Oswego Village construction on track to finish by March 2020
There is an end in sight for the bustling construction at Oswego Village — and one that may excite fitness fanatics and restaurant enthusiasts.
Come next spring, construction is expected to cease at the shopping center on State Street and passersby will witness the vision of the center: to provide community members with outdoor restaurant seating, public patio space and a lively, modern shopping center.
According to Brian McWeeney, senior associate in asset management for Asana Partners — a North Carolina-based real estate investment firm that purchased the Oswego Village shopping center last year — they are currently updating the center's facade to give it a more modern look with new roofs, concrete walkways and parking lot improvements: "Bringing new life to the center," he said, adding that the goal of the center's new additions are to complement Lake Oswego's already vibrant downtown area.
Asana Partners purchased the five-building retail center at 11 S. State St. from California-based Terramar Retail Centers (TRC). According to the Portland Business Journal, Asana Partners paid nearly $34 million, acquiring the property free and clear of existing debt.
The shopping center is currently home to Whole Foods 365, North Lake Physical Therapy, Laughing Planet and others.
McWeeney said they're currently going through a $4 million renovation of the property and are seeking tenants that have a focus on restaurant and fitness.
Though McWeeney said he can't comment on specific tenants yet, there will be seven to 10 new spaces depending on the tenants and their uses — some may require more or less space.
McWeeney said Asana is still looking for more businesses and is "in discussion with a lot of tenants but have not finalized all of our spaces and locations."
Construction at Oswego Village began in September and is on schedule to be complete within the expected six-month timeline. McWeeney said he hopes construction will end by March 2020.
"We think this site has tremendous potential," McWeeney said. "We are excited about our future with the center and are looking forward to bringing the center up to speed for all the residents."
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