Five amazing projects that shows what’s possible for properties to adapt to the changing retail climate.Much has been made about the changing retail landscape, and the topic remains at the top of the mind of landlords and property managers. One important thing to remember is that buried inside of changing times is a wealth of opportunity, and many folks in the industry are digging in and finding it. As shared by Forbes, here are five stunning redevelopment projects that shows what’s possible for properties to adapt to the changing retail climate.
Dallas-based Beck Ventures acquired the aging Dallas Midtown shopping center back in 2012, and the wheels are in motion for a massive $4B redevelopment.
“The mixed-use project will have office, apartments and a hotel. Dallas Midtown will hold onto its retail roots with 400K SF of shopping and entertainment space,” Forbes reports. “Anchors include a Cinépolis movie theater and Life Time Fitness.”
Over in Santa Clara, California, Westfield is undertaking a $1.1B renovation of the Valley Square Mall.
“The extensive renovation will add 650K SF with the potential for 160 stores and 10 outdoor restaurants,” according to Forbes. “Two massive anchors — a 60K SF ICON theater and a 160K SF Bloomingdale’s — will deliver in 2018 with full completion by 2019. “
Forest City is slated to debut its $330M renovation project of the Ballston Common Mall in Arlington, Virginia next year.
“The mixed-use district will have about 400 units of multifamily and 400K SF of retail,” Forbes continues. “Experiential tenant Punch Bowl Social will combine bowling, karaoke, bocce, and cocktails in its 25K SF space.”
Simon Property Group has plans in the works for a $14M renovation project of the Woodfield Mall in Schaumbert, Illinois.
“The Woodfield renovation includes an 820-seat dining area designed around massive windows allowing for natural light,” Forbes adds. “It will open in 2018 with a complete overhaul of the mall’s interior, including lighting, flooring, elevators and paint.”
Just last year, Simon Property Group completed a major expansion project at the venerable King of Prussia Mall in Pennsylvania.
“In 2016, a major expansion connected The Plaza and The Court buildings, creating the largest shopping mall in the U.S. at over 2.7M SF,” Forbes reports. “Since then, owner Simon Property Group has been inking tenants, like Tommy John’s first brick-and-mortar store.”
These are just five examples of the exciting possibilities that come to light when the landscape changes. There are plenty of additional examples out there for others to follow, and plans can be adapted and scaled to something that makes sense for virtually any market.
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30 AUGUST 2017, USA