Shopping Centers Today

JUL 2018

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

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40 S C T / J U L Y 2 0 1 8 green spaces. Stirling Properties is handling the construc- tion, management and leasing of the retail portion. e development will transform one of the largest remaining underdeveloped tracts of university property, turning an overlooked area into a dynamic new corridor. Maine Rock Row is a fitting name for the 1 million- square-foot, mixed-use development scheduled to open next summer on the border of Maine's Portland and Westbrook: e project is going up on the site of a 26-acre quarry. Waterstone Properties Group, of Needham, Mass., is constructing a comprehensive community, with retail, rec- reation, restaurants, housing, offices and more. e designer is Wakefield Beasley & Associates, architect firm for Avalon, in Alpharetta, Ga., and also for Atlanta's Battery Atlanta and Atlantic Station. e developer and Westbrook have com- pleted a $12 million tax increment financing agreement. Maryland Retail Properties of America has plans to begin redeveloping the 111,000-square-foot Boulevard at the Capital Centre this year, near the Largo Town Center Metro station, in suburban Washington, D.C. Together with con- struction of the University of Maryland Capital Region med- ical center, which will occupy about half the Capital Centre property, the project is set to foster a Prince George's County plan for a 24-hour downtown district. An AMC cinema and a handful of other tenants currently occupy Capital Centre, and the plans call for adding as much as 3 million square feet of retail, residen- tial, hospitality, medical and community green space, in phases. Massachusetts Gazit Horizons purchased 467 Washington St., a va- cant 10,500-square-foot, three-level building in Boston's Downtown Crossing district. is is Gazit Horizons' second acquisition in the submarket. e firm says several retailers have expressed interest in the location. Michigan Five & Main, a $100 million, 55-acre mixed- use project dubbed southeast Michigan's first major retail real estate development in a decade, is scheduled to break ground in downtown Commerce Township next spring. e first phase will consist of 341,100 square feet of retail and restaurants, according to Robert Bruce Aikens Jr., vice chairman of Birmingham, Mich.–based Robert B. Aikens & Associates. Later phases call for 300 luxury apartments, a food market, a cinema, health clubs and some nature trails. Completion is set for the fall of 2020. Minnesota e 601W Cos. is leading a $190 million effort to turn the Dayton's department store in Nicollet Mall, in downtown Minneapolis, into a restaurant, retail and office project. Work began last year on this 1.2 million- square-foot historical renovation, aer 601W Cos. paid $59 million in cash for the three-building property, which dates to 1902 and whose most recent owner-occupier was Macy's. e Dayton's Project, as the development is to be called, will contain a food hall in the basement, shops on the skyway level, and offices and a health club on the upper floors. Expectations are that the project will begin welcoming retail tenants in the summer of 2019. Mississippi Edgewater Mall, a 900,000-square-foot property with some 50 years of history in Biloxi, will add an eight-screen luxury Premiere cinema this fall and a 24,0000-square-foot Sky Zone Trampoline Park facility next spring. e new entertainment venues are part of a repositioning that has brought in such specialty tenants as PlayLive Nation and Barefoot Billy's. Mall owner Jim Wil- son & Associates demolished a former Sears to make way for the cinema and a green space with 20,000 square feet of landscaped gardens. Moreover, the renovation also involves updating entrances, improving traffic access and upgrading the food court. Missouri Construction continues on the $185 million first phase of City Foundry STL, the ambitious redevel- opment of an 89-year-old manufacturing plant for motor castings and automobile parts on 15 acres in the St. Louis midtown. e initial phase, set to open late next year, calls for 105,000 square feet of shops, 111,000 square feet of creative office space and 122,000 square feet of entertainment and restaurant space — including a 20-stall food hall. To date, Alamo Drahouse Cinema; game-and-bar concept Punch Bowl Social; and the German-beer-hall-inspired Fassler Hall have all signed up. e St. Louis–based Lawrence Group is the developer. Montana Spring Prairie Center, in Kalispell, Mont., is moving ahead into its fourth phase, with the opening of the REI and Panera Bread anchors. e development will also welcome three new businesses: Kay Jewelers, MOD Pizza and T-Mobile. e Harbor Freight Tools store is currently under construction. As for existing tenants, those include Costa Vida Fresh Mexican Grill, Hobby Lobby, HomeGoods and SpringHill Suites by Marriott. MISSOURI

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