The City of Downey City Council approved plans for Tierra Luna Marketplace, a 77-acre, 1.5-million-sq.-ft. mixed-use development in Downey, Calif.
Manarino Realty LLC and Industrial Realty Group will develop the project, which will include between 300,000 sq. ft. and 500,000 sq. ft. of primarily medical office space, a 225-room hotel, a movie theater, two 150,000-sq.-ft. big-box stores and a mix of shops and restaurants. Mitchell Hernandez and Richard Rizika, of CBRE, will handle leasing for the property.
Construction will begin in late 2012/early 2013.
When completed, Tierra Luna Marketplace will create more than 3,300 permanent jobs and generate $4.2 million in annual sales, property and hotel occupancy taxes.
“We have an opportunity to bring something truly significant to the City of Downey,” said Manarino Realty President Bob Manarino in a statement. “Our site benefits from its location near a sports park, the Columbia Memorial Space Center and Kaiser Permanente Hospital. We’re going to tie all of those uses together by creating a central place for this community to be entertained, to shop and to come together.”
Taubman to Build a New Mall in San Juan
Taubman Centers Inc. will start construction on The Mall of San Juan, a $405 million, 640,000-sq.-ft. enclosed mall in San Juan, Puerto Rico. The two-level property will feature Nordstrom and Saks Fifth Avenue as anchors.
The project will also include a Crowne Plaza hotel and casino, developed by the current land owner, New Century Development Inc.
“We are proud to bring a true luxury shopping experience to Puerto Rico,” said Taubman COO William Taubman in a statement. “We believe that, in keeping with its name, The Mall of San Juan will become the place to shop and dine on the island for residents and visitors alike, keeping local shopping dollars on the island, and capturing additional tourism dollars for the Commonwealth.”
Taubman plans to open the center in late 2014.
Prestige Breaks Ground for New Bronx Mall
Prestige Properties broke ground for the Mall at Bay Plaza, a $300 million, 780,000-sq.-ft. enclosed mall in the Bronx, N.Y. A new Macy’s and an existing JC Penney store will anchor the property.
The project will create more than 2,000 construction jobs and more than 1,700 permanent jobs. Prestige Properties plans to open the mall in the spring of 2014.
“With this new $300 million project, Prestige Properties is casting a major vote of confidence in the future of the Bronx, and the future of New York City,” said New York Mayor Michael Bloomberg, who attended the groundbreaking ceremony, in a statement. “That’s a smart bet. These days, the Bronx is building and our city’s future is bright—thanks to new jobs and investments like this.”
CBL, Horizon to Expand The Outlet Shoppes at Oklahoma City
CBL & Associates Properties Inc. and Horizon Group Properties Inc. will begin construction on Phase II of The Outlet Shoppes at Oklahoma City in Oklahoma City, Okla. Phase II will include 28,000 sq. ft. and feature tenants such as Columbia Sports, Ann Taylor LOFT, Waterford, Kenneth Cole and Lucky Brand.
Phase I of the center opened in August 2011.
“The expansion of The Outlet Shoppes at Oklahoma City less than 10 months after its original opening speaks volumes about the strength of the market and success of the outlet concept in Oklahoma City,” said Horizon Group CEO Gary J. Skoien, in a statement. “We have the capacity to further expand the center by an additional 31,700 sq. ft. and we expect to continue to add to the roster of top-shelf stores at the center.”
Federal, Westmoreland Break Ground for New Phase of Williamsburg Center
Federal Capital Partners and Westmoreland Partners will break ground for the next phase of Settlers Market, a shopping center in Williamsburg, Va. PNC Bank provided a construction loan for the development.
When completed, Settlers Market will feature more than 250,000 sq. ft. of retail space, with tenants including Michaels, HomeGoods, Steinmart, Ulta, Dress Barn and Shoe Carnival.
Divaris Gets Marquis Assignment
Divaris Real Estate Inc. has been appointed as the exclusive leasing and management agent for The Marquis, a 750,000-sq.-ft. regional power center in Williamsburg, Va.
Tenants at the center include Target, Kohl’s, Dick’s Sporting Goods, Best Buy and JCPenney. Phase II of the development will be completed in the fall of 2013.
Gerald Divaris, Mary McGovern, Larry Agnew and Zach Means will handle this assignment on behalf of Divaris.
Charles Dunn to Manage California Portfolio
Watt Properties appointed Charles Dunn Co. as the management agent for a 526,000-sq.-ft. six-property portfolio located in Los Angeles and Ventura Counties.
The properties range in size from 11,000 sq. ft. to 132,000 sq. ft.
Romy Miura and James Byun will handle this assignment on behalf of Charles Dunn.
Boscov’s Signs Two Leases With GGP
Boscov’s signed leases with General Growth Properties for a 197,000-sq.-ft. store at the White Marsh Mall in Baltimore and a 180,000-sq.-ft. store at the Woodbridge Center in Woodbridge, N.J. The Baltimore store will open in November 2012; the Woodbridge store will open in August 2013.
Macy’s Starts Work at Gurnee Mills
Macy’s started construction on a 140,000-sq.-ft. store at Gurnee Mills in Gurnee, Ill. The department store will anchor a new full-price wing at the center, which will also include outlet and value retail wings.
Winick to Market Block of Fifth Avenue Space
The Moinian Group appointed Winick Realty Group LLC as the exclusive leasing agent for 84,000 sq. ft. of retail space at 535-545 Fifth Ave. in New York City. The space occupies an entire block from East 44th St. to East 45th St., with 200 feet of frontage on Fifth Avenue.
DSW to Open at PREIT’s Capital City Mall
DSW Inc. signed a lease with PREIT for a 17,400-sq.-ft. sore at Capital City Mall in Camp Hill, Pa. The retailer plans to open in 2013.
Other Notable News
RCG Ventures completed the redevelopment of a former Carolina Harley-Davidson property in Gastonia, N.C. into a 55,000-sq.-ft. retail center. The center’s tenants include Toys’R’Us and Babies’R’Us.
Gottesman Real Estate Partners completed the redevelopment of Sea Girt Square, a 44,000-sq.-ft. retail center in Wall Township, N.J. River Drive Construction Co. served as construction manager for the project, which included expanded ceiling heights and the installation of new mechanical systems, among other things. The Dietz Partnership LLC served as the architect on the redevelopment. Tenants at the center include Wings Fitness, Massage Envy, European Wax Center and Weight Watchers.
Ross Dress for Less signed a lease with Inland Western Lawrence for a 22,000-sq.-ft. store at Pine Ridge Plaza in Lawrence, Kan.
BF Development and Basser-Kaufman broke ground for a 13,000-sq.-ft. Walgreens store in Uniondale, N.Y. Walgreens signed a triple-net lease for the site. The retailer plans to open in late 2012.
Arrow Retail, an affiliate of Cypress Equities, has renamed itself Cypress Equities Real Estate Investment Management.