‘Destination’ retail tenants sought for Carriage City

The ground-floor retail and commercial space at Carriage City Plaza (CCP) has gone through a few tenants since it was constructed in 2008. Original plans (pre-recession) had a restaurant in mind. Eventually, a dry cleaner and coffee shop came and went and the lone tenant among several spaces is an Edward Jones investment office.

Joe LoMonaco, manager of 80 E. Milton Ave., LLC, is aiming for “destination-driven tenants,” such as medical, law or accounting offices, or something that might complement Hotel Indigo nicely. There was some interest from a spa recently, he said, but it was not a permitted use. “You’re not going to get traditional retail because of the very limited foot traffic during the day,” LoMonaco said during a recent phone interview. He said there is a triple net lease for the commercial space, which ranges between 1,300 and 1,400 square feet and runs about $18 per square foot.

80 E. Milton Ave., LLC, is a subsidiary of a pension fund (LongView ULTRA Construction Loan Investment Fund, LV Holdings), of which Amalgamated Bank (the original lender) is a trustee. 80 E. Milton Ave. had the loan assigned to it in the foreclosure process almost a year ago and took over all but the 62 owner-occupied condo units, including about 160 leased/unsold units as well as the hotel and retail space.

Of  the 222 units, about 62 were sold as condos, and another approximately 72 units were leased before Silcon-backed Carriage City Properties went into foreclosure in 2010.

2 thoughts on “‘Destination’ retail tenants sought for Carriage City”

  1. Why is a spa not a permitted use? One of my coworkers lives there, and when she originally bought the condo, she was given a voucher for a future spa that they were planning on opening.She still has it. So I'm curious why suddenly a spa would not be approved?

  2. I'd love one in town. It would be great not to have to drive to Westfield to "On the Side". Even to have a decent place to have your nails done close by would be appreciated; not one of those "chop shops" that push you in and out in 15 minutes.

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