Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/122387
MELBOURNE, AUSTRALIA'S CHADSTONE CENTRE IS TO SEE A $526 MILLION EXPANSION. served by new-generation retail, is seeing an abundance of redevelopment in addition to significant new construction. Ivanhoé Cambridge is investing $1 billion in Vancouver, British Columbia's 1950s-era Oakridge Centre mall. This project will double the retail space to upwards of 1 million square feet and surround that with 3,000 residential units in 13 towers. Ivanhoé Cambridge say it is investing heavily in international real estate because returns are now edging out the bond market. The company is planning a $280 million renovation at Guildford Town Centre, in Surrey, British Columbia, and has completed a $200 million redevelopment at Bayshore Shopping Centre, in Ottawa, and an $87 million renovation of Vaughan Mills, north of Toronto. Yorkdale Shopping Centre, which was already Toronto's largest mall, is just completing a $220 million expansion that added 145,000 square feet and 40 shops. In Ottawa the threestory Rideau Centre is undergoing a 154 SC T / M a y 2 0 1 3 $250 million renovation-expansion slated for completion in the spring of 2015. Mall owner Cadillac Fairview Corp. will redo the top two floors of the Sears anchor there to accommodate The U.S. market seems content to improve on what it has. Land prices remain too high for new construction, and rents have not returned to levels that justify it. a new Nordstrom. And Target will be opening about 200 stores in Canada mainly by retrofitting Zellers spaces. The U.S. market seems content to improve on what it has. Not only are capital requirements lower for mall overhauls, the permitting and entitlement process is far more streamlined for expansions, says Geoffrey Glazer, Kimco Realty's vice president of acquisitions and development for the mid-Atlantic and Northeast regions. Moreover, land prices remain too high for new construction, and rents have not returned to levels that justify it, he says. Kimco has been upgrading its shopping center portfolio for the past five years, divesting nonretail properties and its shopping centers in weaker markets while making selective acquisitions. "We've also been redeveloping where we can unlock additional value and expect to invest about $400 million in such efforts in the next few years," said Glazer. At West Farm Shopping Center, in Farmington, Conn., Kimco was able to capitalize on the Linens 'n Things bankruptcy by bringing in Nordstrom Rack last year while it refreshed the mall's facade and common areas. The