‘Tired’ Massachusetts mall to go open-air
The first enclosed mall on Massachusetts South Shore will undergo a $40 million conversion to an open-air center under the ownership of a spun-off unit of Phillips Edison & Company.
The 732,000-sq.-ft. Hanover Mall in Pembroke Massachusetts — anchored by Macy’s, Sears, and Walmart — was purchased last fall by PECO Real Estate Partners, which operates under the name PREP. Built in 1971 and last renovated in 2004, the center has direct access to Route 3, the major thoroughfare joining towns south of Boston.
Pembroke Town Manager Troy Clarkson called the property “tired,” and earlier this week the town council approved a tax increment financing (TIF) agreement with PREP that will allow it to begin transforming Hanover Mall into Hanover Crossing.
“This is the opportunity of a generation,” Clarkson said following the vote.
PREP CEO Michael Phillips said Hanover Mall presented his company with the opportunity to do what it does best. “Transforming retail, creating value, and developing a shopping center for people to shop, dine, and gather for years for come," commented Phillips at the sealing of the deal for the center in 2016.
Other tenants include Dick's Sporting Goods, Trader Joe's, Panera Bread, Buffalo Wild Wings, Petco, and Office Max.
Mini-Bellagio fountain debuts at Plano center
Will public spaces be the new anchor tenants in the shopping centers and mixed-use facilities of the 21st Century?
That’s the opinion of J. Wickham Zimmerman, whose construction company Outside the Lines is unveiling a Bellagio-esque fountain that will present choreographed water shows at Legacy West in Plano, Texas.
“Retailers recognize the importance of integrating thoughtfully designed gathering spaces and artful show fountains to drive foot traffic,” Zimmerman said.
OTL’s fountain will cover 3,500 sq. ft. across three basins. It incorporates 131 nozzles and 398 LED lights to produce programmable water displays synchronized to 14 songs.
One of the largest mixed-use developments in North Texas, Legacy West contains 415,000 sq. ft. of retail and restaurant space, a 55,000 square-foot food hall; more than 1,300 luxury residential units, and a 303-room Renaissance Legacy Hotel.
The project’s developer, Fehmi Karahan, said he envisions the fountain becoming the “hallmark of Legacy West.”
KPMG to build facility at Lake Nona
The nation’s fastest-growing planned community keeps speeding along.
The Tavistock development, which already has 12,000 permanent residents, will add another thousand visitors a week thanks to a KPMG training facility that broke ground this week. In addition, the $400 million facility will house an employee staff of 330.
That’s good news for Steiner + Associates’ Lake Nona Town Center — the retail, hotel, and entertainment component that completed its first phase last year. The next phases of the 3.8-million-sq.-ft. center will include a luxury theater, a brewery, a performance venue and a bowling concept, though Steiner is not yet ready to name names.
The town center appears ready for the steady transient population KPMG will bring. Phase one included dual-branded Courtyard and Residence Inn by Marriott hotel and 16,000 sq. ft. of fully leased retail and restaurant space.