Shopping Centers Today

DEC 2018

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

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Circle Centre opened in September 1995, with 100 stores and restaurants, a movie theater and about 12,000 parking spaces. The mall has since lost anchors Nordstrom and Carson's but is undergoing a tenant overhaul and a major renovation set for completion in 2020. The still-active TIF has released well upwards of $200 million of its assessed value to the city and county for various maintenance proj- ects and has also become a catalyst for several nearby tech hubs, city officials say. Its $730 million debt is scheduled to be paid off by 2038. VIRGINIA BEACH, VA. Lacking a traditional downtown, the city of Virginia Beach launched its New Urbanism central-business district TIF in the late 1990s and then set about redeveloping a string of aging parking lots and some obsolete retail shells to create one. Relying on a modest private-to-public investment ratio of 4-1 to assuage critics, the city teamed up with local private developer Armada Hoffler Properties to break ground on Town Center of Virginia Beach in 2000, using the TIF to fund roads, plazas and parking garages. Today Town Center occupies some 25 acres and spans 17 city blocks, and its roughly 60 retail tenants include The Cheesecake Factory, Dick's Sporting Goods and Williams- Sonoma. There are also 800 residential units, 412 hotel rooms, 800,000 square feet of offices and the Sandler Center for the Performing Arts. The center is expanding again, wrapping up a $41 million phase this year. The nearly 20-year-old TIF also has a $100 million financing plan in the works to launch a new city hall next to Town Center. Q ROOFS CRY, TOO. That's not a leak. That's your roof portfolio crying for lack of proactive maintenance. With millions of square feet of roofs spread across the country, how do you stay on top of them? How do you wrap your hands around the entire portfolio—and stop chasing leaks? Make Pegnato your independent platform to control, track and execute on everything roofs—inspections, service, and project management for repairs or replacements. Optimize longevity. Minimize costs. Get the full story at Or, call Alexandria Pegnato: 800-370-8976 ROOF INTELLIGENCE NETWORK™ Town Center of Virginia (Va.) Beach

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