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Combined Properties (CP), owner of Greenway Center, is committed to making sure the center remains a vibrant and healthy city stakeholder in the face of the nation’s recent economic challenges. On December 7, representatives met with the Greenbelt City Council to provide a picture of Greenway’s struggles, victories and short- and long-term future.
Their main focus now is tenant retention. CP stressed that while Covid-19 was a factor, several of the recent closings resulted from vicissitudes in the retail environment, with Hunan Treasure closing before March and Modell’s at the beginning of March.
Currently, there are five vacancies at the property, with three new prospects in negotiations to replace them. Property Management Vice President Holly Haley said that while certain tenants like Capitol One and M&T Bank, Safeway and various medical offices have done well, the majority of other tenants, such as Ross Dress For Less, Party City and PetSmart, have had to make serious adjustments to accommodate pandemic restrictions.
CP and its staff of 65 manages around 550 tenants on both the East and West Coasts. Of this portfolio, around 380 tenants have made requests for rent relief, which is now maxed out.
According to Executive Vice President of Acquisitions and Development Andrew McIntyre, “cash flow has greatly diminished,” yet many tenants are “still well capitalized,” with the outcome unclear over “who will be left standing.” He said they are focused on stabilizing the tenant base, and that “we are in the thick of it, dealing with business owners every day. We are dealing with livelihoods, some of which have gone away in a moment.” He hopes to turn a corner in the next two months, but there is no guarantee of normalcy, stressing that there is “a possibility of new vibrancy in a center like this.” He said that they are beyond the point of triage and trying to get tenants through “the best we can.”
Jonathan Shartar, vice president for leasing, said that despite these uncertain times, it is still “a great time to get into retail,” but it takes “guts and risk tolerance.” McIntyre added that “to do this, one must be an optimist and believe in a vision.” Shartar said that, were a business to get started now, by the time it opened, a large percentage of the country would be vaccinated. He added that much consideration goes into the adding of businesses to all of their centers, that they must “fit into the fabric” and offer “what the community wants.” Sharter remarked that “tenants are successful if they advance the center forward.”
Greenbelt Police Chief Richard Bowers said that crime at Greenway involves mostly shoplifting.
When asked how CP is helping their tenants to adhere to pandemic safety restrictions, Haley said that CP has been providing information and assistance since the beginning, and that each business has unique challenges. CP has provided social distancing decals and safety signage as well. CP has encouraged each tenant to “think outside the box,” with many tenants utilizing curbside and sidewalk services and online ordering. Said Haley, every tenant has been impacted by Covid-19 and has had “to roll with the punches.”
Councilmember Edward Putens brought up the messiness and potential safety hazards at the Dollar Tree. Property Manager Carolissa Smith acknowledged that the corporation has had a tendency towards “dragging their feet” with complaints. Haley asked for patience, as the CP staff is stretched thin. CP was amenable to assisting any efforts by the city to improve conditions at the store.
Councilmember Emmett Jordan brought up the possibility of installing pedestrian lanes in the parking lot. Construction Project Manager Matt Butler said that this would violate the approved site plan with the county, and that to redesign it would be costly and take several years. Councilmember Judith Davis remarked that these lanes probably should have been included in the initial designs.
As it is county property, any improvements to Greenway Center’s bus stop would have to be county led and funded. CP has also looked at improving the adjoining sidewalk, per the city’s request, but due to the pandemic, excess spending has had to be curtailed. Jordan pointed out there is currently no sidewalk entrance to Greenway Center, a request going back 10 years.
Even though CP has converted some of their properties into residential/retail developments (similar to what is proposed at Beltway Plaza), there are no plans currently to pursue this with Greenway Center. Councilmember Rodney Roberts advised caution over such a possibility, citing that too much development in Greenbelt would hamper quality of life and disregard the market focus on more open area housing.
Council was appreciative of CP’s efforts to support their tenants and be a part of the Greenbelt community, with Davis asserting that Greenway Center “looks very attractive compared with other strip malls” in the area.