ANew Level of Lifestyle
Eighteen lifestyle centers, eighteen communities, hundreds of leasing opportunities. On the following pages,
Some of the centers are highlighted with a computer-mouse icon; be sure to check them out online at www.chainstoreage.com/realestate , where you’ll find additional information, including leasing details.
Located in the middle of a recently designated Regional Activity Center, Promenade at Coconut Creek, Stanbery’s first full mixed-use project, will feature retail and office space in Phase 1. Future residential development is planned. This dynamic town center will feature several intersecting streets, creating a downtown core for a trade area ripe for the upscale combination of better national retailers, restaurants, cafes and specialty services.
The center is located just one-quarter mile south of the Florida Turnpike and Sawgrass Expressway interchange, which expands the convenient reach beyond the densely populated immediate trade area of more than 500,000 people.
Originally developed as the 430,000-sq.-ft. Hammond Square Mall, the new Hammond Square will be twice the original size, situated on about 100 acres, and is designed as a combination power center and open-air lifestyle center. The development site is located on U.S. 51 Business (S.W. Railroad Avenue) and has unparalleled access and visibility to Interstate 12. It is conveniently located near Southeastern Louisiana University, with more than 15,000 students, and North Oaks Medical Center, the largest hospital in the region, with more than 2,500 employees.
State and local officials estimate that since Hurricane Katrina in August 2005, the population of Tangipahoa Parish has increased by more than 15,000 new residents from the affected areas near New Orleans, a permanent shift of population.
A reinvention is taking shape, as the former site of Coliseum Mall in Hampton, Va., is revitalized and the modern, energetic Peninsula Town Center takes its place. The 75-acre project will incorporate 1.1 million sq. ft. of retail, dining, entertainment, office and residential space into the Virginia Peninsula community. At the intersection of Interstates 64 and 664, the Peninsula is part of a city-sponsored master plan of $1.5 billion in public and private investments, which includes upscale residential developments, a state-of-the-art convention center, and a nature park with walking, biking and kayak trails.
The Peninsula Town Center is being jointly developed by Mall Properties, Inc. and Steiner + Associates and is scheduled to open in spring 2009.
The Shops at Wiregrass will be a true gathering place for the community, with retail and entertainment components, tree-lined streets and lush landscaping. Situated on 66 acres, the project is developed by Cleveland-based Forest City Commercial Group and West Palm Beach, Fla.-based The Goodman Co., and will feature an enticing mix of major retailers including three major department stores, 100 specialty retail stores and boutiques, and an array of cafes, casual and signature restaurants. J.C. Penney, the first major department store anchor, opened its doors in fall 2005.
The Shops at Wiregrass is part of Wire-grass Ranch, a 5,000-acre, master-planned community that, when fully built, will consist of 12,000 homes, 4.4 million sq. ft. of commercial space, 3.9 million sq. ft. of office space, an educational campus, a 100-bed hospital/medical center and schools.
Upscale shopping, a night at the movies, and fine dining—all in a pedestrian-friendly, open-air environment. Legacy Place will be the ultimate destination to work, shop and play—with style.
New and unique anchors will offer a compelling mix of fashion, food and fun—right in the heart of a dense primary trade area consisting of more than 300,000 people with an average household income of over $100,000. The spectacular 700,000-sq.-ft. complex will be Boston’s first lifestyle center within Route 128. All major area roads converge at the site offering unparalleled access. Located at the intersection of Interstate 95 and Route 1, Legacy Place will also be home to the new world headquarters for National Amusements.
Legacy Place is a joint partnership between National Amusements and W/S Development.
Guilford Commons is positioned to become the dominant retail destination in the market with terrific access and visibility from Interstate 95. The closest shopping centers or shopping districts with a similar tenant mix (upscale lifestyle retailers) and comparable size are located more than 30 miles away in Westport and Hartford, Conn., and Providence, R.I. The immediate trade area is underserved, with nearby community centers featuring a tenant mix of discount stores and big-box retail.
In addition to filling a void in the retail landscape, Guilford Commons is surrounded by remarkable trade-area demographics. Within a five-mile radius of the site, the demographics include an average household income exceeding $115,000.
