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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88 S C T / D e c e m b e r 2 0 1 5 Cooper Carry designed the Hill Center Brentwood (Tenn.), now under construc- tion and slated to open this coming year, around a central street that connects a commercial center to a public park with a plaza and restaurants. The overall de- velopment is 600,000 square feet, with about 150,000 square feet of retail and restaurants, along with structured park- ing. In a nod to futuristic possibilities, H.G. Hill chose to build the parking deck in such a way that it could be con- verted into residential space, Carusi says. "The owner," he said, "believes the driv- erless automobile could one day make the number of parking spaces now being provided obsolete." At Inland Real Estate, new devel- o p m e n t s r e m a i n a m a j o r d r i v e r o f revenue, especially in the central and southeastern U.S. The firm is currently working with partner MAB to build the Publix-anchored Shoppes at Rain- bow Landing, in Rainbow City, Ala. "Through our partnerships with estab- lished developers, our objective is to build and ultimately acquire new retail centers at better than market pricing," said Scott Carr, chief investment offi- cer, on the firm's third-quarter earnings call. Inland completed four new devel- opments totaling 437,000 square feet. Those projects added more than $4.7 million in net operating income, and represented a return on investment in excess of 8 percent, Carr says. Meanwhile, Regency Centers con- tinues to find new developments to put toward its goal of building $200 million worth of new centers annually. In the third quarter the firm celebrated the grand opening of its latest ground-up de- velopment, the 150,000-square-foot Per- simmon Place, in Dublin, Calif. The cen- ter took only 20 months to complete and is fully leased, according to president S E S S p a r ' S r E g i o n a l c E n t E r , i n B o l z a n o , i t a l y

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