Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/803877
A P R I L 2 0 1 7 / S C T 27 to renovate and evolve with the times," said Nina Rogers, senior director of real estate at Kimco. The timing of the Macy's closing added another wrinkle to Kimco's redevelopment plans, which were already in the works. "When Macys left, it really provided us with a great opportunity, because it allowed us to address the needs of our customers," said Rogers. "A lot of what people were asking for, and still ask for, is tenants that address their ability to lead healthier, more active lifestyles." In January 2017, Kimco finalized two new leases for the Macy's space that kick-started the second phase of the center's redevelopment. Health and fitness company Life Time is leasing 78,600 square feet for an upscale Diamond-level club scheduled to open in the fall. National upscale home- furnishings and accessories chain West Elm is filling the remaining 10,540 square feet of the building. Meanwhile a 4,000-square-foot expansion of the center's Trader Joe's is under way as part of the first phase of redevelopment. To mark Suburban Square's 90th anniversary, a third phase of redevelopment will begin in early 2018. This will involve the addition of a mixed-use building with 20,000 square feet of street-level retail space and 20,000 square feet of office space on the upper floors of a building called Station Row. This last phase will also involve more restaurants and outdoor dining patios plus a public plaza, and the redevelopment of the courtyard facing the new Life Time athletics and fitness center, and West Elm. Suburban Square's redevelopment will benefit from some of the region's best demographics, including an average annual household income of project's historical mix of uses. "We are not a stand-alone project, we are an integral part of this community and a part of the Main Line," said Rogers. "From our inception, we have been a mixed-use project. If you trace us back to literally 1928, there was an office building, which at the time was the only high-rise office building in any suburb. There were small retail shops, there was a department store, there was a movie theatre." Transportation also plays a key role in helping to make Suburban Square more relevant than ever. A train station is located directly across the street, and a 629-space parking garage will open in September. "The end result will be extremely convenient, because it's in the heart of the project, it's peaceful, and it will fit in beautifully with the surroundings," said Rogers. Leasing the empty Macy's building made Rogers realize the importance of sticking to a mission and a vision. "Each opportunity needs to be evaluated in its own light, and it's not just about filling the empty box, it is about how do you contribute something to the community around you that is beneficial and uplifts not just the center but the community around you," she said. Having a personal and vested interest in a project is also a big part, says Rogers. "I live five minutes away, so I am literally here all the time. My life is centered around the project, not just professionally, but personally. I bump into customers who are in their 70s and 80s and they tell me their stories about coming to Suburban Square as a child, and now they come with their children and their grandchildren. It's not just a center, it is a part of the community; it is a part of people's memories that is incredibly special and unique." n TIMELINE 1927 Construction begins 1928 Suburban Square opens 1930 Strawbridge & Clothier opens as the first suburban department store in the U.S. 1978 Suburban Square turns 50 and undergoes a redevelopment that raises the number of small shops from approximately 35 to 60 2003 On its 75th anniversary, Suburban Square adds a Trader Joe's and finds a permanent home for the Ardmore Farmers Market 2017 On the brink of its 90th anniversary, Suburban Square adds additional parking and prepares to commence construction on Station Row, which will add 20,000 square feet of retail and 20,000 square feet of office space. Life Time Fitness and West Elm prepare to open in the former department store building $131,000 within a 3-mile radius. "We have the convergence of both affluence and density that rivals some of the best locales in the nation," said Rogers, who has been in charge of leasing Suburban Square for the past 10 years. "Suburban Square is a lifestyle center that so many developers have tried to synthesize over the last 20 years, and we've been here for now almost 90 years. That authenticity is not something that can be replicated; it is something that has really grown organically." One key differentiator is the These days it's a lot easier to park