The hallmark of New Paradigm Development Partners, LLC., (“NPDP”) has been its ability to adapt and innovate in the worst market conditions. Nothing illustrates this so clearly than the fact that NPDP was first established out of the ashes of the real estate depression of the early 1990’s. In its first five years, NPDP reorganized, settled, compromised, restructured, or recapitalized over $1.2 billion in portfolios with distressed commercial real estate debt – all on a non-judicial basis without lawsuits.
In 1996, NPDP became a principle in Poag and McEwen Lifestyle Centers, LLC (“PMLC”), to develop a new genre of upscale retail properties which have now become known as “Lifestyle Centers” – a term coined by NPDP to distinguish the upscale format from traditional market niches (i.e. power centers, malls). During this period, PMLC developed both Deer Park Town Center ($125million, 550,000 SF) and Town Center Plaza ($100 million, 600,000 SF in suburban Chicago and Kansas City respectively. In the early 2000’s, NPDP, independent of PMLC, again developed a mega Lifestyle Center in northwest Chicago – The Arboretum of South Barrington, ($135 million, 600,000 SF).
In 2007, NPDP, fully divested from Lifestyle Centers due to concerns about overbuilding, purchased 104 acres in the Great Smoky Mountains (Pigeon Forge) Tennessee. There they fully planned a vacation home community called MacAllan Ridge project but with the onset of the Great Recession determined to mothball the project pending a more favorable economic climate. And as the market healed, NPDP found success with the acquisition of The Crossings retail center and development land in Hendersonville, Tennessee. Subsequently, they have developed a $20 million Hobby Lobby anchored development also in Hendersonville.
And while NPDP continues to explore other retail development and acquisition opportunities, today NPDP has re-conceived MacAllan Ridge as a $150 million Mountain Luxury Resort and intends to actively pursue its capitalization and development.