Facing a large number of vacancies at Cascades Marketplace in Sterling, Willard Retail, an investor, developer and manager of mixed-use properties, and J.P. Morgan Global Alternatives announced last week their plans to reposition the development.
Originally developed in 1993 to be the central shopping district of Cascades, a 6,500 home, planned community, Cascades Marketplace was built on 30.5 acres to provide retail and leisure shopping.
It is a 417,000 square foot retail center anchored by Giant Food, Marshalls and Gold’s Gym with Home Depot nearby.
Loudoun County Supervisor Juli Briskman (D-Algonkian), who represents the Cascades area, told the Times-Mirror she is looking forward to working with the developers.
“Over the last 25 years, Cascades has grown to be a wonderful community offering a superior quality of life,” Briskman said.
“However, as the needs and desires of our residents continue to evolve, we need more lively and livable places that offer walkable shopping and dining experiences while preserving retail spaces that we patronize everyday,” she said.
While specific details of the plan have not been released, the investors say they are exploring scenarios that may include reorganization of retail services, upgrades to the storefronts, development of additional residential opportunities, outdoor community gathering spaces and more.
“Due to the consolidation of retail in the broader market, the property is nearly one-third vacant, presenting a unique opportunity to consolidate the retail footprint and create a dominate grocery-anchored shopping experience,” said Michael Majestic, managing partner of Willard Retail in a prepared statement.
“The grid layout of the center and site infrastructure provides flexibility and a unique opportunity to maximize the potential for this property," he said. "Through these initiatives we believe Cascades Marketplace can reclaim its status as a premier retail destination in Loudoun County.”
Cascades Marketplace is owned by institutional investors advised by J.P. Morgan Global Alternatives.