Madison Marquette is undertaking the redevelopment of Asbury Park, N.J.'s waterfront. The mixed-use project, located along 1.25 miles of oceanfront, will feature 500,000 square feet of retail space, in addition to residential and entertainment components. In addition, the company will develop a 50-acre mixed-use project in Montgomery township, N.J. Thewill combine 325,000 square feet of retail space, including a Stop & Shop and lifestyle merchants and restaurants, with residential components. The project, called Montgomery Promenade, is scheduled for completion in the spring of 2008.
CapmarkGroup Inc. appointed William F. Aldinger III as president and chief executive officer. He formerly served as chairman and chief executive officer of HSBC North America Holdings Inc. Aldinger's predecessor at Capmark, Robert D. Feller, is leaving the company. Aldinger will also join the Capmark's board of directors.
Calamos Real Estate will develop a 1.2 million-square-foot mixed-use project, called CityGate Centre in Naperville, Ill. The first phase of the development will include a 213,000-square-foot Class A office building and a 57,000-square-foot retail building. When completed, the project will also feature a 140-room boutique hotel and a performing arts center.
General Growth Properties, Inc. and Pabst Farms Development Inc. will build a 1-million-square-foot open-air regional shopping and entertainment center in Oconomowoc, Wis. The project, Pabst Farms Town Centre, will feature national department stores, upscale merchants, top-tier restaurants and a multiscreen theater. It will be part of a larger, master-planned community, featuring residential and commercial components.
Bruce Johnston, a former Macerich Company leasing executive, has started his own venture, Johnston Real Estate Services, based in San Ramon, Calif. The firm will offer lease negotiation and developer services, as well as expansion and rollout strategies.
SCI Real Estatepromoted Andrew Van Tuyle to chief operating officer. He will oversee all operational aspects of the firm's acquisition and investment transactions. Van Tuyle has been with the company for two years.
Opus West Corporation opened the first phase of the Sacramento Gateway, a 1.3-million-square-foot mixed-use project in Sacramento, Calif. The first phase of the development encompasses a 663,000-square-foot retail center with tenants such as Barnes & Noble, Best Buy, Old Navy, Target and Linens ‘n Things.
Direct Development beganon 450,000-square-foot Robertson's Creek project in Flower Mound, Texas. JCPenney and Belk have signed on as anchors at the $50 million project, which will open March 2007.
V Land Corporation started construction on a 250,000-square-foot development in South Elgin, Ill. The project will feature approximately 70,000 square feet of build-to-suit space for anchors Best Buy, Staples and PetSmart. Buffalo Wild Wings and La-Z-Boy will also join the tenant roster.
Champion Realty Advisors will develop a 22-acre retail center in Homer Glen, Ill. The 240,000-square-foot project, called Cedar Glen Center, will accommodate upscale retailers.
CB Richard Ellis will serve as leasing agent for the Indian Wells Town Center, a 28-acre development that will break ground in Indian Wells, Calif., later this year. The center will feature 300,000 square feet of retail space, including a 14-screen movie theater.