Pioneering CRE Developments

Scott Toombs’ work on several major, ground-breaking real estate development projects with The Rouse Company in the 1960′s and 70′s was a key influence on the culture and development vision of Toombs Development Company, which is the foundational influence on Silvermine Development Partners. No history of Silvermine, or insight into its future would be complete without an understanding of The Rouse Company, its culture, and how several of its projects changed the global real estate industry.

Mr. Toombs played a key leadership role as the Development Director in two major development projects mentioned in this section, including South Street Seaport – NYC, and Gallery at Market East – Philadelphia. He was also on the team that did the financial modeling for Columbia, Maryland and Faneuil Hall Marketplace, Boston.

From Wikipedia:

The Rouse Company, founded by James W. Rouse in 1939, was a publicly held shopping mall and community developer from 1956 until 2004, when General Growth Properties Inc. purchased the company.

The Rouse Company built some of the first enclosed shopping malls, and it pioneered the development of festival marketplaces, such as Jacksonville Landing in Jacksonville, Faneuil Hall in Boston, South Street Seaport in New York City, Waterside in Norfolk, Harborplace in Baltimore, and Bayside Marketplace in Miami. They also developed The Shops at National Place in downtown Washington, D.C. that opened in 1984-85.

The company has also been credited as the pioneer of the first successful food court in an enclosed shopping mall, when the second-floor food court at the Paramus Park shopping mall in New Jersey opened for business in March 1974. It followed an unsuccessful attempt at the Plymouth Meeting Mall in 1971, which reportedly failed because it was “deemed too small and insufficiently varied.”

Its community projects include the Village of Cross Keys in Baltimore and the planned cities of Columbia, Maryland (where it was headquartered),Bridgeland Community, Texas, and Summerlin, Nevada. The Rouse Company was also an investor in the planned community of The Woodlands, Texas.

In 1996, The Howard Hughes Corporation, which had extensive property and other business interests, became a subsidiary. On November 12, 2004, the Rouse Company was sold to Chicago-based General Growth Properties Inc., another shopping mall developer.

In 2012, General Growth Properties spun off 30 malls into a new real estate investment trust, Rouse Properties.

Aramark Tower: Aramark Tower, formerly known as One Reading Center, is a 32 floor 720,000 sq ft high-rise office building located in Center City Philadelphia, which Merritt developed, then leased, and eventually sold to the Reading Company.

Redwood Tower: Redwood Tower is a 23 story, 212,000 SF office building located in Baltimore. The project included a complex air-rights transaction which used groundbreaking cantilever technology to support the building over a historic structure, and was also unique in providing 9 corner offices per floor.

Princeton Forrestal Village: The innovative Princeton Forrestal Village project was an industry-leading development in the mid-1980′s. At the time, the mixed-use, open-air concept and attention to placemaking were ground-breaking in the real estate industry.

Gallery at Market East: During his time at the Rouse Company, Mr. Toombs was the Development Director and solely responsible for the development of this project working directly for Jim Rouse. “The Gallery”, as it is known to locals, was a very complex urban mixed-use development located at 8th & Market in Philadelphia. It is approximately 1.1 million SF with over 130 retail stores and a food court.

South Street Seaport, New York City: The South Street Seaport is a historic area in the New York City borough of Manhattan, located where Fulton Street meets the East River, and adjacent to the Financial District.

Faneuil Hall Marketplace, Boston: Faneuil Hall is now part of a larger festival marketplace, Faneuil Hall Marketplace, which includes three long granite buildings called North Market, Quincy Market, and South Market, and which now operates as an indoor/outdoor mall and food eatery.

Columbia, Maryland: Columbia is a planned community that consists of ten self-contained villages, located in Howard County, Maryland, United States. It began with the idea that a city could enhance its residents’ quality of life.