CBL & Associates, Stirling to develop Fremaux Town Center
Slidell, La. — Chattanooga, Tenn.-based CBL & Associates Properties and Covington, La.-based Stirling Properties announced Wednesday the formation of a 65/35 joint venture to develop Fremaux Town Center in Slidell, La.
Phase I of the two-phase project will comprise approximately 295,000 sq. ft. and anchors that include Dick’s Sporting Goods, Michaels, T.J.Maxx, and Kohl’s. Phase II will include up to 300,000 sq. ft. of additional retail space. Construction is set to begin on Phase I in March 2013, with the grand opening scheduled for the second quarter of 2014.
“Fremaux Town Center is well-located and is already well-leased with an outstanding retail line-up,” said Michael Lebovitz, CBL’s EVP development and administration. “We are looking forward to announcing additional retailers as the development progresses.”
Stirling Properties’ SVP development Townsend Underhill added, “We believe this site has the characteristics to become a premier retail shopping destination, and we are happy to continue our long and successful history of retail development in the City of Slidell.”
Fremaux Town Center Phase I is currently more than 70% leased with committed retailers such as Dick’s Sporting Goods, Michaels, Kohl’s, PetSmart, T.J.Maxx, LongHorn Steakhouse, dressbarn, ULTA Beauty, Lane Bryant, Rack Room Shoes, Best Buy and Versona Accessories.
Stirling will lead the development of the project and CBL and Stirling will jointly lease and market the center.
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DDR expands Puerto Rico redevelopment program
Beachwood, Ohio — DDR Corp. announced Tuesday that it has expanded its redevelopment program in Puerto Rico from $50 million to $90 million.
"Increased demand for quality retail space in this supply-constrained market has created unique value-add opportunities in many of our most productive assets," said Paul Freddo, senior EVP leasing and development, DDR. "By executing our strategic redevelopment plan, we are creating attractive opportunities for our key domestic tenants to establish or expand their presence on the island."
The following projects highlight DDR’s redevelopment initiative in Puerto Rico:
- Plaza del Sol, a 690,000-sq.-ft. enclosed mall anchored by Walmart, Home Depot, Bed Bath & Beyond, Caribbean Cinemas and Old Navy, features a new 10,500-sq.-ft. food court, which was relocated from the lower level to the upper level of the mall. Phase two will include the construction of approximately 137,000 sq. ft. of new GLA to accommodate the expansion of a key anchor, as well as construction of additional junior anchor boxes with an expected completion in fall 2014.
- At Rexville Plaza, a 131,000-sq.-ft. community center, DDR added a new Marshalls and CVS, which replaced an underperforming Pueblo Supermarket and increased NOI by more than 10%.
- The transformation at Plaza del Norte, a 680,000-sq.-ft. enclosed mall anchored by Walmart, Sears, J.C. Penney, T.J. Maxx and Rooms to Go, includes the consolidation of three vacant small shop units to accommodate a new PetSmart, as well as a new Caribbean Cinemas theater on the upper level.
- The redevelopment of Plaza Fajardo, a 250,000-sq.-ft. power center anchored by Walmart and Econo Supermarket, will include the construction of two new box spaces for PetSmart and Shoe Carnival, both of which are expected to open in fall 2013.
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Social Apparel to open 34th Street location
New York — Winick Realty Group said that women’s formal wear brand Social Apparel, with locations in four New York malls, has leased its first freestanding location at 255 West 34th Street, located between Seventh and Eighth Avenues in Manhattan’s Garment District.
The store includes 1,760 sq. ft. on the ground floor, 1,276 sq. ft. on the mezzanine and 1,540 sq. ft. in the basement.
Social Apparel currently has a store in the nearby Manhattan Mall, as well as Queens Center, Palisades Center and The Galleria at White Plains. They plan to open their 255 West 34th Street store in April 2013.