The Redevelopment of Lyndon Yard
Reimagining underperforming properties has been our specialty since day one. In 2022, we were presented with an opportunity to revive an overlooked retail center in a premium location, so we took a future-focused mindset and rolled up our sleeves.
The outcome: a property that's outperforming underwriting and bringing long-term value to the community for years to come.
The Market Gap
Lyndon is an established Louisville neighborhood connecting several of the city’s most bustling zip codes. This pocket of town is primarily residential and historically lacking in modern commercial space and businesses.
Located at one of the neighborhood’s most trafficked intersections sat a sleepy, listless retail center - Lyndon Crossing.
Our Approach & Competitive Advantage
We live, work and play in Louisville. We knew Lyndon’s traffic patterns, what residents needed, and how to draw more people to the neighborhood. What’s more, we previously completed development projects in the area like Westport Village and had a full understanding of the corridor's potential.
In the Spring of 2022, we acquired the property along with its under-market lease rates and began devising a plan to improve the exterior facade and common areas.
Our strategy was two-fold:
01. “Build it, and they will come.” This mindset enabled us to see the center not for what it was, but for what it could become.
The property had strong bones and a premium location – we knew modernizing the exterior facade and interior spaces with cosmetic updates would attract new-age tenants.
Furthermore, we knew we needed to commit to continual investment in the center proactively. This included intentionally underwriting for competitive tenant improvement allowances and sourcing high-quality materials and vendors to maintain & enhance the space.
02. Relationship-based property management
Enhancing a property’s appearance will increase its value in the short term, but solidifying it with strong tenant relationships creates long-lasting impacts.
In addition to redeveloping the property, Pluris planned to act as its property manager, enabling us to offer tenants both a coveted location and a personal connection to a landlord committed to helping their businesses grow.
This approach attracted growth oriented and like-minded tenants who are passionate about their businesses, thus strengthening the center’s health, driving traffic, and propelling business opportunities.
With this approach, we could position the center for success for years to come.
01. “Build it, and they will come.” This mindset enabled us to see the center not for what it was, but for what it could become.
The property had strong bones and a premium location – we knew modernizing the exterior facade and interior spaces with cosmetic updates would attract new-age tenants.
Furthermore, we knew we needed to commit to continual investment in the center proactively. This included intentionally underwriting for competitive tenant improvement allowances and sourcing high-quality materials and vendors to maintain & enhance the space.
02. Relationship-based property management
Enhancing a property’s appearance will increase its value in the short term, but solidifying it with strong tenant relationships creates long-lasting impacts.
In addition to redeveloping the property, Pluris planned to act as its property manager, enabling us to offer tenants both a coveted location and a personal connection to a landlord committed to helping their businesses grow.
This approach attracted growth oriented and like-minded tenants who are passionate about their businesses, thus strengthening the center’s health, driving traffic, and propelling business opportunities.
With this approach, we could position the center for success for years to come.
The Pluris Value
With a fresh face and branding, the new Lyndon Yard is fully occupied within one year of opening, with new leases being signed at improved market rates. Successes include:
The success of Lyndon Yard underscores the value that long-term investment strategies and a personal approach to project management create. While we enjoy improving the value of a distressed asset, more importantly, we like to do business with good people, and we are very excited about our tenants who fit this mold.
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