Palladium Co. begins work on $425 million Florida project With more than half of its facilities preleased to upscale tenants, CityPlace, a 72-acre, $425 million mixed-use entertainment-enhanced town center retail development in West Palm Beach, Fla., is now under way. New York-based The Palladium Co. - which will oversee development, ownership, leasing and management - has preleased approximately 320,000 sq. ft. of the 600,000 sq. ft.
Glimcher, Michael Ovitz partner to develop entertainment complex Entertainment executive Michael Ovitz will be a partner in Columbus, Ohio-based Glimcher Realty Trust's new 1.5 million sq. ft. super-regional mall in northern Columbus. The upscale mall, called The Mall at Polaris, is scheduled to open in 2000 and is designed as an entertainment, dining and shopping destination, featuring six anchor tenants, 150 in-line stores and four restaurants. Lord & Taylor's store represents the retailer's entrance into the Ohio market.
At a future date, Ovitz will announce his plans for the mall's sports/entertainment complex. Design of the mall will be handled by David Rockwell and K.A. Architecture.
Altoon + Porter to design interior of Riyadh women's mall In keeping with the Islamic culture's respect for women's privacy, a three-level, 625,000 sq. ft. mall is being constructed in Riyadh, Saudi Arabia, with the top level being restricted for the use of women. Los Angeles-based Altoon + Porter Architects will serve as interior architects for the project, which is the latest concept of Prince Alwaleed of Saudi Arabia.
The women's mall will include a restaurant, business center, health spa and prayer room. The Riyadh mall is one component of Kingdom Centre, a $425 million mixed-use complex, which will include residential elements, a five-star Four Seasons Hotel and the tallest office tower in the Middle East at 984 ft.
Mid-America Real Estate sells five-center Milwaukee portfolio Totaling 1.1 million sq. ft., the Market Street Associates' five-center portfolio, located in the Greater Milwaukee area, has been sold to Atlanta-based JDN Realty Corp. The Investment Group of Mid-America Real Estate Corp. represented Market Street Associates in the sale. The sale price was not disclosed, but the offering price was reported at $59.7 million.
Simon DeBartolo, DLJ to form venture with Madison Marquette Indianapolis-based Simon DeBartolo and New York-based DLJ Real Estate Capital Partners L.P. intend to form a joint venture with Cincinnati-based Madison Marquette, an upscale specialty retail development firm, to develop lifestyle/entertainment retail projects. Madison Marquette will invest a significant amount of capital in the joint venture and will play a key role in organizing, managing and implementing the projects the venture will undertake.
Swerdlow Cos., Colony Capital buy Great Mall of the Bay Area Representing one of the largest commercial real estate transactions in Silicon Valley's history, The Michael Swerdlow Cos. and Colony Capital Inc. have acquired the largest enclosed outlet centers in Northern California for $130 million. The Great Mall of the Bay Area, a 1.5 million sq. ft. mall, comprises 185 designer outlet and value retail stores, including anchor tenants Off 5th-Saks Fifth Avenue Outlet, Stein Mart and Burlington Coat Factory.
Representing the Northeast's largest shopping mall network, Syracuse, N.Y.-based The Pyramid Cos.' 31-property portfolio is being marketed for sale. The privately held owner, operator and developer of shopping centers has begun the process of contacting potential buyers for both its properties and its associated development and management company.
After the sale is completed, Pyramid's founder Robert Congel and S&R Cos.' founder Scott Congel, among others, will concentrate on growing their development activities nationally under the names of EklecCo, which is an affiliate of Pyramid, and S&R.
All ongoing expansion programs at Pyramid's properties will continue as planned.