Georgian Place Contributes Growth To Embracing A Mixed-Use Development

February 2010 – Georgian Place Shopping & Office Village – the name itself sets the new scene for the well known landmark. The development has steadily filled up vacant space, improved the appearance, and marketed the revamped project to the community and surrounding areas. Prior to the purchase by SugarOak Properties five years ago, occupancy was less than 45% and many tenants were unstable. The infusion of capital and experience in revitalizing similar centers around the country put Georgian Place on track as a premier retail and office development. The plan integrated retail and service businesses with professional and medical offices. The combination of leasing or selling the business condominiums is working well. Over the last few years many business owners have taken advantage of the low sales prices for Class A office space and now own their offices instead of paying rent. “One of the great advantages of condo ownership I hear over and over again is that they don’t have to worry about repairs and maintenance and are able to focus solely on their businesses”, according to Tonya Spangler, Sales & Leasing Manager. They love the beautiful office setting in the heart of Somerset, and being only a few skips away from other amenities like the salon, fitness center, vitamin store, gift shops, The Inn. Most have admitted they wouldn’t trade their new offices for anything! Dr. Richard Grebosky stated "our patients love that there is ample parking close to our entrance which faces the parking lot. Our practice is handicapped accessible and includes a very convenient drop-off area. Our practice is in a great location and close to other physicians, local business, and restaurants." Georgian Place expanded its diverse mix of businesses in 2009, even during the economic downturn. This included a sale and renovation of 10,000 SF to Laurel Arts Education and Dance Center, a build to suit Lease of 3,000 SF to Prodigy Dialysis, Leases with Priority Healthcare Services and IU8 Preschool. Somerset Anglican Fellowship made a home for their church here. On the retail/attraction side, Laurel Highlands Model Railroad Club finished their first season at Georgian Place with greatest than anticipated attendance and look forward to welcoming bus groups in the coming year. Factory Brand Shoes renewed their lease; Sugar Grove Shops and Pages & Light Bookstore opened retail stores and are doing well. A shared office project is under construction. Now, those needing individual, small offices under 500 SF to conduct business can do so elegantly and inexpensively. Currently, a new retail store and a café are scheduled to open early this spring! Displaying an almost even number of medical offices, professional services, and retail shops with total occupancy over 75%, Georgian Place could win an award for authentic mixed-use. “The sales and leasing of outer units by typically stable businesses, such as office, educational, & service, create the anchors while we continue to fashion a core group of really great, fresh retail shops”, said Spangler. “The specialty shops must have sustainable business models that are supported by both our local community and the many tourists visiting the Laurel Highlands”. Comprising over 180,000 square feet, Georgian Place has prime space available for your retail or office use! Visit our newly constructed website for more information - www.georgianplace.net or contact Tonya Spangler 814-443-3818.