Tri-State Owner MZL, LLC (Tri-State) proposed to redevelop the 588,000 square foot Tri-State Mall located in New Castle County, DE. ESI was retained by Katz Properties Retail, LLC to evaluate the economic and fiscal impact the redevelopment would generate in New Castle County and Delaware. ESI’s findings detailed in the report were used to enhance the public discussion on the proposal by articulating important economic and fiscal considerations of the proposed development.
The proposed redevelopment site includes a 525,000sf industrial logistics facility and a 15,000sf retail building which is located at 401 Naamans Road, Claymont, DE. Tri-State’s proposed redevelopment site will generate hundreds of jobs within the community, will increase state and local tax revenues, and will result in a positive impact on the property values in the immediate surroundings. The sluggish property will be restored to a thriving and attractive distribution warehouse and retail stores.