SouthSide Works looks to new partner for rejuvenation
The Soffer Organization has turned to a top New York real estate development, leasing and management firm to inject new life into the SouthSide Works complex on the South Side.
In a statement, Soffer said it is creating a joint venture with Thor Equities “for ongoing ownership and management” of SouthSide Works, the 34-acre mixed-use office, residential, retail and entertainment development built on the Monongahela riverfront at the site of a former steel mill.
“Thor Equities has been chosen among several potential partners due to its impressive portfolio of urban retail properties throughout the world and strong expertise and relationships with national tenants. Thor is uniquely qualified to reposition SouthSide Works, and continue its impressive run as the premier mixed-use development in the region,” Soffer stated.
As part of the partnership, there will be a restructuring of debt, although Soffer did not provide any detail. The goal is to “continue the development and management of the project in a first-class manner.”
The decision to bring in Thor comes at a time when the trendy
complex has struggled to retain much of its retail. Clothing retailer H&M closed its SouthSide Works store last week. The development also has lost American Eagle Outfitters, which has its headquarters on the grounds, and BCBG Max Azria.
Thor describes itself on its website as a leader in the development, leasing and management of commercial, residential, retail, hotel and mixed-used assets in premier urban locations worldwide. It also touts itself as the exclusive representative of global retailers through Thor Retail Advisors, described as a premier leasing agent for marquee properties worldwide.
SouthSide Works is also home to popular restaurants such as The Cheesecake Factory and Hofbrauhaus, and the Hyatt House hotel.
Gregg Broujos, managing director and founding principal of the Colliers International real estate firm, said Thor is the “right group” to help shore up SouthSide Works.
He said Joe Sitt, Thor’s founder and CEO, is like the “Steve Jobs of retail.”
“They couldn’t have picked a better partner. [Sitt] will get that turned around quickly and well,” Mr. Broujos said.
“It’s like the perfect choice for a partnership. These guys are all retail. They just know the latest trends.”