Shopping Centers Today

MAR 2017

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

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Page 29 of 59

30 S C T / M A R C H 2 0 1 7 The Los Angeles project adds to the modest 5 percent rise in shopping center starts being projected for this year — or 102 million square feet, up from last year's 97 million square feet, according to Dodge Data & Analytics. By com- parison, the industry saw some 380 million square feet of construction in 2007, according to Dodge chief economist Robert Murray, who says the industry "is moving into a more mature phase of expansion." Today's open-air centers are bending the definition of mul- titenant retail, with large segments of space not occupied by shops. Dania Pointe, Kimco Realty's 102-acre, main-street-style shopping and entertainment mecca on I-95, in Dania Beach, Fla., near Fort Lauderdale, will also be a business center and have a 300-room hotel, apartments, condos and offices. The firm has been marketing the project online as a possible corpo- rate headquarters site. The phased, $800 million project, at the site of the old Hurricane roller coaster at Boomers Family Fun Center, will eventually encompass about 1 million square feet of space, including big-box retailers and a diversity of national and regional merchants and restaurants. The 300,000-square- foot first phase is scheduled for late this year. "Dania Pointe is a great example of a new project destined for success because of its focus on creating a destination with memorable spaces and places," said David Duckworth, an Avison Young principal of capital markets. "If executed correctly, new and expanded open-air projects not only open up to the community, they of- ten serve as their civic hubs and gathering places." Cities that seek new centers often want extra helpings of food and fun along with them, says consultant Lacy Beasley, president and COO of Birmingham, Ala.–based Retail Strategies. "The most common request we hear from municipalities is Open-air retail development is accelerating slightly this year, in what some are calling a "measured upturn," with a strategic emphasis on urban locations, mixed uses, parklike settings, and food and more food. A good illustration is the ongoing remake of the open-air Westfield Century City Mall. This Los Angeles landmark, introduced in 1964 as Century Square Shopping Center, is undergoing an $800 million expansion and make- over that comprises a new dining district and Eataly food hall, an eight-acre park, residences, offices and a new Nordstrom that is part of some 400,000 square feet of new retail. "The expansions and renovations of older open-air cen- ters that we are seeing in maturing areas today make a lot of sense, because they create better density and higher property values," said David Palmer, executive vice president of devel- opment for the Dallas-based Weitzman Group. Besides retail, Dania Pointe will contain a business center, a hotel, housing and offices

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