Retail Power in Oregon
Like much of the West Coast, Oregon is, by and large, not feeling the impact of the nation’s economic downturn as much as other areas, such as the Midwest. According to retail researcher Marcus & Millichap, for example, Portland’s retail market is expected to record healthy performance this year. Retail developers are predicted to stay active, targeting mostly lifestyle and power centers.
In Keizer, Ore., the sister city to the state capital Salem, is a power center that by virtue of its location and its powerful anchors is positioned for short- and long-term success. Keizer Station Village Center (see project profile below), developed by Costa Mesa, Calif.-based Donahue Schriber, has managed to see its way to completion where others have failed due to ultra-strict development regulations.
Anchors include Target and Lowe’s, both part of what is being described as the premier shopping center development to the entire Keizer/Salem market.
The state of Oregon has very strict development regulations, such as the urban growth boundary, which makes large-scale developments such as Keizer Station very difficult to put together. Due to these regulations there is simply no other center of this caliber in the area.
Featuring anchors Target, Lowe’s, Bed Bath & Beyond, Cost Plus, Michaels, Petco and Staples, Keizer Station Village Center is a power center in a vibrant trade area. The population numbers 70,288 within a 3-mile radius; 129,933 within 5 miles; and 257,001 within a 10-mile radius of the center. Traffic counts at Interstate 5 and Chemawa Road are 83,900 per day.