Shopping Centers Today

JUL 2018

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

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38 S C T / J U L Y 2 0 1 8 Arizona Arizona Center, a 1 million-square-foot office and retail project billed as downtown Phoenix's original entertainment destination, is undergoing a $25 million expansion and repositioning to help stimulate growth in the central business district. Owners Parallel Capital Partners and Angelo Gordon & Co. are opening up the 220,000-square-foot enclosed center to generate interaction with the street. ey are also marketing space for stores, restaurants and entertainment venues to join existing eateries and a 24-screen AMC cinema. e partnership sold parcels to developers set to build a 200-room AC Hotel by Marriott and 350 apartments. Arkansas e mixed-use Angelo's Grove, in Marion, Ark., whose development stalled during the recession, is set to take off now with the addition of Fairfield Inn and Best Western hotels to the existing Hampton Inn. Among the food tenants are Colton's Steak House & Grill and Zaxby's. Developers Kenny Farrell and Dick Leike plan to add a con- vention center, a movie theater and as many as 400 condos. Angelo's Grove is a mere 12-minute drive on the interstate from downtown Memphis, Tenn. California: A real estate subsidiary of Deutsche Asset & Wealth Management continues to make progress on the $180 million redevelopment of Manhattan Village, a 573,000-square-foot mixed-use property in Manhattan Beach. e focal point is the Village Shops, a 53,300-square- foot open-air restaurant and retail expansion set for completion in 2020. e site is adjacent to a mall that has undergone a $12 million interior renovation and in which a modernized Macy's is to replace and consolidate existing Macy's sites later this year. A nearby grocery-anchored center has undergone renovation as well. JLL has completed leases with restaurants that are set to open in 2019. Colorado Simon's Denver Premium Outlets is scheduled to open this fall, bringing roughly 80 tenants totaling 330,000 square feet to this center in the suburb of ornton, about 10 miles north of downtown Denver. e lineup has yet to be disclosed, but Simon says the cate- gories will include apparel and accessories retailers; athletics and outdoors clothing and footwear providers; restaurants; and home furnishings and electronics stores. Real estate projects valued at some $350 million in the aggregate are under con- struction within a mile of the open-air shopping center. is is set to be the 92nd of Simon's outlet centers. Connecticut Construction is under way on GGP's SoNo Collection, a $525 million regional mall in Norwalk that is set to bring roughly 100 shops and restaurants to this city. e project, scheduled to open in the fall of 2019, will have Nordstrom and Bloomingdale's as anchors, plus an additional 417,000 square feet of retail and roughly 40,000 square feet of food-and-beverage tenants. Delaware Fusco Management and Cornerstone Tracy have teamed up to turn the College Square shopping center, in Newark, into a 24-hour community with "walkable and bikeable active lifestyle center, high-quality apartments designed for working professionals and empty nesters," according to Frank Vassallo IV, president of Fusco Man- agement. e plans call for specialty retail shops, cafés and restaurants, and nearly 300 luxury residences. Florida Whitman Family Development has launched a $400 million expansion of its Bal Harbour Shops, in Bal Harbour Village, aer securing a $150 million mortgage from a SunTrust Bank–led consortium earlier this year. e landlord is adding nearly 350,000 square feet to the roughly 463,500-square-foot property, which will provide room for an additional 70 luxury boutiques upon completion, in 2023. Whitman Family has thus far netted the first Florida location of Barneys New York, which is to occupy 53,000 square feet at the mall. e Freds at Barneys New York restaurant is to open along with the store. Georgia RocaPoint Partners and Georgetown Co. are approaching the early 2019 opening of Halcyon, a $370 mil- lion mixed-use community in Forsyth County, north of At- lanta. e 135-acre project will feature 480,000 square feet of retail and office space, two hotels, nearly 700 residential units and a 1,200-space parking deck. Along with a CMX luxury movie theater, committed tenants include a brewpub operated by Cherry Street Brewing and several restaurants that have signed on to the market hall. ARIZONA CALIFORNIA

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