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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Page 83 of 143

its fiscal third quarter (ended Sept. 15), the cost of development and redevelop- ment projects in its portfolio totaled some $2.4 billion. Meanwhile, construction is under way on reinvestment projects at The Galleria, in Houston; King of Prus- sia (Pa.) Mall; Roosevelt Field, East Gar- den City, N.Y.; Sawgrass Mills, Sunrise, Fla.; Stanford Shopping Center, Palo Alto, Calif.; and Woodbury Common Premium Outlets, Central Valley, N.Y. Simon is a partner in Clarksburg (Md.) Premium Outlets, a 392,000-square-foot center scheduled to open next Octo- ber, and in Designer Outlet Provence, a 269,000-square-foot center in Miramas, France, slated to open in March 2017. CEO David Simon says he expects the firm to spend upwards of $1 billion per year annually on redevelopments through 2018. "No one is as active as we are in terms of redevelopment and new develop- ment," Simon told investors on the firm's eanrings call. Though the construction of new re- gional malls continues to be rare, some developers are moving ahead with new mixed-use properties in urban in-fill areas, Moston notes. He cites North American Properties' Avalon project in the Atlanta suburbs, and Steiner & Associates' Lib- erty Center, development in partnership with Bucksbaum Retail Properties, in Cincinnati. Given the demand for walk- able communities in thriving urban neigh- borhoods, however, developers are also turning older malls and shopping centers into mixed-use projects, observers say. Atlanta-based architecture firm Cooper Carry is helping developers transform two older Virginia malls — Landmark Mall, in Alexandria, and Ballston Mall, in Ar- lington — into mixed-use properties that will better serve their neighborhoods, says David Kitchens, a principal in the Cooper Carry mixed-use practice group. Landmark Mall, whose owner is The Howard Hughes Corp., opened in 1965. Howard Hughes Corp. aims to demolish the mall's two-story central area and replace it with a mixed-use F o r e s t C i t y e n t e r p r i s e s i s r e p l a C i n g a m a C y ' s s t o r e w i t h r e s i d e n C e s a t B a l l s t o n m a l l , i n a r l i n g t o n , V a . 84 S C T / D e c e m b e r 2 0 1 5

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