Combining quality at every turn, this lifestyle/entertainment center has a Tudor design set in a Main Street layout. Occupying a former tree nursery, The Arboretum of South Barrington will be heavily landscaped (more than 2,700 new trees), pedestrian-friendly, and will sit at a major four-way interstate highway interchange.
With a superb mix of dining and upscale merchants coupled with its proximity to Cabela’s (with its more than 4 million visitors) and the 11,000-seat Sears Centre Arena, The Arboretum draws both nearby residents and visitors from outside the immediate area. The primary trade area is more than 400,000 people with an average income of $97,000 per household. Secondary trade area is over 1 million. Within a 15-minute drive are more than 60,000 office workers from Motorola, Allstate, Sears, AT&T, Alexian Medical Center and other employers.
The Summit is Bayer Properties’ flag s h i p brand unveiled in Birmingham (1997) by company executives Jeffrey Bayer and David Silverstein. Since that time this center has dominated the regional landscape serving as its premiere shopping destination. The convenient location is a leisure-time shopping favorite with unique shops, restaurants and entertainment along with beautiful landscaping, fountains and bronze statues.
“Our strategy is simple,” says Bayer Properties LLC principal and CEO Jeffrey Bayer. “Offer shoppers unique stores that they can’t find anywhere else and put them in a relaxing environment where they can enjoy themselves.”
In addition to a vibrant lifestyle tenant mix, The Fountains has been designed with unique architectural flair and as an oasis for shoppers, who will be surrounded by terrific amenities. The Fountains is true to its name, with several marquee water fountains including a show fountain that dances to music and lights every half hour. The center also features an interactive fountain designed for all ages to enjoy, and features two other beautifully decorative fountains that spray water 30 feet in the air.
The outside eating area of McCormick & Schmick overlooks a pond with a waterfall and live fish. The Fountains also offers an abundance of open space including a Main Street central walk housing a fire pit, life-sized bronze animals, serene resting spots and interesting activities. Other amenities include a performance stage and children’s playground.
Randhurst Mall is an existing 100-acre shopping center which was the first regional mall in the Chicagoland area when it was built in 1962. The mall will be redeveloped by demolishing the core two-level structure, leaving the surrounding anchor stores and converting the existing basement into convenient parking for non-retail uses.
The current retail anchor tenants and outparcel restaurants and banks will remain operational during the redevelopment period. The mall will be replaced with an open-air lifestyle mixed-used center including apartments and a hotel located above the new “Main Street” retail buildings. A new AMC 18-screen cinema will replace the existing theater, which will anchor the lifestyle portion of the project.
The new Randhurst Village will include enhanced landscaping and lighting, better traffic circulation and an exciting group of new merchants. It will be a future competitive force in what is already a strong demographic market.
The Avenue Forsyth fosters a unique, open-air architectural design that incorporates beautiful streetscapes, lush landscaping, signature bronze statues and a central park. The assemblage of 110 acres at the convergence of SR 400 and Peachtree Parkway (SR 141) over a period from 2004 to 2007 has allowed Cousins to build approximately 530,000 sq. ft. to meet the current and future needs of this northern trade area that includes Forsyth County, one of the fastest growing counties in the United States—ranked No. 13 on Forbes magazine’s list of the wealthiest counties in the country.
The Avenue Forsyth is anchored by AMC Theatres, Barnes & Noble and Circuit City. The rapidly growing development is bustling with an overflow of sophisticated national and local merchants—including Ann Taylor Loft, Chico’s, Coldwater Creek, J. Jill, Jos. A. Bank, Talbots, Ted’s Montana Grill, Victoria’s Secret, White House/Black Market and many more.
Shops on Main, a development by Regency Centers and Boyer Properties, is a lifestyle center located in Schererville, Ind., on the corner of US 41 and Main Street.
Shops on Main will be the premier upscale lifestyle center in Northwest Indiana. Strategically located, Shops on Main will serve customers currently traveling in excess of 30 miles to experience lifestyle shopping.
The Shops at Highland Village, a development by Regency Centers, is a mixed-use lifestyle center located in Highland Village on the northwest corner of South Denton County’s commercial center. The Shops at Highland Village is the lifestyle component of almost 2 million sq. ft. of retail that occupy the four corners of FM 2499 and FM 407.
