Fort Worth, Texas, based Trademark Property Company released a statement late last week announcing itself as the new management firm for Zona Rosa.
Zona Rosa’s mortgage, under owner Olshan Properties of New York, went into default earlier this year, leading many to speculate a new owner was on the horizon.
At the Monday commission meeting, presiding commissioner Ron Schieber said the change of management became official on Wednesday, Sept. 12, but as of yet the county had not been notified of an actual change in ownership.
The question of ownership is one that the county considers key, as talks with a new owner are essential to determine the path forward for the county’s part – or future lack thereof – in making bond payments on the shopping district’s parking garages, as detailed in the commission story in this issue.
“Zona Rosa is a popular destination in north Kansas City and we are excited to help write the next chapter of its story and come up with ways to better serve its market,” said Terry Montesi, CEO of Trademark in a release. “We have a strong track record of uncovering the hidden potential in these types of complex properties, and we see a big opportunity at Zona Rosa.”
According to the release, strategic planning has already begun and will include a thorough visioning process bringing together experts in consumer research, operations, merchandising, design, placemaking and development with input from the local community. Thereafter, Trademark will set a strategic plan with concrete initiatives that will improve the property and redevelop it for the future based on the continuing evolution of the retail industry and mixed-use places.
Trademark has a 26-year track record as a value-add operator and advisor to institutional investors, helping retail properties evolve to meet the needs and aspirations of the community. As a leading mixed-use operator and developer, Trademark is committed to making a difference and being an extraordinary steward for all stakeholders.
Trademark’s portfolio of retail and mixed-used development expertise includes a number of recent notable redevelopment projects like Galleria Dallas, Victory Park in Dallas, Rice Village in Houston, WestBend in Fort Worth, and Saddle Creek in Germantown, Tenn. The addition of Zona Rosa expands Trademark’s portfolio to 18 retail, lifestyle and mixed-use projects totaling 14 million square feet operated by the company across the U.S.