Shopping Centers Today

DEC 2018

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

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64 S C T / D E C E M B E R 2 0 1 8 e Austin market, meantime, boasting a 96.1 percent retail occupancy rate, has a wealth of midsize developments in the works, includ- ing a 140,000-square-foot, 76-acre mixed-use project called e Grove at Shoal Creek. is is projected to take about ƒve years to complete. e 40,000-square-foot St. Elmo Public Market food hall is going up inside a former school-bus factory on Ben White Boulevard. Elsewhere in the U.S., several small and midsize projects are in the works. In September in Rialto, Calif., near San Bernardino, Lewis Retail Centers opened Renaissance Marketplace, a 430,000-square-foot shopping, dining and entertainment complex. Its roughly 30 tenants include a Cinemark and a Burlington. In Aurora, Colo., the southern section of the Village on the Park center is to be demolished and replaced in a $14.5 million redevelopment, according to owner Kimco Realty Corp. Old Navy has signed on to occupy about a third of that 43,500-square-foot structure, which is slated to open next summer. Also in California, Macerich and Simon are partners in the development of Los Angeles Premium Outlets, in Carson, north of Long Beach. e site's proximity to interstates 5 and 10 was a big selling point, the developers say. e 400,000-square-foot ƒrst phase is scheduled for a fall 2021 opening, and a 166,000-square-foot second phase is to follow. Downtown Detroit will bring out roughly 150,000 square feet of retail — including 100,000 square feet of shop space on the site of the for- mer J.L. Hudson žagship building being rebuilt as a mixed-use, 800-foot-tall tower crowned with an observation deck. is project's approximate completion date is about 2020. Innovation and entertainment will continue to drive retail construction over the coming years, says Brown. "Consumers tend to still respond to those new, bright, shiny objects," he said. Brown is predicting that today's fast-changing shopping center world "will evolve even faster in the next 10 years than [it has] in the past 50 years." Q O (Left) Los Angeles Fashion Outlets, a joint venture between Macerich and Simon, is scheduled for completion in 2020. (Below) Several major projects on the drawing board and under way promise to transform whole districts in Dallas

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