Rich Eychaner is continuing his redevelopment efforts near the intersection of Merle Hay Road and Douglas Avenue as he waits for a spike in retail leasing activity.

The developer, who has been working since the early 1990s to improve the area near Merle Hay Mall, recently demolished a building at 5824 Douglas Ave. to make way for a 9,500-square-foot retail center.

In 2008, Eychaner acquired that property, the former site of a Firestone Tire & Service shop, shortly before recession gripped the nation and effectively halted speculative retail development.

“It will be dicey until we actually have signed leases,” Eychaner said of his ability to finance two proposed projects, including the redevelopment of the former Firestone site and the planned construction of a 15,300-square-foot retail building on two parcels on the northeast corner of the intersection: 3801 Merle Hay Road and 5715 Douglas Ave. Those sites were the former homes of a privately held BP gas station and a Pizza Hut restaurant, respectively.

In order to secure the necessary financing, however, Eychaner said he must pre-lease a minimum of 60 percent of each of the proposed retail spaces. Meanwhile, he has been working through a number of utility matters and other issues on the sites as he waits for tenants to materialize.

“They look at the stock market and their last-quarter results and decide if they are going forward,” he said of the local and national retailers he would like to attract, noting that he is negotiating with several potential tenants.

He said three tenants already have signed leases to occupy one of the proposed developments. “On the other side, I’ve got two interested parties,” he said. But he needs a third before he can move forward with the 5824 Douglas Ave. development.

In addition to the economic downturn, which has made financing retail development projects more difficult, Eychaner said the type of users allowed to locate in the neighborhood may affect his ability to attract tenants.

He was referring to a recent application by Pawn America Iowa LLC, which had asked the city of Des Moines to grant partial relief from a temporary moratorium on the establishment and relocation of pawnshops.

The Des Moines City Council enacted the moratorium on May 17.

“If the city is committed to having a vibrant retail area around the mall,” Eychaner said, “you have to limit it to businesses that contribute positively to that area and attract national tenants.”

Pawn America was vying for the relief in order to locate a pawnshop at 5730 Douglas Ave., the former site of a Furniture Row store located across the street from two of Eychaner’s properties.

The company withdrew its request prior to Monday’s council meeting.