(See story on
mall redevelopment on page 38.)
There has been little new mall development, but
mall redevelopment l - t - v could go as high as 70 percent.
Growing importance of
mall redevelopment means the optimal skill mix is changing for retail development executives.
HUNTSVILLE, ALA. — Matthews Real Estate Investment Services has arranged the $ 13.8 million sale of The Gallery Shopping Center, a 101,498 - square - foot retail center located near the $ 350 million Mid-City
mall redevelopment in Huntsville.
Westfield has been seen as a pioneer in U.S.
mall redevelopment, melding traditional mall retailers with atypical mall fixtures like upscale food courts, high - end restaurants, bars, cinemas and boutique fashion outlets.
Not exact matches
Japanese fashion retailer Uniqlo will open its first Western Australian store in Perth's Murray Street
Mall, with a flagship two - level shop anchoring a $ 6 million
redevelopment of Plaza Arcade.
Brookfield Multiplex will start work by the middle of the year on a $ 350 million expansion of Mandurah Forum, with the
redevelopment to make the southern suburbs
mall the sixth - biggest shopping centre in the state.
Work will start on a game - changing
redevelopment of Forrest Chase in coming months, with fund manager ISPT expected to receive planning approval for a major revamp of the CBD
mall later this week.The
Westfield Carousel owner Scentre Group is expected to unveil details of a major expansion of the Cannington shopping centre in coming weeks, with the
redevelopment likely to result in the
mall reclaiming its title as Western Australia's biggest.
More progress has been made on the
redevelopment of Garden City Booragoon, with AMP Capital lodging a development application for a $ 750 million revamp of the
mall, which would make it the state's largest.
Although Hull has never taken on a project like the Regency
Mall, he says
redevelopment is about looking at it as an investment.
The 140 - acre project is a
redevelopment of the former Madison Square
Mall.
The lavish features are part of a two - year
redevelopment to encourage people to shop at the
mall instead of online.
Sen. George Maziarz encouraged the governor to explore the possibility of applying various incentives under Tax - Free NY to assist in the
redevelopment of 200,000 square feet of available space at the old Rainbow Centre
Mall.
The Tin Building is adjacent to the
mall and was not included in the
redevelopment plan.
As much as people like to hate on Santiago Calatrava, the World Trade Center
redevelopment's numerous cost - overruns, delays, and design failures — and
malls — there's no denying that the Transportation Hub oculus looks beautiful.
On May 28, a peaceful, apolitical crowd of demonstrators set up camp in Taksim Gezi Park to prevent its
redevelopment into a shopping
mall.
Scott and Garner recently advised Hammerson on a vacant possession issue relating to the Victoria Gate shopping centre development, and assisted The
Mall with the
redevelopment of a Camberley - based site, including the extent of statutory undertakers» rights over the site and public right of way issues.
* This fall, Montgomery, Ala. - based Jim Wilson & Associates Inc. will complete the
redevelopment of Bel Air
Mall in Mobile.
Another project that's underway is the
redevelopment of Columbus City Center, a 20 - year - old
mall that's being torn down to make way for Columbus Commons, a mixed - use project centered around a nine - acre park.
Gastonia, to the west, and Concord and Salisbury, both along Interstate 85 to the northeast, have undergone power center development and the
redevelopment of existing
malls.
-- Palm Beach
Mall (1.2 million sq. ft.) in West Palm Beach, which is anchored by Burdines, JCPenney, Lord & Taylor, and Sears, is in the final planning stages for a significant
redevelopment, which will occur throughout 1998 and 1999.
For example, at the 1.3 million sq. ft. Park
Mall in Tucson, a recently completed redevelopment project by General Growth Properties, Stone Marketing provided Caesar Porcelain, «a tile with a limestone - like appearance,» as the primary material for the mall's flooring, she says, «and we used some slate and sandstone for acce
Mall in Tucson, a recently completed
redevelopment project by General Growth Properties, Stone Marketing provided Caesar Porcelain, «a tile with a limestone - like appearance,» as the primary material for the
mall's flooring, she says, «and we used some slate and sandstone for acce
mall's flooring, she says, «and we used some slate and sandstone for accents.
