Church Street Marketplace
Encyclopedia
Shopping mall
A shopping mall, shopping centre, shopping arcade, shopping precinct or simply mall is one or more buildings forming a complex of shops representing merchandisers, with interconnecting walkways enabling visitors to easily walk from unit to unit, along with a parking area — a modern, indoor version...
located in Burlington
Burlington, Vermont
Burlington is the largest city in the U.S. state of Vermont and the shire town of Chittenden County. Burlington lies south of the U.S.-Canadian border and some south of Montreal....
, Vermont
Vermont
Vermont is a state in the New England region of the northeastern United States of America. The state ranks 43rd in land area, , and 45th in total area. Its population according to the 2010 census, 630,337, is the second smallest in the country, larger only than Wyoming. It is the only New England...
.There are about 86 storefronts. The Church Street Maretplace Commission manages the pedestrian mall, while the enclosed mall is managed by General Growth Properties
General Growth Properties
General Growth Properties, Inc. is a publicly traded real estate investment trust in the United States. It is based in Chicago, Illinois at 110 North Wacker Drive, a historic building designed by architectural firm Graham, Anderson, Probst & White...
. It contains 289156 ft2 on two stories, making it Vermont's fourth biggest mall. There are 49 shops including the state's only Macy's
Macy's
Macy's is a U.S. chain of mid-to-high range department stores. In addition to its flagship Herald Square location in New York City, the company operates over 800 stores in the United States...
department store. It has 167018 ft2 of finished space.
The much larger pedestrian mall is a four-block section of Church Street in the heart of the city. Major retailers on the pedestrian mall includes five national chain stores; as well as local retailers of clothing, home-wares, and other goods. It is the site of festivals throughout the year. Events such as the South End Art Hop
South End Art Hop
The South End Art Hop, also known as the Art Hop, and Burlington Art Hop, is an annual event presented by the South End Arts and Business Association of Burlington, Vermont....
and public galleries such as The Firehouse Gallery
The Firehouse Gallery
The Firehouse Gallery, or the Firehouse Center for the Visual Arts is an art gallery in Burlington, VT. The building was originally built as the Ethan Allen Firehouse on Church Street, Burlington, Vermont in 1889. The building is now owned by the non-profit BCA , which uses the building for its...
and Pine Street Art Works
Pine Street Art Works
Pine Street Art Works is a privately owned art gallery and store, in Burlington, Vermont, showing 20th and 21st century painting and photography, as well 20th century posters, chromolithographs and assorted works on paper....
, provide a forum for the visual arts. The American Planning Association
American Planning Association
The American Planning Association is a professional organization representing the field of city and regional planning in the United States. The APA was formed in 1978 when two separate professional planning organizations, the American Institute of Planners and the American Society of Planning...
was named the Marketplace one of America's "Great Public Spaces" for 2008.
The enclosed mall has multiple entrances, the main entrance is located on Church St. between Cherry St. and Bank St. Major retailers in the enclosed mall include six national chain stores as well as some other smaller local retailers.
History
In September 2010, it had 91.7% occupancy, 7 ground-floor vacancies. 90% is more typical. The vacancy rate peaked at 11% December 2009.
Operations
In 2010, the rental per square foot was from about $20 to $35 per 1 ft2, plus a triple net of $11 per foot-squared. The "maintenance" part of the triple net was set by the Church St. Marketplace Commission at $2.56 per foot squared. The "tax" portion of the triple net is about $3.55/ftsq.Average pro-rata tax payment for a non-anchor store is about $2 per 1 ft2.
The main concern influencing expansion is the lack of parking downtown.