South River corridor set to become the retail and recreation destination in the Manchester area - by Bob Rohrer

Bob Rohrer, Colliers International

A one-time shopping destination near Manchester, N.H., is poised to be become one again. With Encore Enterprises’ purchase of the former Macy’s site in Bedford, southern New Hampshire will be the home of Bedford Place at South River Rd., a premier lifestyle center, featuring over 200,000 s/f of retail space and 100,000 s/f of Class A office space. Pre-leasing is underway, with letters of intent out for over half the available gross leasable area (GLA).

Originally a Jordan Marsh department store, the Bedford site was chosen more than 50 years ago when the city of Manchester thought a large store close to downtown would be detrimental to its Elm St. (the city’s main street) shopping district. With this in mind, the department store owners chose a site that, at the time, was in the rural community of Bedford. After 50 years and the growth of the suburban towns around the city, this site now benefits from unparalleled highway access, strong community demographics and above average household incomes. What started as a location for a single department store has become one of the areas strongest retail markets. The redevelopment of the Macy’s site, with its high-end retail and entertainment components, will undoubtedly become Bedford’s ‘crown jewel.’

The 16± acre site was purchased in August of 2015 by Encore Enterprises, Inc., a diversified commercial real estate investment firm, based in Dallas. Founded in 1999, Encore has completed over $1.6 billion of acquisitions and developments, with over 1.5 million s/f of retail space currently under management. PCA Architects of Cambridge, Mass. are assisting in the redesign of this ideally located site. Plans show that the site will be more than just an upscale place to shop.

Currently in the pre-leasing stage, Bedford Place at South River Rd. is attracting attention from national, regional and local retailers and corporations. The demolition of the 149,173 s/f building is now complete, with planning board review scheduled for early spring.

Like most lifestyle centers, Bedford Place will be a destination location. The development will consist of fashion, recreation, fitness, dining, hospitality and office space. A village green is in the plans, along with internal sidewalks to connect the shops and restaurants. In addition to all the amenities, a three story parking garage is also planned for the site.

The International Council of Shopping Centers (ICSC) defines a lifestyle center as a “specialized center” that has “upscale national-chain specialty stores with dining and entertainment in an outdoor setting.” The ICSC further describes them as a “multi-purpose leisure-time destination, including restaurants, entertainment, and design ambiance and amenities such as fountains and street furniture that are conducive to casual browsing.”

The redevelopment of this site joins other recent retail developments on the South River corridor in Bedford. The renovation of the Bedford Mall, anchored by Kohl’s and Fresh Market, the recent repurposing of the Wayfarer Inn site into Goffe Mill Plaza, home to the new Whole Foods which is scheduled to open April 8th, makes it clear that this corner of Bedford will become the retail and recreation destination in the Manchester area.

Bob Rohrer is managing director and partner with Colliers International|New Hampshire, Manchester, NH