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Jul 02, 2023

Talking Business: What's up with the Clearview City Center project? Thomas Richards updates.

Thomas Richards, head of the family company that has owned Clearview Mall in

Thomas Richards, head of the family company that has owned Clearview Mall in Metairie since its inception in 1968, announced at the end of 2019 that he would embark on a $100 million overhaul of 35-acre site. Then COVID-19 happened.

After the pandemic and attendant economic upheaval, Hurricane Ida threw a major wrench into the works.

Clearview Center Managing Partner Thomas Richards talks updates on the redevelopment plan for the Clearview Mall in Metairie.

Still, there is an Ochsner medical facility as a new anchor tenant and the major renovation by Target — another anchor tenant — has been completed. The residential component is underway and Regions Bank is now on the site.

What's next? The complicated task of gutting out the middle of the complex to make way for a new open space that will be the retail core of the new Clearview City Center.

This interview has been edited for length and clarity.

So, just going back to when you first announced Clearview City Center and the vision to transform the old mall into a very different kind of mixed use complex, how has that evolved since, given all the things that were thrown in your way?

You know, I would say the particulars are changing but not the overall vision. The biggest thing that has happened was getting the Ochsner deal done. We always had medical use targeted, but that really hit a home run for everybody and served as a catalyst for executing on the plan. In 2019, we had a couple of medical users come in earnest to talk about doing a deal there, and I think their requirements started out talking about 30,000 square feet. It ended up being what it is today, which is over 200,000 square feet, a super clinic and a beautiful facility. (The cost of Ochsner's three-story medical center, which opened in February, was $115 million and it took over the entire space occupied previously by Sears).

Construction is well underway for the apartment complex — The Metro at Clearview — at the Trenton Street end of the site, by Interstate 10. It looks like that is a bit more units than originally planned, at 270, with your partner Audubon. What's the outlook for residential?

It's a little bigger than what we had thought on about 3.5 acres. It needs to be something unique to the market. If you look at (Audubon's plans) and all the amenities they have (which includes two courtyards, including a resort-style pool and cabanas, a yoga lawn, lounge area, grilling stations, sitting area and a Zen garden). They're outside completion date is June of next year, and I'm personally very interested to see how fast they can absorb and get to stabilized occupancy. I think they're going to reset market rents in Jefferson Parish. (They've said rents will range from $1,500 to $3,000 a month for an average of 925 square feet of space.) So, we'll look at that and I think there'll be other residential on the site at some point.

Is the refurbishment of Target completed? How did that go?

They're breaking down the staging area and they have a couple of things to wrap up but that was about a $9 million renovation. They continue to perform very well there; sales are great.

What is the next big thing planned to happen at the Clearview site?

There is still uncertainty with Bed Bath & Beyond, which is still in bankruptcy. But that aside, our next big phase is unsexy — it's how we transition from the old to the new utilities without too much disruption. In the old building, all of the transformers that power the center are on the roof. So, before we can demolish the center of the complex to make way for the new open air section, we have to figure out how we get all the new utilities installed without interrupting existing tenants. Then we can move onto demolition and start marketing and leasing the new space.

The new section, called The Commons, will have a Ruby Slipper brunch spot; that's confirmed?

Yes, we've delivered the space and they should be opening soon.

Are people heading back to the cinema, to the AMC complex there?

AMC has been great and haven't skipped a beat. I know there's some skepticism, but they seem strong and happy and doing well. One thing I couldn't point to is office space. It seems to have been most affected by COVID. It's not that we don't want office space but right now it is not the hottest use and we have a lot of other prospects.

What about the plans for a limited service hotel?

That's very much still in play. There are a few places it could go. We're in discussions about a 110-key limited service on the south parking lot where WTIX is now. The location also depends on what happens with Bed Bath & Beyond, because if that space opens up, including the parking lot space in front, I'll have to rethink the whole plan.

Email Anthony McAuley [email protected].