The big news is that it looks like Market Square may be getting an “anchor” retailer, Urban Outfitters, which is scheduled to open about a year from now in the Arnstein Building across from Krutch Park and adjacent to Market Square. A major enabler for the strategic location of the upscale retailer is a $500,000 facade improvement grant made by the Central Business Improvement District this past Monday. Here’s the nitty-gritty on that funding:
• The grant is almost twice as big as the largest grant the CBID had ever previously approved—$275,000 to Mast General.
• The retail company would occupy levels 1 and 2 of the building—around 11,542 square feet.
• As proposed, property owners Arnstein Partners, LLC, will begin to make necessary building improvements immediately and turn the space over to Urban Outfitters for tenant improvements in October 2010.
• The CBID grant would be made payable in three installments.
• The first $175,000 would be paid once a lease with “no outs” is signed by Urban Outfitters within 120 days of Feb. 22; and once Urban Outfitters takes possession of the space, around October 2010.
• The second payment of $175,000 will be timed according to CBID cash flow, and paid only once the retailer receives the certificate of occupancy, probably in March 2011.
• CBID will make the final payment of $150,000 one year after the second payment, around March 2012.
Source: Central Business Improvement District