all of the space being developed is in some level of negotiations with prospects, including several nationally known retailers. “We’re very pleased with the reaction,” said Rice, also an experienced player in the retail real estate market.
Riding the crest of retailing’s popularity among real estate investors, development of lifestyle centers is on the rise throughout New England, while Route 128 itself is experiencing a quick change in product mix in that direction. Along with a crush of residential projects under way on sites once slated for office, industrial or laboratory use, Dickinson Development is putting the finishing touches on a lifestyle center property just north of Wayside Commons in Reading. One exit closer to the Burlington parcel, the former home of Addison Wesley Publishing in Reading is also being pursued for retail, as is the Polaroid Corp. suburban campus in Waltham. “It’s a very attractive [concept],” said Rivard, adding that his firm is looking for additional opportunities in the various markets it operates, although OCP is also active in such product types as office and industrial space.
