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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86 S C T / D e c e m b e r 2 0 1 5 residential and retail complex. Cooper Car- ry's plan calls for a traditional street grid, sidewalks, trees and as much as 300,000 square feet of retail and restaurants. Initial phases could open in 2019. But remaking regional malls can be a logistical challenge, thanks to decades- old deals in which anchors such as Ma- cy's or Sears own their own real estate, Kitchens says. "Truly, what does not get talked about a lot is the amount of unwinding you have to do with the real estate agreements in order to get to a point where you can redevelop," he said. At Landmark, Howard Hughes Corp. owns the mall, but the anchors own their buildings and even their parking lots. "The goal is to do a staged devel- opment," Kitchens said. "You basically tear down the mall and rebuild it as an outdoor main street and residential project. After that, you begin to develop the parking lots around the department stores as you gain access to them." Along those same lines, the Ballston project required some negotiating on the part of landlord Forest City Enterprises. "The anchors owned the entire site, even the site the county garage is on," Kitchens said. "Forest City could not conjure up a clear vision of what to do without first se- curing the purchase of the eastern Macy's building." Having bought out Macy's, For- est City can now tear the building down and add retail topped with residential. Cooper Carry's design also calls for turn- ing the mall's stores out to the street, re- styling the facade, adding street-level din- ing and making various improvements to the interior architecture. Forest City aims to start demolition and reconstruc- tion next summer, with a grand opening planned for the second quarter of 2018, Kitchens says. In yet another example of strategic reinvestment, landlord H.G. Hill Re- alty Co. aims to turn a grocery-anchored center in the Nashville, Tenn., suburb of Brentwood into a mixed-use develop- ment. "H.G. Hill is a 120-year-old com- pany, and what they have found is that some of their properties are very well lo- cated," said Angelo A. Carusi, a principal in the Cooper Carry retail practice group. t h e f i r s t c o n c r e t e p o u r a t h i l l c e n t e r , i n n a s h v i l l e , t e n n .

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