Shopping Centers Today

DEC 2018

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

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oce space, 700 high-end residences, a food hall, two hotels and a dine-in movie theater. e $370 million, 135-acre, JLL-managed project is scheduled to open in March. "ere's still a good appetite for well-thought-out, multidiscipline projects," said Lambert. New York City's Hudson Yards remains on track for a March opening as well. is 18 million-square-foot, mixed-use development in Manhattan will feature about 125 shops and restaurants across all its retail sections; among the features are the city's Œrst Neiman Marcus, an H&M and the 6,000-square-foot Watches of Switzerland showroom of luxury watch brands. ere will be dining concepts from chefs omas Keller and Costas Spiliadis, amid about two dozen other eateries. e 6.2 million-square-foot American Dream Miami, touted to become the largest North American center when it is completed in 2022, will o˜er this continent's Œrst indoor ski slope. is is to be the centerpiece of an amusement park that developer Triple Five Group says will hold its own against the very best theme parks in the world. In May the $4 billion project secured the approval of the Miami–Dade County Board of County Commissioners — which also approved a 300-acre mixed-use project by e Graham Cos., south of American Dream, but which has barred any taxpayer funding for either project. Triple Five also owns Minnesota's Mall of America, which has just penciled in a 225,000-square-foot water park for the coming third-phase expansion. Roughly a third of the center is already entertainment-oriented, but Tri- ple Five CEO Don Ghermezian says he wants to boost that to about 50 percent. Ghermezian also says Triple Five is intentionally leaving the "mall" name o˜ all its new retail developments. e developer, which in 2013 took over the chron- ically and famously delayed, 4.8 million-square- foot American Dream Meadowlands project (formerly called Meadowlands Xanadu), in East Rutherford, N.J., is aiming to open that 500-store mixed-use center next March. "If you're building new retail, you'd better make it a great experience, and you'd better partner with residential developers — and probably [with] hotel and oce developers," said Garrick Brown, head of retail research for the Americas at Cush- man & WakeŒeld. "ere's no room for medioc- rity — you have to connect all those dots today, because pure-play retail development is over." Multifamily remains a strong part of mixed-use centers, thanks in part to the recession-related multifamily-construction slowdown of about 2007 to 2011. "e population still grew at its annual 1.5 percent clip in those years, and that created a shortage that remains today in virtually every market," Brown said. In another demographic twist, the Millennials, who have delayed starting their own families, are Œnally having kids and moving from small urban units to larger suburban ones, Brown observes. "But they still want walk- able, 'cool' neighborhoods with an urban feel." At the JLL-managed Rosedale Center, near Minneapolis, a two-level food hall called Revolution Hall is replacing a long-dormant Borders and will o˜er about a dozen food stands created by New York City–based Craveable Hospitality Group. Shoppers will be able to order at the stands, mall kiosks or apps, Lambert says. is 32,000-square- foot food collective, which is to be completed by sometime early next year, will o˜er dining counters and diversion o˜erings such as billiards and table games. Food halls have emerged as the ultimate amenity for mixed- use centers, according to Brown. Observers anticipate that those will grow in number by about half, from roughly 200 now to 60 S C T / D E C E M B E R 2 0 1 8 60 S C T / D E C E M B E R 2 0 1 8

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