DMB spurs Scottsdale retail market with DC Ranch Scottsdale, Ariz.-based DMB Associates Inc. unveiled plans for The Shops at Market Street, the 150,000 sq. ft. retail portion of the company's mixed-use, 3,700-acre DC Ranch development in Scottsdale, Ariz. The Shops at Market Street will include Safeway Marketplace, Hallmark, Starbucks Coffee, and Hollywood Video, along with restaurants ranging from breakfast to fine dining. The retail area is projected to be completed by early-2000 with phases II and III - including office and restaurant GLA - expected to come online by August 2000.
The Shops at Market Street will incorporatethat is reflective of the community and environment. Rustic metal, native stone, wood indigenous to the area and southwestern colors will be used in the center's construction.
Cousins beginson Mira Mesa MarketCenter Atlanta-based Cousins Properties Inc. has begun construction on Mira Mesa MarketCenter, a $53 million shopping center in San Diego, Calif. The project, expected to open in spring 2000, will be anchored by Home Depot, Albertsons and Edwards Theater. Other major retailers include Barnes & Noble, Just For Feet, Longs Drug Stores, and Ross Dress For Less.
The center's Spanish contemporary architectural design will feature arches, exposed-wood rafters, wood trellises and Spanish clay tile roofs. The center's second-level spaces will be accented by painted, wrought-iron balustrade, exposed balconies with painted French doors and quarry tile.
Hechinger gives up fight after two-year battle Largo, Md.-based Hechinger Co. has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Wilmington, Del., after a two-year struggle to stay profitable. The 206-unit retailer plans to begin closing 80 stores in 36 markets to reduce its operating costs. Hechinger has entirely vacated markets in Denver, Austin, Texas, Pittsburgh, Orlando/Tampa, Fla., and New York State.
For the six months ended April 3, Hechinger incurred a net loss of $304.6 million, and had a negative net cash flow of $225.7 million. Hechinger's sales had declined 30% to $1.167 billion.
AMB Property and Burnham Pacific terminate agreement San Francisco-based AMB Property Corp. has terminated an agreement between its AMB Property LP division and San Diego, Calif.-based Burnham Pacific Operating Partnership LP, regarding disposition of six shopping centers. This action was taken as a result of Burnham Pacific's decision not to waive the financing condition.
Burnham had until June 30, 1999, to elect to purchase the 1.5 million sq. ft., six-center portfolio for approximately $285 million. Burnham Pacific informed AMB that the decision to terminate the transaction was based on recent events and was not a reaction to anything discovered during Burnham Pacific's investigation of the properties.
Wal-Mart shows interest in banking business In late June, Bentonville, Ark.-based Wal-Mart Stores Inc. purchased Healthcare Bancorp Inc., the holding company for Tulsa, Okla.-based Federal BankCentre savings bank. Wal-Mart plans to rename the holding company Broadleaf Investments Inc., and will offer company-run, full-service banking services for its customers in five Wal-Mart supercenter locations.
If successful, the company is expected to expand the program into 150 other stores. Wal-Mart currently provides banking services through leased banks in450 of it locations. >TI The Beat Report >BY Peggy Caylor >TX Mall of Georgia sneak preview Before the grand opening of the Mall of Georgia at Mill Creek (located 40 miles north of Atlanta), I went to check on its progress. Tom Martin, general manager, and Scott Higley, marketing director, both with Indianapolis, Ind.-based Simon Property Group, took me on a tour.
With the grand opening scheduled for August 13, the 1.7 million sq. ft. center was really shaping up. The project, a combination regional mall and Main Street concept, is designed to capture the history and geography of the state. Martin and Higley walked me through two of the five "courts," which represent the different areas of Georgia. These courts include: the Coastal region, the Plains, the Piedmont region, the Blue Ridge Mountains and Atlanta. They showed me the different wood beams, iron grills, imported tiles, carpeting and fountains that reflect the uniqueness and spirit of each region.
The kiosks, murals and factoids about Georgia are the theme Ben Carter envisioned, and that he and Simon Property Group hope will encourage tourists to spend more time in other parts of the state. During our tour we observed the area where the village, 80-acre nature park and amphitheater will be. When everything is completed, you will be able to shop, have a meal and then go to a concert in the amphitheater all without leaving the mall.
Anchors that opened this month include Dillards, JCPenney, Regal Cinemas and Lord & Taylor. Other retailers include Barnes & Noble, Haverty's Furniture and Bed Bath & Beyond. Nordstrom will open in March 2000. Also, the food court, which is done in the motif of Union Station a railroad hub in Atlanta that helped to build the city, has a replica of the barrel vaulted ceiling and peacock tail shaped fan that were part of the original train station.
Ben Carter's dream of a mall where people can go to shop, learn a little Georgia history and enjoy nature or a concert has become a reality.