Atlantic Steel redevelopment adds entertainment/retail in Atlanta An entertainment and retail area is being developed at the site of the Atlantic Steel redevelopment project in Atlanta. The Block, a 1.2 million sq. ft. entertainment and retail center, is the first phase of a mixed-use master-planned project set to open in 2001. It will have approximately 100 specialty stores and 15 anchor/entertainment venues. The Block will feature an open-air, main street design including specialty retail shops focusing on entertainment and upscale dining. The Arlington, Va., Mills Corp. and Atlanta's Jacoby Development Inc. are developing the retail and entertainment portions. Initial tenants include the Rainforest Cafe, Virgin Records Megastore and Benetton Sports.
Volusia Regional Center sells for $14 million in DeLand, Fla. The West Volusia Regional Center, a 256,291 sq. ft. community shopping center in DeLand, Fla., has been acquired by an investment group. At nearly $15 million, the sale is one of the year's largest retail property deals in the Orlando-Daytona area. The seller, Mutual Life Insurance Co. of New York, was advised by Renaissance Realty Group. The investment group was sponsored by the Simpson Organization.
Mount Airy shopping center receives approval for expansion Plans have been approved for the expansion of the Mount Airy Shopping Center, in Mount Airy, Md., which will include a 102,573 sq. ft. Wal-Mart, a 55,164 sq. ft. Safeway, 23,400 sq. ft. of retail space for smaller shops, and a renovation of the existing shopping center. Construction is set to begin in April 1999 and is expected to be completed by spring of 2000.
Commitment made to develop cinema multiplex at Gallery Place
A commitment has been made by Western Development and The John Akridge Cos. to develop a 22-screen cinema multiplex at the Gallery Place in downtown Washington, D.C. The theater complex will occupy 114,000 sq. ft. of the 500,000 sq. ft. retail and entertainment center.
Five anchor stores at Shops at Sunset Place in S. Miami open
While other tenants were putting the finishing touches on interiors and stocking shelves, five of the anchor stores at Shops at Sunset Place were up and running in time for the holiday season. These included the FAO Schwartz/FAO Schweetz, GameWorks, Z Gallerie, a 24-screen AMC Theatre and an IMAX Theater. The other tenant spaces will be fully occupied and operational by the end of January 1999.
Three new centers open in Georgia and Tennessee Three new shopping centers, located in Alpharetta and Buford, Ga., and Nashville, Tenn., were opened by Atlanta-based JDN Realty Corp. in November. The Alpharetta center includes a 129,044 sq . ft. Lowe's, the Buford center includes a 203,742 sq. ft. Wal-Mart and 128,997 sq. ft. Lowe's, and the Nashville center includes a 200,084 sq. ft. Wal-Mart.
Recently formed Horizon Group Properties adds properties The merger of Horizon Group Inc. and Prime Retail Inc. has resulted in the formation of Horizon Group Properties (HGP). In the transaction, 22 of Horizon's existing outlet centers were integrated into Prime, leaving Horizon with 11 outlet centers and one power center to be operated by the newly formed Horizon Group Properties.
The result of this merger has been the addition of two properties which brings Horizon's holdings to 13 operating factory outlet centers and one power center in 11 states, with a total of approximately 3 million sq. ft. Third quarter occupancy at the centers was at 80.2%, an increase of 4.4% from Jan. 1, 1998. The centers are expected to be near 90% occupancy by the end of the first quarter of 1999.
The firm has begun implementation of an aggressive marketing plan along with a $2 million capital improvement program and will seek shareholder approval to not elect status as a real estate investment trust (REIT). Achieving non-REIT status will enable HGP to implement a diverse business plan to maximize the firm's growth potential.
Some of the senior management team of Horizon Group include, Gary J. Skoien, chairman of the board, president and chief executive officer; David R. Tinkham,CFO; and Rege S. Eisaman, senior vice president of finance.