DEVELOPMENT/REDEVELOPMENT

Hay Creek Shops open first phase of development

BY Melonie Messina

Bismarck, N.D. — The Woodmont Company and Northwest Contracting announce the completion and opening of the first phase of development of Hay Creek Shops in Bismarck, North Dakota. Hay Creek Shops is a regional power center on 33 acres that once complete will total more than 300,000 sq. ft. of retail and restaurants.

The first phase of Hay Creek Shops totals 150,000 sq. ft. and was 100% pre-leased upon opening. The grand opening is slated for Oct. 24 and Oct. 25, with anchor tenants Bed Bath & Beyond, Dick’s Sporting Goods and Gordmans already open. Michael’s and Ulta Beauty are expected to open their doors by Nov. 1.

“We have been extremely successful in securing high-profile tenants at Hay Creek Shops,” said Stephen Coslik, chairman of The Woodmont Company. “We created this property to be the retail destination of choice for customers throughout Bismarck and surrounding communities and these new tenants provide further testimony to the quality of the center and the strength of this location in this growing market.”

The second phase of construction is underway with retail space deliveries starting next spring and continuing through the summer of 2016.

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REAL ESTATE

1.2 million sq. ft. mixed-use Liberty Center opens in Cincinnati

BY Melonie Messina
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Cincinnati — Steiner + Associates and Bucksbaum Retail Properties opened their highly anticipated 1.2 million sq. ft. Liberty Center in Cincinnati. Liberty Center is one of the largest mixed-use projects to open in the U.S. this year.

“This project has certainly been a labor of love for everyone who has touched it. We are so proud of Liberty Center and know that it will serve as a vibrant community gathering place, strong economic engine and destination for the entire region,” said Yaromir Steiner, CEO for Steiner + Associates.

The 64-acre, 1.2 million sq. ft. Liberty Center is located at the junction of the Liberty Way Interchange at I-75 and SR 129 in Cincinnati. The project includes more than 800,000 sq. ft. of retail, restaurants and entertainment, 75,000 sq. ft. of office, 240 luxury apartments and the 130-key hotel.

Liberty Center’s 200,000 sq. ft. Dillard’s is the state of Ohio’s first ground up store. Dick’s Sporting Goods new 80,000-sq.-ft. concept is the first of its kind in the northern Cincinnati market, and the AC Hotel by Marriott is another state first.

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FINANCE

Report: Struggling grocer turning out the lights

BY CSA STAFF

Fresh & Easy, which opened its first store in 2007 and was U.K. giant Tesco’s first U.S. venture, is closing its stores, the Los Angeles Times reported. The chain, which was never able to gain a foothold in the competitive U.S. grocery market, filed Chapter 11 in 2013, and was acquired by grocery billionaire Ron Burkle's Yucaipa Cos. with a loan from Tesco. [Los Angeles Times]

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