Columbus-Based Development Team Acquires The Shops at Fallen Timbers and Plans Redevelopment as Timbers Town Center

A Columbus, Ohio-based real estate investment consortium has announced they have closed on the acquisition of The Shops at Fallen Timbers and will redevelop the property as Timbers Town Center, a mixed-use destination with expanded residential, entertainment, recreation, o􏰀ice, retail and restaurant o􏰀erings.

The 640,000-square-foot open-air lifestyle center opened in 2007 and is anchored by Dillard’s, JCPenney, Barnes & Noble and Cinemark Cinemas. The property spans approximately 108 acres and is now under new ownership.

Timbers Town Center Limited, a new company organized to own, redevelop and operate the property, is now leading the redevelopment e􏰀ort. New property management sta􏰀 are in place to support operations and coordinate implementation of the improvement program.

“The Shops at Fallen Timbers opened in 2007 as an early example of the open-air, Main Street-style shopping centers that gained popularity across the country in the early 2000s,” said Tim Rollins, President of The Metropolitan Companies.

“Consumer expectations have evolved to include a broader mix of shopping, dining, entertainment, residential, lodging, o􏰀ice and recreational uses in authentic town center settings,” Rollins said. “As the new owner, we intend to implement significant improvements that refresh the existing property, add complementary new uses and position Timbers Town Center as a regional destination for Maumee and the Greater Toledo area.”

The redevelopment will be led by a team with experience in large-scale mixed-use projects, including principals involved in the 1,200-acre Easton development in Columbus, Ohio..

The development team includes three firms that have worked together for nearly three decades:

Continental Development Ventures (formerly Continental Real Estate Companies)

Continental Development Ventures has been active in Midwest real estate development for more than 40 years.

Its portfolio includes mixed-use retail, multifamily residential, o􏰀ice, hotel and senior living projects.

Continental was involved in the development of EASTON in Columbus, including Easton Market, Easton Commons, The Bradford at Easton and the Easton Hilton Garden Inn.

Continental and Chairman Frank Kass also have experience in the Greater Toledo market, including Marina Lofts, the Hilton Garden Inn and Homewood Suites redevelopment in downtown Toledo, and Colony Lofts near ProMedica Toledo Hospital and the University of Toledo.

Steiner + Associates

Steiner + Associates is a mixed-use town center developer with experience creating retail, dining, entertainment and public gathering environments.

The company has developed more than 9 million square feet of commercial and mixed-use space since 1993, including Easton Town Center in Columbus.

The Metropolitan Companies

The Metropolitan Companies is a real estate development and advisory firm founded by Tim Rollins specializing in mixed-use projects, retail and restaurant properties, and o􏰀ice redevelopment.

Before founding Metropolitan, Rollins helped lead the formative years of the EASTON development while serving as Vice President of Special Projects for The Limited/L Brands.

Improvements are expected to occur immediately and phased in over a two-year period.

The comprehensive redevelopment plan includes significant capital improvements throughout the site, with particular focus on roads, sidewalks, enhanced landscaping, storefront modernization and new infill development.

The redevelopment plan includes partnering with the City of Maumee on infrastructure upgrades, including use of the existing Tax Increment Financing (“TIF”) District created to support development-related infrastructure improvements.

In addition to infrastructure and site improvements, the ownership group plans to re-tenant vacant storefronts, add new commercial infill buildings and create an integrated residential component with new housing opportunities.

The ownership group expects to announce new tenants opening at the property soon.

“A residential district at Timbers Town Center can help reinvigorate the property and support its transition from a traditional retail center to a more diverse mixed-use destination,” said Frank Kass, Chairman and CEO of Continental Development Ventures. “New and varied housing options are important to Greater Toledo’s continued growth and ability to attract new residents.”

The existing movie theater, one of the region’s highest-grossing theaters, is expected to remain a key entertainment anchor, along with Barnes & Noble and department store anchors Dillard’s and JCPenney. The redevelopment goal is to reestablish Timbers Town Center as a major regional destination for dining, entertainment, shopping and community gatherings.

“The opportunity to redevelop The Shops at Fallen Timbers allows us to improve and expand an important real estate asset in Greater Toledo,” said Yaromir Steiner, Founder and CEO of Steiner + Associates. “With continued growth around the property, this is an opportunity to make Timbers Town Center a compelling gathering place for the region.”