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Federal Realty introduces itself after closing on Town Center Plaza and Crossing
Summary
Federal Realty representatives introduced their firm to the council after closing on Town Center Plaza and Town Center Crossing July 1 and said they plan design and landscape upgrades.
Representatives of Federal Realty introduced the company to the Leawood City Council on July 7 after the firm closed July 1 on the 550,000-square-foot Towne Center Plaza and Towne Center Crossing shopping centers.
Bob Franz, vice president at Federal Realty, and Jeff Sharp, also a vice president, told the council the company is a publicly traded real estate investment trust based in North Bethesda with a 103-property portfolio comprising about 27 million square feet of open-air centers. Jacqueline (last name not provided), who will remain on-site to work with the new ownership, said she looked forward to partnering with the community.
Mayor Mark Elkins and several council members welcomed the new owner and urged Federal Realty to preserve and enhance the Town Center area, which officials described as Leawood’s downtown. Council member Julie Kane specifically praised the decision to retain Jacqueline, citing her community knowledge. Council member Lisa Harrison and others described heavy weekday activity at the center and expressed optimism about reinvestment.
Federal Realty said it is a long-term holder that plans design, landscape and place-making upgrades to the centers and intends to invest in the property. The company described a focus on architecture, landscape design and environmental graphics and said it expected to upgrade tenants and public spaces over time.