An obsolete two - level enclosed
mall in Chicago will soon be transformed into a 594,000 sq. ft. shopping center, thanks to a $ 65 million
redevelopment loan.
Separately,
mall landlords are adding tens of millions of new square feet via new construction and
redevelopment.
«To simply say, «This is a
mall, so we can do a mixed - use
redevelopment» isn't accurate.»
«If a
mall is in the center of an urbanized area, this type of
redevelopment is very possible,» asserts Beck.
The company assumed responsibility for Edwards» planned 15 - screen complex at Civic Partners» Vista Village
redevelopment project in San Diego and took over operation of Edwards» 18 - screen megaplex at the Buena Park (Calif.)
Mall.
Southpoint lured Belk and JCPenney away from 27 - year - old South Square
Mall, now closed for
redevelopment by owner Faison & Associates of Charlotte.
Both benefited from the demise of neighboring
malls that are being bulldozed for
redevelopment.
Recently, Prudential Mortgage Capital financed a $ 49 million project, the
redevelopment of Ballston Common
Mall in Arlington, Va..
Pittsburgh - PNC Real Estate Finance recently underwrote $ 93 million in
redevelopment financing for Los Angeles - based Westfield America's Westfield Shoppingtown Independence
Mall in Wilmington, N.C...
With the holidays around the corner,
mall owners are looking at
redevelopment opportunities, according to CNBC.
- ft. Dadeland
Mall, which maintains market dominance in South Miami with $ 720 per sq. ft. in sales, is undergoing a $ 30 million
redevelopment and renovation to keep up with new competitors Dolphin
Mall and The Rouse Co.'s upcoming Village of Merrick Park.
Foursquare Properties, based in California, is purchasing Bellevue
Mall from Madison Marquette, based in Washington DC, pending approval of a $ 100 million
redevelopment plan.
North Lethbridge witnessed the major
redevelopment of Centre Village
Mall and South Lethbridge remained steady with some movement but little growth.
Projects include the rehabilitation of historic hotels in New Orleans and Louisville (such as the famous The Roosevelt New Orleans), renovations of regional
malls in Minneapolis and Dallas, the
redevelopment of a retail center in San Diego, and the new construction of a medical office building in Chicago.
If Forest City Enterprises decides to go ahead with the
redevelopment / remerchandising of its Atlantic Center
Mall and Atlantic Terminal
Mall properties in Brooklyn it might be able to remake the surrounding area into...
Indianapolis - based Simon Property Group's 1.4 million sq. ft. Dadeland
Mall, which maintains market dominance in South Miami with $ 720 per sq. ft. in sales, is undergoing a $ 30 million
redevelopment and renovation to keep up with new competitors Dolphin
Mall and the upcoming Village of Merrick Park.
«We have gone to
redevelopment because its gets longer and more difficult to go through the process to build a ground - up project,» says Michael Lebovitz, senior vice president of
mall projects.
Cutting the red tape Chattanooga, Tenn. - based CBL & Associates Properties counts 30
malls in its portfolio, three of which are under
redevelopment.
«Over its 50 year history, CBL has been able to effectively combine ground - up development of regional
malls in smaller markets,
redevelopments of existing centers and opportunistic acquisitions to generate a high return on capital.»
RAS Builders, for example, is in the midst of multiple projects across the country, including an $ 18 million
redevelopment project at Foothills
Mall in Tucson, Ariz..
Providence, R.I. - based Churchhill & Banks, a developer in New England and North Carolina, recently purchased Lincoln
Mall in Lincoln, R.I. Seeing it as a
redevelopment opportunity, the company paid $ 24.5 million for the 504,000 sq. ft. shopping center.
Great
Mall of the Bay Area is currently undergoing a strategic
redevelopment that will add several new anchor tenants and an entertainment component to the property.
When the
redevelopment is completed, the
mall will have five anchors and more than 80 retail stores and restaurants.
As the year comes to a close and the holidays approach,
mall owners are talking
redevelopments, and particularly those of vacated Sears stores.
Simon, the largest
mall owner in the U.S., boasts more than 30
redevelopment projects, totaling $ 1.3 billion in expenses, ongoing.