DEVELOPMENT DIGEST

New developments

Florence, Ala. — A 125,000-sq.-ft. Target will be the main attraction at Cox Creek Centre, a 294,176-sq.-ft. power center under development by Brentwood, Tenn.-based CBT Realty Corp. Located near the Regency Square regional center, Cox Creek Centre will also be anchored by a 32,067-sq.-ft. Linens ‘N Things, a 30,000-sq.-ft. Best Buy, a 30,542-sq.-ft. Dick's Sporting Goods and a 20,470-sq.-ft. Michael's.

Long Beach, Calif. and Kildeer, Ill. — Cleveland-based Developers Diversified Realty Corp. (DDR) began construction on a mixed-use development in Long Beach that will cover eight city blocks. The development site is currently occupied by the Long Beach Plaza, which opened in 1982 and closed in 1999. Long Beach Plaza will be demolished, and the area will be returned to its original city street grid to create CityPlace, a pedestrian-oriented shopping district.

This urban village will include approximately 475,000 sq. ft. of retail space and is scheduled to open in spring 2002. CityPlace is owned by Coventry Long Beach Plaza LLC, a partnership between DDR, Newark, N.J.-based Prudential Real Estate Investors, and New York-based Coventry Real Estate Partners.

In addition, DDR has begun construction on The Shops at Kildeer, a 175,000-sq.-ft. community center located directly across the street from DDR's 506,000-sq.-ft. Deer Park Town Center in suburban Chicago. The Shops at Kildeer will be anchored by Bed Bath & Beyond, Cost Plus, Ulta, The Avenue and Circuit City. The center opens this fall.

St. Peter's, Mo. — Mid Rivers Crossing, a power center development by St. Louis-based Sansone Group, is currently under construction. The 17-acre site will feature a freestanding 118, 119-sq.-ft. Home Depot, a freestanding Applebee's, and a 21,000-sq.-ft. Dobb's Tire & Auto Center with 12,000 sq. ft. of additional tenant space.

Newport, Ky. — Entertainment center Newport on the Levee is under construction in a site along the Ohio River, overlooking the Cincinnati skyline. The $136 million project, a development of Columbus, Ohio-based Steiner + Associates Inc., will complement the $40 million Newport Aquarium, which has attracted more than 1.25 million visitors since its opening in May 1999. Other components of Newport on the Levee include a 20-screen AMC multiplex, an IMAX Theatre, 85,000 sq. ft. of restaurants, 170,000 sq. ft. of entertainment, 20,000 sq. ft. of retail, 200,000 sq. ft. of Class-A office space and a 213-room Hilton Garden Inn hotel. The project, scheduled for completion this October, is being designed by Baltimore-based Development Design Group Architecture Inc.

Tampa — International Plaza, a development of Bloomfield Hills, Mich.-based The Taubman Co., is scheduled to open this September. The center, designed by San Francisco-based BKBC Architects Inc., consists of 1.25 million sq. ft. of retail on two enclosed levels. Anchors include Nordstrom, Lord & Taylor, Dillard's and Neiman Marcus. Adjoining the development is an outdoor entertainment area with restaurants and specialty shops, anchored by a five-star hotel.

Major tenant happenings

Houston — Memorial Mall is preparing to welcome Foley's and Lord & Taylor to its tenant lineup. The 1.4 million-sq.-ft. regional mall, owned by locally based MetroNational, is currently anchored by Sears and Mervyn's.

Construction has already started on the new Foley's, which will be a 300,000-sq.-ft., two-level store connected to a new parking deck. The 140,000-sq.-ft., two-level Lord & Taylor will reflect the store's new design prototype and will break ground this spring.

Streetsboro, Ohio — Streetsboro Crossing, a 426,000-sq.-ft. power center, is under development by Pepper Pike, Ohio-based Visconsi Cos. Ltd. Two anchors — a 57,000-sq.-ft. Tops Supermarket and a 164,000-sq.-ft. Lowe's — will open this fall.

Orlando, Fla. — Indianapolis-based Simon Property Group announced an October 2002 opening date for the Nordstrom store at the Florida Mall in Orlando. The 180,000-sq.-ft., two-level Nordstrom store will become the mall's seventh anchor, joining Dillard's, Parisian, JCPenney, Sears, Saks Fifth Avenue and Burdines. The opening of the Nordstrom store will complete the expansion of the center.

During the past 36 months, the mall has undertaken a 500,000-sq.-ft. expansion and renovation, including construction of the Burdines store and 200,000 sq. ft. of specialty shops.

