"Woolworth's should be open before the (Christmas) holidays, after some major renovations to the building," said Willner.
In addition to Woolworth's, several other new tenants have come to 69th Street recently. A locally operated upscale jewelry store has opened at 69th and Chestnut in the former Hanscom's Bakery location. Other newcomers are the 69th Street Deli and L & F Ranch, which sells leather goods and furs. They join existing tenants such as Tiny Town Shoes, Stewart's, 16 Plus, and Sizes Unlimited. About 42 of the strip's 50 stores are occupied, Willner said.
In addition, Willner is hoping to draw in such tenants as Toys R Us and other national specialty chains with the lure of rents that begin as low as $12 per square foot. He said the area is attractive to such retailers because of its population density - 450,000 people with an average household income of about $22,000 live within three miles of the shopping stretch, Willner said.
Wilner Realty is a diversified real estate company, specializing in shopping center renovations. Its past projects include the Middletown shopping center in Monmouth County, N.J., and the North Mall in York, Pa.
Willner declined to comment on speculation that Sears has considered moving to the former Gimbels site from its aging and smaller Millbourne location nearby. "We are negotiating with several large department store merchants and hopefully will have something to announce soon."
The 69th Street shopping area consists of about 700,000 square feet of commercial space, both retail and offices, which Willner bought in December for $9 million from the estate of John B. McClatchy.
McClatchy developed the area with many architecturally strong Art Deco buildings in the 1920s and operated it much as a mall, under unified management of the district - an operations style that will be preserved under the new ownership, allowing Willner to seek out "upgraded national tenants and specialty stores," Willner said.
Willner Realty plans to use public and private funds to install new sidewalks, crosswalks, sitting areas, sheltered transit stations and landscaping.
The estimated cost of that first phase work, slated to begin in the spring, is $20 million, Willner said. To date, the company has used private funding and about $700,000 in state and local funds. Additional applications for public funds are pending.
