Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/827208
SEEKING WAYS TO DRAW MORE CONSUMERS TO THEIR stores, restaurants and entertainment spots, retail landlords are increasingly adding other property types to their shop- ping centers. Large and small developers alike are pursuing mixed-use projects at ground-up locations and at existing centers and malls, whether they are ripe for redevelopment or solid performers being positioned for continued growth in a tumultuous and competitive retail climate. In many cases, retail center owners team up with de- velopers that have expertise in other uses, or they will sell off the property or the air rights to them. In the mix now are apartments, condominiums, offices, hotels, medical facilities and even housing for seniors. "Mixed-use means something different to everybody — you can add a level of office above retail, and people might call it mixed-use," said Chris Weilminster, president of the mixed-use division of Federal Realty Investment Trust, a Rockville, Md.–based retail landlord that has been intro- ducing other uses across its portfolio. "But it depends on what the needs of the community are. You can't just throw mixed-use into an environment that's not going to benefit the community." Among other developments, Federal Realty expects to in- vest as much as $207 million in the second phase of its Pike & Rose project, in North Bethesda, Md., adding on a 177- room Canopy by Hilton hotel, 99 condominiums, 272 lux- ury apartments, 216,000 square feet of retail space and some outdoor public spaces. New tenants include an REI outdoors gear store and a Porsche dealership. Woodbury Corp. has invested $500 million transforming an old mall into the new University Place, Orem, Utah, adding offices, homes and green space. THE PERF RETAIL CENTERS ARE BLOSSOMING INTO COMMUNITIES WITH THE ADDITION OF HOMES, OFFICES AND OTHER USES BY JOE GOSE