Coradino sees ‘new mall’ rising
CEO Joe Coradino and PREIT are serious about recapturing vacant department store space and refilling it with new customer experiences.
Just weeks after the opening of a Legoland Discovery Center at its Plymouth Meeting Mall in the Philadelphia suburbs, PREIT announced it had executed a lease at that property with 5 Wits, a live-action entertainment concept that immerses people into one of three adventures: Tomb, Deep Space, or Drago’s Castle.
The high-end indoor cycling center Cyclebar opens next week at Plymouth Meeting, as well, and Dave & Busters this week signed on for a 24,000-sq.-ft. space at PREIT’s Capital City Mall in Harrisburg, Pennsylvania.
"The historic view of the mall, heavily reliant on apparel and traditional retail, has expired and a new model is rising,” Coradino observed.
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Abilene to get largest shopping center in a decade
Prestige Development Group is about to break ground on a 171,027-sq.-ft. shopping center in Abilene, Texas.
Nearly 85% of The Shops at Abilene Village are pre-leased by a tenant lineup that includes Burlington, Petco, and Academy Sports + Outdoors. It will be the first store in the Abilene market for Burlington, and Academy is relocating from a 50,000-sq.-ft. location to claim 72,000 sq. ft.in of space at The Shops.
Located off of the highly travelled Winters Freeway, the center will be replacing the McGavock Nissan Dealership near two of the cities' main shopping hubs: Abilene Mall and The Shops of Abilene. When it opens in 2018, it will be the biggest shopping center to come to Abilene in nearly 10 years.
The Prestige project has been 18-months in the making and is one of four centers the Las Cruces, New Mexico-based company is developing in Texas. PDG, Inc. is a high-volume developer specializing in restaurant, retail, and medical properties.
Big-box bonanza is destined for Staten Island
Residents in some locales want fewer big-box stores, residents in others want more. The latter was the case in the New York City borough of Staten Island, and Kimco is effecting a wholesale makeover of a 10-year-old center there to give the people what they want.
The former Hylan Plaza on highly trafficked Hylan Boulevard is now being transformed into The Boulevard, a 460,000-sq.-ft project with a “Main Street” format surrounded by two levels of storefront retail space. National brand big boxes will inhabit the top floors, and restaurants and shops will do business at street level.
“We have a long history in Staten Island. Over the years, we’ve heard from residents about what they want and we have a good idea of what will be successful there,” said Joshua Weinkranz, president of Kimco’s Northeast Region. “They’ve had to travel to New Jersey and Brooklyn to shop big box stores, and they really want them in their home market.”
Kimco razed 300,000-sq.-ft. of retail space and bid farewell to some long-standing tenants to set the stage for its $180 million renovation. The top levels are cantilevered out over the ground levels in the rear to provide more square footage for the big boxes, as well as covered parking for shoppers.
Among the first to sign leases at The Boulevard were ShopRite (68,000 sq. ft.), Alamo Drafthouse (41,000 sq. ft.),), Modell’s ( a 16,000- sq.-ft. relocation) Party City (13,000 sq. ft.), and PetSmart (23,500 sq. ft.). Construction is scheduled to start by fall, looking toward a summer 2019 grand opening.
The Pathmark that served as the grocery anchor at Hylan Plaza will be replaced by a ShopRite at The Boulevard. “ShopRite is coming over with a prototype store and they’re very excited about it,” Weinkranz said. “We have five or six restaurants in various stages of discussions. Half are existing operators doing different concepts, and the others are coming in from other markets.”