In Plantation, Fla., a $350 million mixed-use redevelopment of the former Fashion Mall Plantation property will become 321 North, featuring indoor and outdoor shopping, dining, entertainment, culture and art, together with significant office and residential components. U.S. Capital Holdings Group submitted formal plans to the City of Plantation, which is driving a visionary initiative for a district that will be known as Plantation Midtown. The development of 321 North will include demolition and reconstruction of much of the vacant 650,000-sq.-ft. enclosed mall, creating new retail that will face outward and open up onto a new Main Street, as well as constructing additional new open-air retail and restaurants. With construction slated to begin in 2008, 321 North will yield about 550,000 sq. ft. of retail.
Grand Junction’s Grand New Development
A new 560,000-sq.-ft., mixed-use, lifestyle development in Grand Junction, Colo., will bring exclusive, fashion-oriented retail to the western slopes of the Rocky Mountains.
Developed by Opus Northwest, a member of the Minneapolis-based Opus Group, and Goldberg Properties, Colorado River Marketplace will feature outdoor retail and restaurants, as well as a hotel and office space. A 125,000-sq.-ft. Dillard’s store—the company’s first in western Colorado—will anchor the development. “This exciting new center is a perfect fit for Dillard’s,” said Dillard’s CEO William Dillard II. Currently, the company operates 11 stores in Colorado.
Colorado River Marketplace will occupy nearly 60 acres at the northeast corner of Interstate 70 and 24 Road. The design “reflects the character and natural beauty of the area, while providing a unique shopping experience for this growing region,” said Mike Dailey, director of real estate development for Opus Northwest.
When the distinctive mixed-use development named The Bravern opens in 2009 in the Puget Sound region, it will bring an upscale retail collection, class-A office space, luxury condominium living and destination dining to the Seattle suburb of downtown Bellevue, Wash. Developed by Schnitzer Northwest, and designed by Callison, The Bravern will feature 305,000 sq. ft. of retail, anchored by the first Neiman Marcus in the Pacific Northwest. Upscale fashion and accessories, four restaurants and a full-service fitness club will join Neiman Marcus, along with 450 luxury condos.
Gateway to the Bronx
Maximizing land use was a primary objective of architectural firm GreenbergFarrow when it created the master plan for the $500 million Gateway Center at the Bronx Terminal Market in New York City. “The design of the Gateway Center demonstrates how today’s American retail experience can be form-fitted to work in a densely populated urban setting,” said Navid Maqami, principal of architecture at GreenbergFarrow. In designing the 1 million sq. ft. of retail within a 16.8-acre site, GreenbergFarrow followed a vertical format. Tenants include Target, The Home Depot, Best Buy and Bed Bath & Beyond, along with restaurants and community retailers. The complex will include three buildings, with a parking structure between two retailers, allowing each parking level to belong to a particular retail floor.
The South Bronx site, developed by The Related Cos., is slated to open in the fall of 2009.
Finish Line 4Q Profit Narrows
Indianapolis, Finish Line said Thursday the company earned $21.1 million in its fourth quarter, compared with profit of $28.1 million during the same period a year prior. Revenue rose to $429 million from $399.2 million.
Expenses for the quarter rose to $93.9 million from $85.1 million. The company also saw an asset impairment charge of $7.5 million compared with $2.5 million a year ago. Comp-store sales fell 5.4% during the quarter.
For the full year, the company earned $32.4 million.
Sharper Image, OfficeMax Partner
San Francisco, Sharper Image has announced a multi-year licensing agreement with OfficeMax. The agreement with OfficeMax is the first to be announced by Sharper Image’s newly created brand licensing division.
Under the agreement, OfficeMax will offer Sharper Image branded office furniture and accessories made exclusively for OfficeMax under the Sharper Image Office brand. Products will include desks, chairs, shredders, desk sets, accessories and related items. The first product collection is currently rolling out into OfficeMax stores, with additional collections to debut throughout and beyond 2007.