Thierry Febvay

Thierry Febvay, Managing Director of the ORSA public development agency.

We have every reason to be demanding because we are creating a remarkable site

The Orly Rungis-Seine Amont public development agency (EPA ORSA), responsible for the Portes d’Orly eco-district in Chevilly-Larue (Val-de-Marne county), is seeking a single specialised investor for the 5,000 square metres of ground-floor retail space to be developed within the district. Thierry Febvay is the Managing Director of the agency.

Why are you seeking a specialised investor?

Many elements contribute to the success of retail activities in an urban development . A single investor specialised in managing this type of asset is one of those elements. The owner will ensure the right mix of activities and its viability for the long term. Individual owners cannot produce the same results. Without neglecting the need for rental income, a single specialised owner knows that it is the overall pertinence of the offering that contributes to the prosperity of each retailer, and therefore to the value of the asset. The owner’s interests are thus aligned with the general interest, that of customers, the local authorities and the development agency.

What are your expectations for a future investor?

For a site of this quality, we have every reason to be demanding. We’re talking about a central district, rooted in the existing urban environment, with a mix of residential and office buildings. The housing opportunities are diverse, and mobility will be greatly improved thanks to a transit hub with tramway connections and a new metro station on Line 14 serving Orly Airport. We will of course examine the financial solidity and expertise of the investor, but our choice will also be based on what we believe is the best project for the site, where large numbers and many types of users will converge. The site deserves an inventive approach and well-honed targeting of activities, with a vision for the long term.

As former Managing Director of EPARECA, what are your views on integrating retail activities into a development plan?

EPARECA, by definition, provides support to sites where the retail offering is ill-suited to its environment. The sizing and location of retail spaces must be done well upstream in the planning stage. It only takes a 10-metre mistake for a shop to fail, which is why a specialist perspective is so important. When I started working at the EPA ORSA , I discovered that the agency was very attuned to this issue. At Portes d’Orly, where business potential and activity layout studies were conducted quite early, the retail spaces have been ideally positioned for visibility and to capture flows. Retail planning clearly played a part in defining the urban project.

I’ve also noted that local authorities are aware of their role in this matter. They are starting to realize that the retail sector – though within the private sphere – requires targeted public policies, justified by its important contribution to the life and economy of cities.

Epareca, the public agency for the development and restructuring of retail and craft industry zones, supports local authorities in reshaping these zones in their territory, within struggling districts.