Linden, N.J. — Edgewater, N.J.-based Starwood Heller is converting a former Caldor store at its 290,000-sq.-ft. Linden Plaza for new use by Wal-Mart. The 114,600-sq.-ft. space has been empty for almost two years. A new garden center for the Wal-Mart and additional parking will also be added to the center. Its current tenant lineup includes Stop-and-Shop and Modell's Sporting Goods.

Miami — A 19-screen Cobb Theatres cinema megaplex will anchor the 1.4 million-sq.-ft. Dolphin Mall. The Alabama-based theater chain will build and operate the 85,000-sq.-ft. facility, originally planned for Regal Cinemas. Dolphin Mall, a development of Bloomfield Hills, Mich.-based Taubman Centers Inc. and Hollywood, Fla.-based Swerdlow Real Estate Group Inc., is set to open this month. The Cobb megaplex will open its doors later this summer.

Center openings

Houston — The Plaza at Cedar Hill, a 320,000-sq.-ft. power center, recently opened with anchors Barnes & Noble, Old Navy, Linens ‘N Things, Office Max and Ross Dress For Less. The project was developed by locally based Christon Co. Financing for the project was coordinated by Holliday Fenoglio Fowler LP, and Little Rock, Ark.-based Vratsinas Construction Co. served as general contractor.

Atlanta — Locally based Cousins Properties Inc. recently celebrated the grand opening of its 67,000-sq.-ft. Salem Road Station in the city's southwestern suburbs. Anchored by a 44,270-sq.-ft. Publix, Salem Road Station's other tenants include Borders Plus, Great Clips and First Nation Bank. The project was co-developed with locally based W. Michael Murphy & Associates.

Miami — The Shoppes of Liberty City, an 81,983-sq.-ft. community center, recently opened 100% leased. The project, a development of locally based Redevco Enterprises Inc. and Washington D.C.-based Fannie Mae's American Communities Fund, features tenants including Winn-Dixie, Hollywood Video, Radio Shack and Payless Shoes.

Renovations

La Jolla, Calif. — Prospect Square, a three-level storefront retail, restaurant and office building, has been redeveloped and renovated by its owners — Prospect Square LLC, a joint venture of San Diego-based Ramsey Real Estate Group and Los Angeles-based Pacific Equity Properties Inc. The $3 million project included the creation of new, ground-level retail space, a complete reworking of the property's restaurant spaces on the second floor and modernization of the third level, which includes office space. Tenants in the renovated space include Ultra Optique, La Jolla Watch and Diamond and Zao Sushi.

Atlanta — TowerWalk has a new look. The 165,000-sq.-ft. retail and entertainment component of locally based developer Regent Partners' Tower Place mixed-use development was the subject of a recent renovation. Changes include the removal of the project's pre-existing neon lighting and the addition of a brick walkway, architectural stonework and new lampposts to reflect the upscale residential and office environment of the surrounding Buckhead community.

Philadelphia — Penrose Plaza, a 211,250-sq.-ft. community center, was recently renovated by locally based developers Korman Commercial Properties. The renovation includes a new façade, new signage, resurfaced parking lot, upgraded lighting and new landscaping. Anchor Acme also expanded its store, and new tenants such as Dollar Tree, Athlete's Foot and Rent-A-Center joined the lineup at the 25-year-old center.

Burlington, Vt. — Recently repositioned as a fashion shopping destination, Burlington Town Center is getting a makeover that includes new skylights, new ceilings and lighting, new flooring and dramatic new entrances. Philadelphia-based Lubert-Adler Partners, the Donahoe Co. and Kravco Co. are partners in the center's redevelopment, which has attracted a string of hot new retailers such as J. Crew, Abercrombie & Fitch and Gap to the enclosed, 423,000-sq.-ft. center. The renovation is scheduled for completion this spring.

Expansions

Kansas City, Mo. — Country Club Plaza, the nation's oldest shopping center, is still growing after almost 80 years in operation. Locally based J.C. Nichols Co. commissioned design firm CDFM² to master plan Valencia Place, the center's new mixed-use component. Comprising 270,000 sq. ft. of office space, 75,000 sq. ft. of retail, a 7,000-sq.-ft. restaurant and a 1,450-car parking garage, Valencia Place maintains the Spanish-influenced architecture that is the center's trademark.

West Palm Beach, Fla. — The second phase of 230,000-sq.-ft. Coral Sky Plaza at Royal Palm Beach is due for completion this June. The 150,000-sq.-ft. expansion will bring new tenants such as Bed Bath & Beyond, Ross dress for Less and Old Navy to the center, which is being developed by locally based The Goodman Cos.