Washington Prime Group Inc. today announced its most recent redevelopment effort, a $16-million project anchored by the addition of Round 1, a fast-growing family entertainment concept, at Northwoods Mall located in Peoria, IL.
In addition to Round 1, the Company is in discussions with additional entertainment, dining and retail tenants for spaces that will be created adjacent to Round 1.
The 56,000-square-foot Round 1 is a first in Washington Prime Group’s portfolio, the third location in Illinois, and the first location in the Peoria area.
The repositioning of the high-visibility anchor space at Northwoods Mall will attract new and dynamic tenants to further diversify the mix of tenancy and drive traffic to the center. Washington Prime Group purchased the anchor space from Macy’s in January 2017.
"Our objective is to deliver on value enhancing redevelopment opportunities which result in differentiated tenancy especially dining and entertainment alternatives," said Lou Conforti, CEO and Director. "As importantly, we intend to execute at prudent returns on invested capital. The Northwoods Mall announcement illustrates and reinforces this redevelopment mandate, as does the more than 35 active or approved redevelopment projects currently in progress across our core portfolio.”
Round One Entertainment Inc., the parent company of Round 1, was established in 1980 in Japan and currently has 113 locations with over 25 million combined customer visits annually. The Northwoods Mall location will represent its 17th within the U.S. as the company embarks upon its expansion plans.
“We are excited to welcome Round 1, as well as other future new tenants," said Jeff Case, General Manager of Northwoods Mall. "This investment reflects our commitment to the Peoria community and will provide our guests with an increasingly dynamic environment in which to shop, dine and spend time together.”
Northwoods Mall is a 692,000-square-foot primary regional shopping center located in the heart of Peoria, IL, the largest city on the Illinois River.
Peoria is 35 miles west of Bloomington-Normal and 70 miles east of the Quad Cities, a region comprised of four counties in northwest Illinois and Southeastern Iowa. Northwoods Mall is ideally located just off I-74.