Strategically located, The Shops at Highland Village is the retail centerpiece of South Denton County. No other upscale lifestyle retail environments exist to serve the affluent neighborhoods of Highland Village, Flower Mound, Lewisville, Copper Canyon, Bartonville, Argyle, Hickory Creek, Double Oak and Corinth.
The Triangle, located at the intersection of Interstate 15 at the 215, is a unique mixed-use development that plans to feature 600,000 sq. ft. of fashion retail, restaurants and entertainment including a multi-screen cinema. Scheduled for a 2010 grand opening, The Triangle will also feature class-A office space as well as a full-service hotel.
This exceptional 61-acre development is located at the center of a prominent market area that forms a “Golden Triangle” at the prime intersection of Interstates 15 and 215, in SW Riverside County. More than 200,000 cars pass that intersection each day, representing more than 6 million potential shoppers. The Triangle is located within the fastest-growing county in California and second-fastest growing county in the nation.
With projections stating that the population in the trade area will increase by 23% in the next five years, the project is ideally positioned to serve the needs of this growing community.
The Pedro Point Center, in Pacifica, Calif., shows Retail West’s efforts to appeal to the coastal culture in Northern California, and in Pacifica, specifically. The retail and merchandising at this center will be very “beachcentric” and “surfcentric” and an alternative to mainstream lifestyle shopping centers. By bringing in different types of retailers, the lifestyle center will reflect the unique culture of the surrounding community.
The Promenade at Chenal, is located in Chenal Valley in West Little Rock, Ark., which is known as the area’s most prestigious master-planned community. The outdoor lifestyle shopping center will be home to a variety of upscale national, regional and local retailers, restaurants and entertainment venues. Designed in a French Gothic style, complete with steeply pitched slate-roof treatments and vertical masonry piers, the center replicates a nostalgic Main Street shopping district.
Extensive landscaping and hardscapes will create a pedestrian-friendly environment ideal for shopping, entertainment and socializing. The Promenade at Chenal will celebrate its grand opening over Memorial Day weekend 2008.
The Spotsylvania Towne Centre shops blend the ambience of an 18th-century village with the sophisticated offerings demanded by discerning 21st-century consumers. At the same time, access to retailers and other attractions in the enclosed mall are mere steps away.
Retail represents 253,000 sq. ft. of 1.7 million sq. ft. of specialty retail, office, residential and entertainment venues at New Town Shops on Main, in Williamsburg, Va. Complementary area retailers include Talbots, Williams Sonoma, Chico’s, T.J. Maxx, Belk’s, Target, L.L. Bean and Bed Bath & Beyond. Neighboring businesses and attractions include the College of William & Mary, Colonial Williamsburg, Ford’s Colony, Busch Gardens, Anheuser Busch and Yorktown Naval Station.
Fresh & Easy to Expand in Calif.
Sacramento Tesco has named 17 locations for its Fresh & Easy Neighborhood Market stores in the Sacramento area starting next year.
After debuting in Southern California in November, Fresh & Easy has opened 55 stores combined in Southern California, Las Vegas and Phoenix.
Limited Brands Cuts Real Estate Projects
Columbus, Ohio Limited Brands Inc. said Thursday that it is cutting the number of real estate projects planned for this year as it tries to improve results in its stores.
The retailer, which operates the Victoria’s Secret and Bath & Body Works chains, made the comments during a conference call. It said the reduction in real estate projects should lower its planned capital expenditures by $85 million.
On Wednesday, Limited Brands said its fourth-quarter profit fell 12% on a substantial decline in sales following last summer’s decision to get out of the apparel business. Weak store traffic and scaled-back circulation of its Victoria’s Secret catalog also contributed to the decline.
Limited Brands said it made $388.6 million compared with $439.8 million in the same quarter a year ago. Sales totaled $3.28 billion for the quarter, down from $4.02 billion a year earlier.
In July, the company transferred 75% ownership of its Limited Stores chain to buyout firm Sun Capital Partners Inc. and sold a 75% interest in its Express brand to affiliates of private equity firm Golden Gate Capital.