There's a standard mantra in the real estate business that has long withstood the test of time; location, location, location! And while it is certainly true that location is the most important factor in determining where to build pretty much anything, whether it's a residential development, strip center, warehouse or shopping mall, the reality is that timing plays just as important a role in ensuring its success.

Princeton Forrestal Village on Route 1 in Princeton is a case in point. The 160,000-square-foot retail outdoor mall in the 52-acre, 720,000-square-foot mixed-use of office and retail property opened in 1987 with the intention of creating a new downtown Princeton: vis a' vis Palmer Square with considerably lower rents. Upscale designer shops flocked to the site, only to discover they were up against the more popular trend of indoor malls, such as Quaker Bridge Mall, a few miles south on Route 1. PFV soon looked like a ghost town, and so another concept was implemented: luring shoppers to designer factory outlet stores, such as Carter's Childrenswear, West Point Stevens and Dansk, to name a few. The outlets fared better than the upscale shops, but eventually, with the advent of competing outlet centers in Jackson and Flemington, again the shops fled as a result of the less-than-impressive foot traffic coming to the center.

Matthew Harding, president and CEO for The Levin Corporation, retail leasing agent for Princeton Forrestal village, said that the center had a lack of visibility problem. "When people drove down Route 1, there was no evident sign of retail activity here," he commented. "We knew there needed to be some sort of beacon, some large anchor tenants that would draw customers to the center. So we worked with the owners (The Gale Corporation, which was purchased in 2006 by commercial giant Mack-Cali Realty Corporation) to create pad sites for restaurants."

"The [project] was only being used at lunchtime, the local residents weren't coming, so we wanted to create a mix of tenants to create a destination, in order to draw a daytime clientele," he said.

When nationally known restaurant Salt Creek Grille opened in 2006, followed by CAN DO Fitness and Koi Spa Salon, which signed on for a 73,000-square-foot high-end fitness center and spa in July 2007, and then, this past year Ruth's Chris Steak house opened, the locals began to find more than one reason to visit PFV. The Westin Hotel has also been a big draw, and is currently undergoing an $8 million renovation.

"CAN DO Fitness and Koi Spa Salon are not the typical club," says Stuart Polevoy, CEO of CAN DO Fitness Clubs.