With hotel and bank signed on, A.D. Makepeace looks for specialty retailers to fill Rosebrook Place
With its two anchors in place -- a 90-room TownPlace Suites by Marriott hotel and a full-service Cape Cod Five bank -- the A.D. Makepeace Company is focusing on recruiting specialty retailers for its Rosebrook Place mixed-use development.
Located on Route 28 near interstates 195 and 495, Rosebrook Place is being constructed next to Rosebrook Business Park, which currently features a medical office building occupied almost exclusively by Southcoast Hospital Group.
Rosebrook Place will have anywhere from six to eight buildings with a mixture of office and retail space, 36 apartments, a restaurant, a pharmacy, the bank, and the hotel with a 300-seat conference center.
A.D. Makepeace is being selective about its tenants for the approximately 60,000 square feet of retail space.
"We're looking for [stores] with a little more panache," said Linda Burke, A.D. Makepeace vice president of marketing and communication.
As A.D. Makepeace President and CEO Michael Hogan described the potential tenants: a specialty sports store, an outdoor-adventure store, a furniture seller, and a gift and souvenir shop that would support tourism and the company's commitment to agricultural tourism.
In addition to at least one large, full-service national restaurant, the company is looking for a quick-serve cafe to occupy the space.
"We've been holding out" for the right mix of tenants, Hogan said.
Construction crews have been busy at the site since Town Meeting voters in April approved a "tax increment financing agreement" with LaFrance Hospitality Group, which operates the hotel. The agreement gives the hotel a 45% tax break -- an approximately $622,000 in savings -- over 15 years.
Even so, the town will still see approximately $761,000 in tax revenue over the 15 year time period. Officials have also estimated that approximately $3.3 million will be brought in through other taxes -- including room occupancy taxes, meal taxes, and land taxes -- over the 15 years.
The agreement paved the way for A.D. Makepeace to secure the tenant, said Hogan.
Next to sign on was the Cape Cod Five Cents Savings Bank, which announced its decision to open its first full-service, off-Cape branch at Rosebrook Place earlier this month.
Cape Cod Five operates 22 locations across Cape Cod and the Islands, and opened a lending office in Marion in 2011. Representatives from the company said that customers' positive response to the lending center helped them make the decision to continue the company's expansion into Plymouth County.
"There will be a significant number of new jobs related to that," Hogan said of the bank.
Crews are currently working on getting the site ready for the hotel and the bank, as well as the first retail building, which will house apartments above the stores.
"You'll see the dirt flying" over the next few months, Hogan said, with vertical construction beginning this summer.
The hotel is slated to open in the summer or fall of 2014, while the bank is expected to open in the summer of 2014.
The A.D. Makepeace Company is excited to be moving forward with the project, which it's been planning for more than five years.
"It's the kind of architecture that says 'Cape' and 'agriculture,'" Hogan said.