Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/122387
CBL & AssoCiAtes' Post oAk MALL, in CoLLege stAtion, texAs, is getting A MuLtiMiLLion-doLLAr fACe-Lift. The percentage of total U.S. shopping center space devoted to nonretail and nonrestaurant use rose to 22.3 percent last year, from 20.6 percent in 2010. firm is also reoccupying a vacated Borders there with an LA Fitness spa. At the 268,000-square-foot Richmond Shopping Center, in Staten Island, N.Y., one of five properties Kimco is redeveloping in that New York City borough, the firm capitalized on a lease maturation to replace a Kmart with a Target. Kimco is also renovating a Pathmark supermarket and some adjacent in-line retail space, and signed up an Old Navy and a Five Below. This year Kimco will begin a $17 million redevelopment of Wilde Lake Village Center, in Columbia, Md., which will revitalize the immediate area, Glazer says. Entertainment is an especially strong element of expanded and retenanted U.S. shopping centers. The percentage of total U.S. shopping center space devoted to nonretail and nonrestaurant use rose to 22.3 percent last year, from 20.6 percent in 2010, according to CoStar Realty. In Australia, meanwhile, Melbourne's Chadstone is one of the most productive shopping centers in the world, with its 518 shops posting annual sales in excess of $1,100 per square foot. Chadstone is planning a $526 million expansion for more retail space, an entertainment zone, a 180-room hotel and 1,400 additional parking spaces. The retail space will expand from 1.4 million square feet to 1.7 million square toronto's yorkdALe Centre reCentLy CoMPLeted An exPAnsion And renovAtion. 158 SCT / M a y 2 0 1 3 feet, with international names expected to occupy the brunt of that. Chadstone is already considered the largest mall in the Southern Hemisphere. Expansion of Australia's Indooroopilly Shopping Centre, named after the Brisbane suburb in which it is located, began last year. This $450 million project will bring in a 152,000-square-foot David Jones department store and some 320,000 square feet of additional space, including a Coles supermarket. When finished, Indooroopilly will comprise 1.23 million square feet of retail space among 340 shops. "This significant investment is a vote of confidence in Indooroopilly Shopping Centre, which has traded consistently well despite subdued retailing conditions," said Bob Kelly, chairman and managing director of owner Eureka Funds Management. Not to be outdone, Australia's Garden City Booragoon, in the suburb of that name, is aiming to double in size in a $400 million renovation slated for completion by mid-2014, according to owner AMP Capital Shopping Centres. The project will include a David Jones anchor, a supermarket and a fresh-food section with an outdoor dining area linked to the cinema. Mall renovation is much on the minds of Russia's first wave of class-A retail developers, whose properties are