REAL ESTATE

DLC Management Corp. acquires The Shoppes At South Hills

BY Katherine Boccaccio

Poughkeepsie, New York – DLC Management Corporation announced its latest acquisition: The Shoppes at South Hills, a 518,000-sq.-ft. grocery-anchored power center in Poughkeepsie, New York.

This acquisition aligns well with DLC’s operations and features anchor tenants ShopRite, Burlington Coat Factory, Christmas Tree Shop, Hobby Lobby and Kmart. Other tenants include Ashley Furniture HomeStore, Bob’s Discount Furniture, and Chuck E. Cheese’s.

“With the acquisition of the dominant grocery-anchored power center in the trade area, DLC cements its leadership position in ownership of open-air centers in Dutchess County,” said Adam Ifshin, CEO, DLC Management Corp. “With significant future development potential, The Shoppes at South Hills represents our final acquisition in a year where we successfully acquired over $310 million of real estate totaling in excess of 4.2 million sq. ft."

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REAL ESTATE

Mixed-Use project gets go-ahead in Minnetonka

BY Katherine Boccaccio

St. Paul, Minnesota – Paster Properties and Bader Development announced that the City of Minnetonka City Council has approved the development of a six-story, 155,000-sq.-ft., mixed-use development at 1730 Plymouth Road, Minnetonka, Minnesota.

The new development will feature ground floor commercial space, including anchor tenant Highland Bank, and five upper floors with 115 luxury apartments. Amenities for the apartments will include a club room, fitness center, outdoor pool and lounge, and a rooftop terrace and garden. Both surface parking and two levels of underground parking will be available. Construction is expected to begin in early spring 2015, and to be completed in late summer 2016.

“As Minnetonka’s population continues to grow and flourish, we recognized a strong need for modern, inviting retail and residential space that provides Ridgedale area residents and visitors alike with a great place to live, work and play,” said Howard Paster, president of Paster Properties. “Along with our partner Bader Development, we are committed to creating an industry-leading mixed use center that exceeds the needs of residents, and enhances the overall Minnetonka community.”

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REAL ESTATE

Project Spotlight: Rouzan Village

BY Katherine Boccaccio

Baton Rouge, Louisiana A new south Louisiana mixed-use development will introduce Alamo Drafthouse Cinema to the state, as architectural firm KTGY Group and developer JTS announce the development of Rouzan Village, the retail center of Baton Rouge master-planned residential community Rouzan.

Phase one, designed by KTGY, is located near the intersection of Perkins Road and Glasgow Avenue and will feature approximately 80,000 sq. ft. of retail anchored by Alamo Drafthouse Cinema, and up to 220 residential rental units including live/work studios.

According to KTGY's Simon "Sy" Perkowitz, a principal in the firm's retail/commercial division, the architectural design of the buildings will be inspired by the Gulf Coast style typically found in nearby New Orleans. Each of the three buildings will have ground-level retail with three stories of residential rental units above. The live/work studios will be designed to have potential retail/commercial space on the lower portion with living above. Two parking structures and street parking will provide parking for approximately 900 cars to accommodate shoppers, movie patrons and apartment residents. New infrastructure is planned as a part of the development and will include public improvements such as a park and public art locations.

"Rouzan Village is designed as a state-of-the-art, 21st century village," said Perkowitz. "It offers a great location, unique character and a walkable mix of uses, meticulous design and sustainable construction.”

Austin, Texas-based Alamo Drafthouse Cinema's local partner Cojeaux Cinemas will be opening the 33,000-sq.-ft. theater, the first one in Louisiana. Anthony Coco, president and CEO of Cojeaux Cinemas, said that Baton Rouge's Alamo Drafthouse Cinema will have seven screens and 850 seats; food, beer, wine and liquor will be available before, during or after the films, and the location includes a bar off the lobby which serves food and beverages to patrons and non-moviegoers alike. The theater is expected to begin construction in 2015 and open in mid-2016. Village Center's residential component is expected to break ground in mid-2015 and take approximately 14-18 months to complete.

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