Firm brings extensive residential luxury development experience to The Corners mixed-use project team
MILWAUKEE--(BUSINESS WIRE)--Feb. 26, 2013-- The Marcus Corporation (NYSE: MCS) today announced it has signed an agreement with Milwaukee-based Mandel Group, Inc. to direct development of the residential component within The Corners of Brookfield. Approximately 150 luxury apartments will be built above the retail shops in the open-air, town-center-style fashion development in the town of Brookfield, Wis.
Mandel Group will serve as a consultant overseeing residential design, development and apartment leasing. Upon completion, Mandel Property Services, Inc., an affiliate of Mandel Group, will manage the leasing and operation of the upscale apartment community.
"We are proud to join forces with Mandel Group on the luxurious residential apartments at The Corners," said Katie Falvey, director of real estate for The Marcus Corporation. "Mandel is without question the premier multi-family developer in the greater Milwaukee area. Its many high-quality properties help shape and maintain the integrity of the unique neighborhoods in which they are located, both downtown and in the suburbs. Mandel's expertise in innovative design, construction and management of stylish residential communities makes them the perfect addition to our outstanding development team."
"Mandel Group is truly excited to have been asked by The Marcus Corporation to join the development team for The Corners. We continue to find strong demand for this type of upscale housing in strategic suburban locations, with immediate access to specialty shopping and services in a dynamic town-center setting. The proximity of the region's high concentration of employment opportunities is a huge advantage for future residents looking to reduce their commute times," said Robert B. Monnat, partner and chief operating officer of Mandel Group. "Development projects like The Corners are rare in today's suburban market, therefore few opportunities exist to create this type of genuine neighborhood from the ground up. The Corners is a very unique product in a very special residential-development setting that we know will have broad appeal."
The residential apartments, which will include a broad range of sizes and floorplans, will be constructed on upper-floor levels overlooking a central park space that is a focal point of the development. Amenities will include balconies, concierge services, a social media center for residents, and a health and fitness center.
"We find this type of housing opportunity particularly appealing to professional households attracted by the wide range of shopping, restaurants and services just a few steps out their front door," Monnat commented. "The immediate freeway access is also a huge plus. In our past experience, this type of mixed-use housing development beat all expectations in terms of pricing and absorption. We would expect similar performance for the residential component of The Corners."
"The Corners will be the first and only project in southeastern Wisconsin that can authentically bring the density and vibrant experience of Milwaukee's classic neighborhoods to the western suburbs," said Falvey. "With the unique single level of covered parking, visitors will conveniently park once, out of the elements, then immediately ascend to a compact pedestrian-oriented neighborhood where shops, restaurants, green space and homes converge into a 24/7 environment. It is a place where shopping, social interaction and leisure-time activities mix in an attractive and memorable setting - providing a true sense of place. The Corners will be an engaging sidewalk-oriented environment where many people can do many things - from their daily grocery run or morning coffee to special occasion dining and shopping, and everything in between."
"We continue to make major progress on all fronts of The Corners development and look forward to announcing more details in the coming weeks," commented Falvey.
Anchored by Wisconsin's first Von Maur department store, The Corners is a mixed-use 460,000 square-foot development in suburban Milwaukee that will be built on a 19-acre site at the intersection of I-94, Barker Road and Bluemound Road, the preeminent retail corridor in Wisconsin. In addition to the luxury apartments, The Corners will feature national specialty and fashion retail along with best-in-class local and regional shops and restaurants, all served by a unique single level of covered parking.
In addition to The Marcus Corporation, development team partners include NAI MLG Commercial, Bayer Properties, DDG Architects, Eppstein Uhen Architects and Tri-North Builders.
About Mandel Group
Mandel Group, Inc. is an integrated real estate services firm with operations in development, construction and property management. Recognized as the premier residential multi-family developer in the greater Milwaukee area, the company excels in product design, construction process refinement and creating long-term value through effective management and operations. The company and its portfolio of completed developments are regarded as the finest in luxury housing within the metropolitan Milwaukee area. For more information on Mandel Group, please visit http://www.mandelgroup.com.
About The Marcus Corporation
Headquartered in Milwaukee, Wisconsin, The Marcus Corporation is a leader in the lodging and entertainment industries, with significant company-owned real estate assets. The Marcus Corporation's theatre division, Marcus Theatres®, currently owns or manages 687 screens at 55 locations in Wisconsin, Illinois, Iowa, Minnesota, Nebraska, North Dakota and Ohio. The company's lodging division, Marcus®Hotels & Resorts, owns and/or manages 20 hotels, resorts and other properties in 11 states. For more information, please visit the company's web site at www.marcuscorp.com.
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we "believe," "anticipate," "expect" or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division, as well as other industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (2) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, and preopening and start-up costs due to the capital intensive nature of our businesses; (3) the effects of adverse economic conditions in our markets, particularly with respect to our hotels and resorts division; (4) the effects of adverse weather conditions, particularly during the winter in the Midwest and in our other markets; (5) the effects on our occupancy and room rates of the relative industry supply of available rooms at comparable lodging facilities in our markets; (6) the effects of competitive conditions in our markets; (7) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; and (8) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or incidents such as the recent tragedy in a movie theatre in Colorado. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Source: The Marcus Corporation
The Marcus Corporation
Douglas A. Neis, (414) 905-1100
Katie Falvey, (414) 905-1140