Shopping Centers Today International

DEC 2015

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

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80 S C T / D e c e m b e r 2 0 1 5 in the wake of the 2008 market collapse, namely the redevelopment of existing properties to ramp up their performance, observers say. The Minnesota market typi- fies the trend, says Bill Moston, director of retail development for JLL. He cites the $500 million expansion of Mall of Amer- ica, in Bloomington; the redevelopment of Minneapolis' Ridgedale Center, which included adding Nordstrom and expand- ing Macy's, among other changes; and the planned 140,000-square-foot expansion of JLL's Rosedale Center, in Roseville. As North American landlords reinvest in their best properties, they are also seeking to make smart use of vacant space created by retailer downsizing, Moston says. "Take that department store and reconfigure it into a village plaza," he said. "Sprinkle in retailers, restaurants and possibly a movie theater — that's the kind of thing we're seeing as de- velopers repurpose their vacant real estate." General Growth Properties, for one, aims to spend a total of $3.3 billion on 107 projects as part of a portfoliowide pipeline inaugurated in 2011, according to Pesin. Those plans do call for building one new mall: The 700,000-square-foot SoNo Col- lection, in Norwalk, Conn. Now in the en- titlement phase, the mall will be anchored by Nordstrom and Bloomingdale's and comprise about 100 shops and restaurants plus a 150-room hotel. The projected open- ing date is 2018. "This will be a strong new 'A' property," Pesin said. But General Growth's primary focus continues to be on reinvestment. The firm has about $1 billion in redevelopment projects currently underway. A prime ex- ample is the 650,000-square-foot expan- sion of Ala Moana Center, in Honolulu, which involved adding a 167,000-square- foot Bloomingdale's; some new large-for- mat retailers, restaurants and entertain- ment spaces; 200,000 square feet of in-line shops; and an additional 1,000 parking spaces. Ala Moana's Nordstrom will relo- cate to its new 186,000-square-foot space this coming year. "We're enhancing that property and creating a run — from Macy's "Take that department store and reconfigure it into a village plaza. Sprinkle in retailers, restaurants and possibly a movie theater — that's the kind of thing we're seeing as developers repurpose their real estate." m a l l , a l e x a n d r i a , V a . , i s b e i n g c o n V e r t e d i n t o a m i x e d - u s e c e n t e r .

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