Shopping Centers Today

JUL 2014

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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J u l y 2 0 1 4 / S C T 5 C E N T E R S T A G E An outlet upgrade a STRuGGlING mall IS ReboRN aS palm beach ouTleTS By Beth Mattson-Teig I f the neAr-record crowds at the february grand opening of the new Palm Beach outlets are any indi- cation, new england development's $250 million bet on this 500,000-square-foot retail redevelopment in west Palm Beach, fla., is right on the money. An estimated 200,000 visited during that weekend and about 1 mil- lion during that first month. "we had a gigan- tic opening," said stephen Karp, chairman and ceo of newton, Mass.–based new eng- land development. "It was one of the biggest openings of the year in outlet centers, and we continue to do great business." the shopping center made a big splash as the first phase of what will eventually be a 1 million-square-foot project. Palm Beach out- lets opened at nearly full occupancy, with such national retailers as cole haan, forever 21 and white house Black Market among its 110 tenants. construction is under way on phase two, a 350,000-square-foot power cen- ter slated for completion this fall. the power center also has room for about 150,000 square feet of future expansion space. over the past 35 years, new england de- velopment has built some 50 million square feet of retail, office, hotel and residential projects. when Karp saw opportunity to put together 85 acres at the inter- section of Interstate 95 and Palm Beach Lakes Boulevard, he jumped on it. the project brought new life to an aging mall that was losing shoppers to trendier competitors, even though it was located in the heart of a very strong shop- per demographic: Palm Beach county is one of the most afflu- ent regions in the country, with about 1.5 million residents and some 5 mil- lion visitors each year. the 1 million-square-foot mall was one of the largest in the southeast when it opened in 1967. new england development joined up with eastern real estate, of woburn, Mass., to bring Palm Beach Mall out of foreclosure in 2010; the partners spent months negotiat- ing the lease and the purchase rights to the former anchor stores. they razed the existing mall to make way for the outlet center and the power center. the Marketplace at the outlets, as the power center is called, is anchored by whole foods and fully leased to big-box ten- ants Bed Bath & Beyond, dsw, nordstrom rack and sports Authority, among others. "It's quite a great mix of stores," said Karp. Palm Beach county officials laud the proj- ect for helping to improve the area's econ- omy, to the tune of roughly $319 million. Indeed, by "starting from scratch" the devel- opment team has been able to create a strong regional destination that is changing every- thing around it, says Karp. there is interest in building new housing, for instance. And the development has also boosted business to the existing retailers in the area. "everybody is benefiting," Karp said, "from the traffic that we have been able to pull up there." S C T C E N T E R S T A G E +1 646 728 3800 fax: +1 732 694 1730 www.icsc.org Editor in Chief edMUnd MAnder +1 646 728 3487 E D I T O R I A L Managing Editor BrAnnon BosweLL +1 646 728 3488 Copy Chief dAVId s. ortIZ Copy Editor VALerIe dAVId Art Director John d. LewIs Contributing Editors steVe BergsMAn nIcKy goddIng JoeL grooVer Beth MAttson-teIg reBeccA MeIser MIst y MILIoto IAn rItter AnnA roBAton sPencer rUMsey Bennett VoyLes A D V E R AMIe LeIBoVItZ +1 773 360 1179 aleibovitz@icsc.org sUZAnne tAngUAy +1 646 728 3475 stanguay@icsc.org sALLy stePhenson +1 847 835 1617 sstephenson@icsc.org Production Coordinator dAVId stAcKhoUse +1 646 728 3482 dstackhouse@icsc.org I C S C O F F I C E R S Chair man roBert f. weLAnetZ, crX, csM President and CEO MIchAeL P. KercheVAL Vice Presidents VIncent A. corno, crX KAren fLAVeLLe MArtIn A. MAyer Kenneth A. McInt yre Jr., crX MArK A. schUrgIn John A. strAchAn Secretary-Treasurer donALd c. wood Publisher rUdoLPh e. MILIAn, crX, cMd, csM for article reprints, call (866) 879-9144 or contact sales@fostereprints.com SCT (ISSN 0885-9841) is pub lished monthly. VOLUME 35, ISSUE 7 © 2014, International Coun cil of Shop ping Cen ters, 1221 Avenue of the Americas, New York, NY 10020-1099; phone, +1 (646) 728 3800; fax, +1 732 694 1730. All rights reserved. Periodicals postage paid at New York, N.Y., and ad di tion al mailing offces. Sub scrip- tions $70 per year; Canada and other foreign $99. Single- copy price $20 (May issue $30). For subscription informa- tion call +1 727 784 2000. POST MAS TER: Send address changes to Shopping Cen ters Today, Yizeth Vergara, 1221 Avenue of the Americas, New York, NY 10020-1099. Publications mail agreement No. 41482022, return unde- liverable Canadian addresses to PO Box 503, RPO West Beaver Creek, Richmond Hill ON L4B 4R6. S H O P P I N G C E N T E R S T O D A Y 5A_SCT_JUL14_Center Stage - Palm Beach.indd 5 6/12/14 5:47 PM

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