REAL ESTATE

The Mercato adds retailers

BY CSA STAFF

Naples, Fla. The Lutgert Cos. announced the signing of five retail stores — Bobby Chan, Byte Shop Style, Mercato Jewelers, Pandora and Spectacles — to The Mercato in Naples, Fla.

Construction is under way with openings slated for late summer or fall 2009.

The Mercato is a lifestyle community that, when complete, will provide nearly 330,000 sq. ft. of Main Street retail and restaurants, 140,000 sq. ft. of Class A office and 175 luxury residences. The project is a joint venture of The Lutgert Cos. and the Barron Collier Cos., and is anchored by Whole Foods Market. National and specialty retailers include Books-A-Million, Coldwater Creek, Jos. A. Bank Clothiers, Sur La Table, Signatures, Z Gallerie, Swim ’n Sport and Gigi’s Children’s Boutique.

An 11-screen, 1,300-seat movie theater by Cines Unidos is slated to open mid-year.

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REAL ESTATE

Bon-Ton’s Carson Pirie Scott location to be renovated

BY CSA STAFF

York, Pa. The Bon-Ton Stores said Thursday it will undergo a two-year renovation on its Carson Pirie Scott Randhurst Village store located in Mount Prospect, Ill. The project will coincide with the redevelopment of Randhurst Village into an open-air, lifestyle center with retail, restaurants, entertainment and a hotel.

The three-level, 205,000-sq.-ft. Carson Pirie Scott store will be completely remodeled and will reflect the same look of the shopping center. Renovations, which will begin this summer, are expected to be completed in fall 2010.

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REAL ESTATE

Swiss watchmaker secures flagship location on Madison Ave.

BY CSA STAFF

New York City F.P. Journe announced it has signed a 10-year lease for an 800-sq.-ft. space at 721 Madison Avenue, between East 63rd and 64th Streets (the former Graff store), where it plans to open its first New York store and U.S. flagship.

Surrounded by some of the most esteemed brand names, the high-profile space features soaring ceilings in an elegant pre-war building, according to the retailer’s real estate broker The Lansco Corp., which is a member of the X Team Retail Services Network.

“One year ago, vacancies on Madison Avenue were few and far between, and factors such as sky-rocketing rents and high competition for the small number of spaces available on the market kept many retailers on the sidelines,” said Diane Mandel, a managing director at Lansco. “F.P. Journe timed the market perfectly. The exclusivity and high-quality design of their watches has kept the retailer recession-resistant and has given them the edge in securing this prominent location to grow their U.S. presence.”

F.P. Journe currently has boutiques in Boca Raton, Fla., Tokyo, Hong Kong, Paris and Geneva, and will be opening in Beijing in the fall.

“We always had New York planned in our development. We consider New York as one of the very few ‘centers of the world’ and Madison Avenue is its quintessence in terms of a true luxury retail avenue,” said Pierre Halimi Lacharlotte, the partner for F.P. Journe’s New York store. “When we were offered the Graff store location, it became a priority for us.”

The landlord in this transaction is The Winter Organization.

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