Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/122387
Redevelopment roundup It seems that much of the world's freshest retail space will be coming from the most mature retail properties. • Sonae Sierra is spending $5.8 mil- are expected to bring new tenancy of lion to expand its AlgarveShopping mall, over 100,000 square feet at Everett located in Guia, Albufeira. The Portu- Mall and more than 65,000 square feet guese firm plans to add about 32,290 at the Commons. new square feet of selling space to the • New owners Kohlberg Kravis Roberts 12-year-old mall, expanding it to nearly and YTC Pacific are undertaking a multi 489,800 square meters. million-dollar and multiyear renovation The mall, which welcomed 6.4 project at the 1.5 million-square-foot million visitors in 2012, is expanding to accommodate two new anchor 162 SCT / M a y 2 0 1 3 cago suburb of Lombard. The project stores, a 15,069-square-foot C&A; and and public events. Mall of America in Bloomington, Minn., is getting a face-lift too. The $200 million–plus expansion of the 20-year-old mall will be geared toward high-end shoppers. This will include up to 200,000 square feet of new retail, much of it luxury, plus offices and two hotels, including the newly opened, 500-room Radisson Blu. CBL & Associates will add some 46,000 square feet to Cross Creek Mall, in Fayetteville, N.C. That work has an expected completion time of late this year. The firm's Post Oak Mall, in College Station, Texas, is getting a multimilliondollar face-lift too. The 400,000-squarefoot mall is getting new entrances, flooring and soft-seating areas, and a redesign of its food court. General Growth Properties is mulling an expansion and remodeling of its Beachwood Place, in Cleveland, press reports say. The 40-yearold Westfield Hawthorn Mall, in Vernon Hills, north of Chicago, is planning an expansion — a $40 million project that will feature a 12-screen cinema, new retail and restaurant space, updated entrances and more. Given the amount of time that new mall development demands, plus the permitting headaches and the steep costs of land and construction, it seems that much of the world's freshest retail space will be coming from the most mature retail properties. Perhaps White put it most succinctly: "The best get better." SCT Yorktown Center, located in the Chi- will commence this spring and involve a 24,219-square-foot H&M.; Additional a dynamic center-court makeover, a new small-shop tenants, including completely reimagined food court expe- Levi's, Claire's and G-Star Raw, are rience, new restrooms, a family lounge opening as well. Completion is expected and a new mall entrance with additional this month. landscaping and lighting inside and • Canyon-Johnson Urban Funds has in- outside the property. vested preferred equity to recapitalize "Beyond the new food court, our two regional malls in the Greater Seattle intent is to add a number of additional area: The Commons, a 770,000-square- sit-down restaurants as well as street- foot center in Federal Way, and the style cafés throughout the center. 800,000-square-foot Everett Mall. Yorktown is known for its array of res- Canyon-Johnson's infusion is en- taurants outside the mall; we want to abling the current owners, affiliates of build on that reputation and transform The Steadfast Cos., to complete a full the dining experience inside as well," repositioning of both properties. said Joseph P. Tagliola, SCLS and man- Steadfast has already begun re- aging partner of Collarmele Partners, locating tenants, expanding and re- who leads the leasing program for the modeling space within the centers and property. signing leases with new national and Construction began last month and is regional retailers that will move into the scheduled to be completed by late 2014, regional malls this year. Leasing efforts according to the developer. AlgArveShopping, in guiA, AlbufeirA, SpAin SCT