Shopping Centers Today

APR 2015

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

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with housing shortages, the firm said. Westfield's Stratford City mall is also in the process of surrounding itself with hundreds of new apartments. In Australia, the Sydney-based GPT Group said it will build apartments atop its 300-store Melbourne Cen- tral mall as part of a portfolio-wide adaptive-reuse plan to take advantage of its "air rights." Residents there will enjoy a direct connection to an un- derground train station. GPT is also studying redevelopment options at its Sydney Olympic Park mixed-use com- plex that will include apartment de- velopment and additional retail, plus Samsung Electronics Australia's new corporate headquarters building. U.S.-based Tishman Speyer and Chinese venture partner Lujiazui Group are laying groundwork for a 3 million-square-foot, mixed-use com- plex in the Shanghai's New Bund busi- ness center, featuring upscale apart- ments blended with retail and offices. In Bay City, Pasay, Philippines, SM Development is marketing the posh Shore Residences condos on the pe- riphery of its giant Mall of Asia. In the Singapore market, several malls have added residential space, in- cluding Bedok Mall's eight-story tower, Bedok Residences. Northpoint Mall's expansion plans include a 920-unit res- idential complex set to open later this year. "A lot of value is being placed in co-locating residences with retail, par- ticularly in centers that are close to rail and air-conditioned bus interchanges," said Derek Rossel, a senior manager at Lend Lease Asia. In Dubai, United Arab Emirates, an eye-catching elliptical apartment-hotel building known as The Address–Dubai Mall has opened on the northwest cor- ner of the Dubai Mall property, inside the city's 500-acre downtown commu- nity. Most apartments overlook the Dubai Dancing Fountain, a man-made lake and the world's tallest tower, the 163-story Burj Khalifa. The São Paulo, Brazil, Shopping Cidade Jardim, an open-air trendsetter in the luxury mar- ket, was a trendsetter also in mixed-use residential. The first of nine completed residential towers at the site, which collectively house about 500 units, opened in 2006. At the Oakridge Centre, in Van- couver, B.C., mall owner Ivanhoe Cambridge and Westbank Develop- ment have been approved to build 13 residential buildings, totaling nearly 3,000 units in buildings ranging from six to 45 floors high. In the Vancou- ver suburb of Burnaby, Shape Proper- ties is opening 115 living units at the A p r i l 2 0 1 5 / S C T 47 s o u t h d a l e c e n t e r , e d i n a , M i n n . p h o t o : M a r k t e s k e y p h o t o g r a p h y

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