New retail in Rancho Mirage: A river runs through it The River at Rancho Mirage, a 245,000 sq. ft. retail and entertainment center in Rancho Mirage, Calif., has been designed as a shopping destination with a 1.5-acre river winding its way through the center's pedestrian walkways and around an island restaurant. The Jerde Partnership International of Venice Beach, Calif., is the project architect with landscapeby Newport Beach, Calif.-based Lifescapes International.
The, due for completion in November 2000, is a joint venture between Los Angeles-based J.H. Snyder Co. and Newport Beach, Calif.-based Edwards Theatres Circuit Inc. The project is anchored by a 75,000 sq. ft. Edwards Theatres cineplex and will include approximately 100,000 sq. ft. of specialty retail, 25,000 sq. ft. of restaurants and 20,000 sq. ft. of office space.
Taubman and Swerdlow joint venture develops Dolphin Mall Bloomfield Hills, Mich.-based Taubman Centers Inc. and Hollywood, Fla.-based Swerdlow Real Estate Group have formed a joint venture to develop Dolphin Mall, a 1.4 million sq. ft. regional center in Miami. Taubman has invested $10 million in Swerdlow Group in exchange for an approximately 5% stake in the company. Under the agreement, Swerdlow Group and Taubman Centers will each own 50% of the mall.
Financing for the project will be a $200 millionloan arranged by Charlotte, N.C.-based Bank of America and underwritten by Boston-based Fleet National Bank and New York-based Commerzbank. Birmingham, Ala.-based Hoar Construction is the contractor.
Dolphin Mall'sduties took a bit of a different slant after Taubman executed the $7.5 million acquisition of Alexandria, Va.-based Lord Associates. Pursuant to this move, Lord founder and president Courtney Lord, will serve as senior vice president and managing director of leasing at Taubman. Doug Lucey, Taubman's current head of leasing, will remain with the company to complete projects opening in 2001, and will then retire.
Dolphin Mall will have more than 200 outlet, dining and entertainment venues, including Off Fifth Saks Fifth Avenue, Burlington Coat Factory, Dave & Busters, Ultimate Sci-Fi Cafe, Jeepers! and a 28-screen Regal Cinemas. The project is scheduled to open in early-2001.