BIGBOX

Detroit, MI

Other stage Full Build Financial » Real Estate
About
A small format retail experience, crafted entirely by 'made-from-scratch' retrofitted shipping containers. Situated within Detroit’s historic Eastern Market district, connected to the riverfront by the immediately adjoining Dequindre Cut Greenway.

Industry
Landscape

Currently in development is the largest modular retail structure in North America, in the heart of Downtown Detroit, Michigan in Eastern Market. This project is a 50,000 square foot retail and entertainment complex, comprised entirely out of 'made-from-scratch' shipping container units, retrofitted to individual retailers and built to house approximately 45 - 60 businesses. Our goal is to complete the development and lease-out of this project, with projected business commencement before Summer 2019.

The
Problem

Retail is a challanging market. However, the challange arrises from the basic understanding that e-commerce has eliminated the 'need' for retail shops to sell product behind the counter. While this is applicable nationwide and even globally, here is where the problem in Downtown Detroit paves the way for BIGBOX. As it stands, Eastern Market is undergoing a period of incredibly strong demand from local businesses to take advantage of the landscape in the market district. With over 2,000,000 shoppers in Eastern Market each year, Detroiters seek to capitalize on the growing activity……BIGBOX is the solution to that demand, alongside the solution to an uncertain market of bricks and mortar retail.

The
Solution

This project seeks to expand upon the City’s rich history of innovation and ingenuity, instituting emergent concepts in retail, food, and creative workspace in a shared environment. Aimed to strengthen the identity of this famed community, comprised of a unique mix of public art, industrial uses, and one of the City’s most celebrated public spaces, the project picks up on these contextual cues, amplifying porosity, open space, social activity, and creative interaction, while catalyzing an innovative community and future use. The project is set in a high foot traffic node, highly conducive conducive to building thriving businesses. We aim to help entrepreneurs in growing regions of the country take the initial steps needed to execute their business, and reach the point of breakthrough into full scale retail success. Our goal is to expose these businesses to the market through creative media content across all digital and mobile platforms. The project catalyzes a creative community by both attracting Detroit’s established and burgeoning creative talent and fusing them in an environment with internationally recognized brands. This concept is further reinforced through the modular nature of the containers, which can be plugged in and out as the project grows and evolves. As a team, we are curating a highly interactive experience for the local market through special events, with heavy focus on local attention and behavior, as well as appeal to the pride for local sports and history. We are feeding soul of the ‘street-food’ movement, which will drastically stimulate the local economy, create thousands of jobs and feed the growing millennial spirit of Detroit.

Business
Model

This project is comprised of 71 leasable units (not including combinations). Our average price per leasable unit is $2,195 per month. In addition, we are deploying a membership structure with monthly membership fees for each of our retail tenants. Our average monthly membership fee equates to $199 per month, and includes accees to all BIGBOX amenities, including comisarry kitchens, the use of private event spaces, cross collaboration platform amongst members, and the ability to trade during events in our 6,000 square foot event space. Strategically, our lease up will be conducted in-house, alongside handpicked branding consultants, who will create the content that drives the BIGBOX initiative to the market through social media, local events, a strong press initiative, and the content needed for our retailers to understand the full-scale benefits in joining the BIGBOX community. BIGBOX has also retained CBRE as our in-house leasing consultants, alongside project management, research and market analysis.