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May 22, 2008 - Image 40

Resource type:
Text
Publication:
The Detroit Jewish News, 2008-05-22

Disclaimer: Computer generated plain text may have errors. Read more about this.

Business & Professional

MEADE • L_E)Cl..1

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2008 FIX 350

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Leather Trim, Moonroof, Heated and Power
Front Seats, Lexus Premium Sound System with
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Steering Wheel, Dual Climate Controls

Artist's rendering of the Hampton Inn & Suites

2008 ES 350

$399/M0*

Hotel To Be Added
To Applegate Center

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Etkin Equities unveils major facelift
for Southfield shopping plaza.

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A40

May 22 • 2008

JN

1384400

outhfield-based Etkin
Equities LLC announced a
$12-million redevelopment
of the Applegate Shopping Center
— a 55,000-square-
foot, unanchored
"neighborhood"
retail center at
29649 Northwestern
Highway, Southfield.
In addition to
a complete exte-
rior renovation, the
Douglas Etkin
revitalized center
will include a 107-
key Hampton Inn & Suites hotel.
Announcement was made by Douglas
M. Etkin, principal of Etkin Equities
LLC.
"Our goal is to turn a 36-year-old
shopping center with approximately
25 tenants into a boutique shopping
destination that has components of
the charming neighborhood shopping
plaza of yesteryear, mixed with the
modern options today's consumers
crave from a retail center:' said Etkin.
"With the changing retail landscape
and consumer-driven trends, we need-
ed to sustain the necessary features to
succeed in today's competitive retail
market — including first-rate aesthet-
ics, location, highly visible signage,
convenient access and high-quality
tenants in desirable spaces:'
The east and west buildings of
the Applegate Shopping Center are
undergoing facade renovations. When
completed, tenants located in the
south building will be relocated to the
east building. The entire retail leg of
the redevelopment will be complete by
August.
Following the renovation process,
the south building will be demol-
ished to make room for the hotel.
Construction will begin on the
Hampton Inn & Suites by late August

2008 and will be open for guests by
late October 2009.
The addition of a hotel to the center
made perfect sense for the center, said
Etkin. The firm had a strong relation-
ship with hotel development partner,
Hilton.
"With high traffic during the week-
days, adding a hotel to the project was
the perfect complement to increase
evening traffic:' said Etkin. "In turn,
the center will provide hotel guests
with an exciting 'urban appeal' expe-
rience. Guests can check in and not
need to get back in their car to enjoy
their evening out dining or shopping.
Everything they need is within steps."
Applegate offers consumers enticing
dining and carryout options, includ-
ing Domino's Pizza, Little Daddy's
Parthenon, Empire Szechuan Garden,
Starbucks Coffee and a future 3,000-
square-foot, bistro-type restaurant.
On the retail side, tenants include
multiple convenient salons and bar-
bershops, Z-Coil Footwear boutique,
Roland Optics, Seashells (a children's
footwear boutique) and Waiting Game.
This investment comes at a time
when retail developers are scaling
back on projects in Michigan given the
state's current economic climate.
Founded in 1982, Etkin Equities
LLC is a commercial real estate firm
engaged in the development, acquisi-
tion, management and marketing
of office, industrial, retail, hotel and
mixed-use properties. The firm is
selectively involved in fee-based prop-
erty management and development
services on behalf of third-party own-
ers.
Committed to investing in
Michigan, Etkin Equities, LLC has
developed more than 60 high-profile
properties consisting of over 9.5 mil-
lion square feet of commercial space
in Michigan. ❑

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