Karp built his fortune (literally) in the 1960s and 1970s by building open and enclosed shopping malls. At the same time, Newburyport bucked the trend by restoring its downtown. This presented an authentic alternative to strolling through those commercial theme parks.
Fast forward 30 years later, shopping malls are out of fashion (and the land to build them is more expensive.) "Life Style Centers" are in. What's a life style center? Basically, a faux downtown.
From at 2004 Boston Business Journal article (see link:)
While lifestyle centers won't replace regional malls -- the developments are an alternative, said Karp -- there are few new malls being built these days for lack of available land. Karp is currently in the approval process for an 800,000-square-foot lifestyle center across from the Atrium Mall in Newton.
Enclosed malls have high operating costs and need to be built big enough to accommodate two department stores to cover costs.
Lifestyle centers, which Karp said are easier to build, offer the same amenities as malls but are geared toward people with high incomes.
Many fashion and home-goods parent companies have separate versions of stores for these new centers, which typically feature restaurants -- no mall-style food courts.
Guess what? We live in a lifestyle center.
So while Karp and other mall developers went one way in the 1970s Newburyport went the other. Three decades later, he's reversed course and ... well ... I'd say he caught up. Check out the article from Shopping Business Center. Karp's New England Development is working on some interesting mixed use projects across the state. None can be Newburyport, but they can be expensive replicas. See the picture for his Pier 4 plans (I pulled it from the Shopping Business Center web site.)
So what are his plans for Newburyport? It'd be nice to know details but here's something from the same article.
With long success in Nantucket over the last 20 years, New England Development is now applying that knowledge to Newburyport, Massachusetts. The company has recently purchased a large portfolio of downtown and waterfront properties in this seaside town, located 30 miles north of Boston, partnering with the Lagasse family, a local owner. It plans to build waterfront residences as well as new restaurants and retail. The retail mix in downtown Newburyport is very local and New England Development plans to keep it that way.
“Our investment in Newburyport is in both the waterfront development and in the retail downtown. We want both to thrive,” says (President Steve Fischman).
Not exactly a guarantee, I know. It still makes a lot of sense to pursue local controls. Unlike a lot of folks I don't have huge issue with what Karp is planning to do. Lots of communities would kill for this sort of attention. However, I really wish Karp would reach out a little bit. The silence is concerning.
So why am I bringing all this up? First, because this is my blog. Second, because I'm introducing a new feature to Newburyport Posts. I thought it might be fun to post articles and other stuff that I find about Steve Karp.
You can find it all under "Stuff About Steve Karp" in the right hand column. No additional charge.
Oh, if you happen upon an article worth adding to the list please send it along.
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