REAL ESTATE

Peninsula Town Center announces 50-plus stores and restaurants to open

BY CSA STAFF

Hampton, Va. Mall Properties and Steiner + Associates, developers of Peninsula Town Center in Hampton, Va., announced that Hollister, Justice, New York & C., The Limited, Chico’s, Cache, Forever 21 and H&M are among more than 50 retail and restaurant tenants that will be joining already opened Macy’s, Barnes & Noble, Target, J.C. Penney, LensCrafters, Barnes & Noble, bd’s Mongolian Grill, Five Guys Burgers and Fries, Chipotle, Outback Steakhouse, The Pub and Mattress Discounters at the Peninsula Town Center.

“Many of these new tenants, including The Wine Loft, Delia’s, Shoe Woo and CineBistro, are either new to the state or new to the region,” said Yaromir Steiner, president of co-developer Steiner + Associates. “Our success in attracting these best-in-class retail and hospitality tenants is a testament to the strength of this project, this market and this region.”

The list includes Aeropostale, Victoria’s Secret, Express, Build-A-Bear, Charming Charlie and Lane Bryant. Among the 15 restaurants listed are several that are making their Virginia debuts, including Bensi’s Ristorante Italiano, Huey’s Diner, Kenji Fusion and (Virginia Tech football coach) Frank Beamer’s American Grill.

“This is the right project, in the right location, at the right time,” said Hampton Mayor Molly Ward. “Our community asked for an upscale, energy-filled mixed-use project. We are getting a good first look at that quality today with the announcement of these great and exciting retail, restaurant and entertainment tenants.”

The 1.1-million-sq.-ft. Peninsula Town Center features 340,000 sq. ft. of fashion and specialty retail, 55,000 sq. ft. of restaurant and dining, 400,000 sq. ft. of traditional/anchor retail, 115,000 sq. ft. of Class A office space and 158 residential apartment units.  

Peninsula Town Center’s grand opening is scheduled for March 11.

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REAL ESTATE

Sbarro launches major expansion in Japan

BY CSA STAFF

Melville, N.Y. Quick-serve Italian restaurateur Sbarro said Tuesday it has outlined an aggressive expansion plan in Japan that includes the opening of 1,250 units.

Sbarro has partnered with JCI in a joint venture/franchise agreement that will see the expansion plan executed over a 20-year period. As part of the agreement, Sbarro and JCI announced the opening of the first restaurant at the Aeon Mall in Hinode-Machi, Tokyo.

The Aeon Mall location, which opened on Dec. 29, is the first of three Sbarro restaurant openings planned for Tokyo, with two units slated to launch during first quarter 2010.

“Working in tandem with the great team at JCI, we are poised to aggressively expand the Sbarro footprint throughout all of Japan,” said Peter Beaudrault, president and CEO of Sbarro.

Sbarro operates more than 1,000 restaurants across 42 countries.

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REAL ESTATE

Costco to open new Maryland store

BY CSA STAFF

Issaquah, Wash. Costco Wholesale Corp. said late Monday it is in talks with officials in Maryland to locate a new store in the Montgomery County city of Wheaton, in Washington.

According to a report by the Puget Sound Business Journal, the retailer is discussing a $60 million project that would put the retailer in part of space formerly occupied by a Hecht’s department store.

The county has been asked to contribute a portion of the project’s construction costs, though Steven Silverman, director of the county’s Department of Economic Development, wouldn’t confirm the amount.

The Washington Examiner reported the figure to be $4 million.

As the deal currently stands, Costco would share part of the multi-story space with another retailer, the identity of which Silverman would not disclose.

Silverman said the county’s contribution would not be an incentives package, but rather a contribution to construction costs. Previously, Montgomery County contributed $6 million to build a parking garage for the Macy’s in the same shopping mall.

Costco is expected to make a decision on the project in the next 30 days, Silverman said. Costco spokeswoman Therese Wontorek told the Business Journal that company policy is not to comment on specific markets.

If Costco goes forward with the Wheaton project, construction could begin by the end of 2010, with an opening sometime in 2011, Silverman said.

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