Five years ago, Mathieu Rosinsky embarked on an ambitious venture to revive a flagging 84,000 sq. feet massive “box” retail space located at 10477 Fairview Road in Boise, Idaho. Space was both unwieldy to market and long overdue for renovation. Mr. Rosinsky hired Bob Mitchell from Thornton Oliver Keller to assist in brokering the building that was built in 1975. Both focused not only on national tenants but on individual business owners with synergetic concepts, some of which had been successful in the local market for decades.
Mr. Rosinsky and Mr. Mitchell focused on aggressively providing incentives to prospective tenants by breaking down the big “box” concept into manageable, considerably more marketable units with greater potential. In response to the effects of growing e-commerce and online retail businesses, Mr. Rosinsky and Mr. Mitchell determined that creativity and experimentation with various approaches were necessary to accomplish their goals on this project. Mr. Rosinsky noted, “Our competitors are mostly limited partnerships and real estate investment trusts. My competitive advantage is that I can make executive decisions without obtaining anyone else’s approval. This allows for unconventional approaches to be implemented and for these ideas, thankfully, to come to fruition.”
Commercial Loan Officer at Idaho Central Credit Union, Lance Hatzenbeller lauded Mr. Rosinsky’s creativity, vision, and advocacy, explaining that “Mathieu was able to work with his contacts at Idaho Central Credit Union to get the funding they needed to make this innovative concept a reality. Lance continued, “It was a pleasure working with Mathieu. When you have a member with creative ideas and a strong business case, it’s exciting to find ways to support them.”
The resulting updated space now combines several smaller retailers, including Ace Hardware, Woodland Kids – Discovery Center, Dead On Archery, Idaho Youth Ranch Thrift Store and Vector Christian Church. Not only does the business have positive synergies between themselves and the local community, but the multiple tenants have attracted growth and economic prosperity to a formerly dormant community, which has been noticeably revitalized with hundreds of new jobs and exciting local activity from these diverse new businesses.
Bob Mitchell, head of Premier Commercial Real Estate Brokerage and Management Company in Boise, Idaho who worked closely with Mr. Rosinsky on this project, credited Rosinsky for the decisive, game-changing direction of this project remarking that “Mathieu Rosinsky made a very wise decision when he decided to reposition the aging 40-year-old K-Mart store with a modern look and seven new retailers.”
Charity Nelson, the Economic Development Director for the Boise Valley Economic Partnership who had been brought on by Mitchell to assist the business partners with this challenging project commented on the impact of the buildout of this property on the local community, noting “While we know that creating seven business suites out of a 40-year-old former Kmart building came at considerable expense, we feel that the investment has paid real dividends for the community. It has again become a bright spot in an area that was once the prime retail corner of West Boise.”
Mr. Rosinsky, who invested over six million dollars of capital into the project, credits his complete autonomy as a sole proprietor of Belmont Associates and sole investor in the project, with enabling such immediate restructuring of the building.
The resulting impact of such changes initiated by Mr. Rosinsky and Belmont Associates has been felt beyond the retail space itself and has been significant in the local Boise community. Belmont Associates also previously leased the nearby property to nationally-owned and operated Mavericks, which is currently building its superstore gas station near the shopping center. The location is projected to see traffic exceeding 1500 people daily. All told, the local Boise, Idaho community is flourishing with Mr. Rosinsky’s contributions at 10477 Fairview Road. Hundreds of new jobs, noticeable economic improvement, and a renewed sense of vitality has blossomed out of Mr. Rosinsky’s original creative vision to subdivide a “big box” in a quiet community.
Real estate investor, Mathieu Rosinsky, is a fourth-generation legacy member of family-owned Belmont Associates based in Palm Beach, Florida. The property investor and developer hails from a prominent family of retail and commercial real estate investment experts with over 100 years of collective real estate and retail business experience. Belmont Associates currently focuses its efforts on the acquisition, development and operation of commercial offices and retail space, as well as multifamily residential properties situated in strategic locations throughout the United States.
Belmont Associates owns properties located in prime, high growth communities throughout the United States. The company’s long-standing philosophy has been to purchase real estate as a part of its long-term investment portfolio. Many of Belmont Associates’ properties, which have been redeveloped through diverse configurations, have been part of their portfolio for decades. Belmont Associates seeks to continue the growth of its diversified portfolio through prudent management and selective future acquisitions.