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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82 S C T / D e c e m b e r 2 0 1 5 to Neiman Marcus to Bloomingdale's to Nordstrom — that rivals that of any mall in the world," Pesin said. Part of the Ala Moana project in- volves adding residential units. "We focus on retail, but when there is an opportunity to add value to a center in terms of non-retailed use, we'll ex- plore and bring in a partner with the appropriate expertise and let them take the lead," said CEO Sandeep Mathrani, on the firm's third-quarter earnings call. General Growth has teamed up with local residential de- veloper The MacNaughton Group to add $1 billion worth of condo space to the property. Adding non-retail uses to top prop- erties is another strategy many devel- opers are pursuing. DDR, for its part, recently completed a portfolio review to look for value-added opportunities. "We identified over a dozen new expan- sion opportunities in several new rede- velopment projects including opportu- nities to add multi-family, self-storage, and additional ancillary uses at a num- ber of assets," president and CEO Da- vid Oakes told investors on the firm's third-quarter earnings call. Retailers' desire to grow their factory outlet presence continues to fuel new development. Tanger Factory Outlets opened four outlet centers totaling 1.4 million square feet during 2015. The to- tal projected cost of these is about $388.7 million, and Tanger expects them to yield opproximately 10 percent. Tanger is cur- rently codevloping the 355,000-square- foot Tanger Outlet Center in Columbus, Ohio, with Simon for a grand opening in the second quarter of 2016. Westfield's global development pipe- line is also bulging. In addition to the brand new Westfield Milan megapro- ject, the firm is redeveloping a number of properties, including its Westfield Century City in Los Angeles. The latter's transformation will include 422,000 square feet of additional space to house a new Nordstrom, a completely remod- eled Bloomingdale's, a new two-level Macy's, and an Eataly food market. Simon reports that at the close of T h e r e d e v e l o p m e n T o f W e S T f I e l d C e n T U r Y C I T Y , l o S A n G e l e S , W I l l S e e T h e A d d I T I o n o f 4 2 2 , 0 0 0 S q U A r e f e e T o f r e T A I l . "We focus on retail, but when there is an opportunity to add value to a center in terms of non-retail use, we'll explore and bring in a partner with the appropriate expertise and let them take the lead."

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