Woodbury City Centre
Wellington Management’s Woodbury City Centre development began in 1988 when Woodbury was just a small east metro community of 11,000 residents. Wellington’s initial focus was an office and retail district on the west side of Radio Drive, which at the time was a two-lane road. This segment of Radio Drive has since grown to six lanes to support Woodbury’s 68,000 residents. Wellington’s Woodbury City Centre district grew with it.
In 1988, Wellington purchased what was a farm field — now known as City Centre — just north of the newly built Woodbury City Hall. Wellington enlisted two investor partners and proceeded to construct a number of individual buildings. The first new building was modest: an 11,000 SF single-level office building named Centrewood Commons. That building leased up to a dentist and a real estate business. Other buildings rapidly followed, with the entire development including nineteen commercial buildings.
As the project progressed, Wellington bought a pig farm on the east side of Radio Drive for five-building City Centre East. Wellington’s strong relationships with local retailers and ability to construct appealing buildings that suited these smaller tenants set the company up for successful lease-ups. Early momentum also attracted others who were interested in purchasing Wellington-owned land to build a bank, gas station, a medical clinic, childcare facility and a dental office building.
Wellington continues to own and manage 12 buildings within Woodbury City Centre, valued at $31 million. Many of the office and retail tenants who originally set up shop in the early and mid ’90s are still thriving in the center of a rapidly growing upscale community.