4 EXAMPLES OF HOW KIMCO IS REVITALIZING COMMUNITIES IN THE NORTHEAST AND MID-ATLANTIC
In my last post, I gave an overview of how Kimco chooses properties to redevelop
. Redevelopment is a fundamental way we ensure continued foot traffic and growth at Kimco's properties, and increase the value of those properties for the communities in which they're located and for our shareholders.
Today I'd like to tell you more about some of the redevelopment projects we have underway throughout the Northeast and Mid-Atlantic regions. We have several projects in the works, some of which are due for completion this year. Here's a look at what's been happening lately:
Owings Mills Mall
(Kimco site information will be added soon to our website.)
Owings Mills, Md.
This 1980's-era shopping mall has experienced a combination of decreased traffic and decreased occupancy
over the past several years. We are working with General Growth Properties
to co-lead Owings Mills Mall's redevelopment
, transforming the indoor mall into a modern lifestyle complex to be called Owings Mill Town Center. The 1 million-square-foot mall will be completely demolished and replaced with individual, exterior-facing shops and several big-box stores that should keep the area's spending dollars within the community. The existing anchors, J.C. Penney
, will remain part of the redevelopment. Construction is due to be completed by late 2014.
Wilde Lake Village Center (Kimco site #0216)
Wilde Lake Village Center was Columbia, Md.'s first shopping center 40 years ago. It has nearly 99,000 square feet of space, and was once a thriving shopping and activity hub for residents
. However, over the years, business declined and several retailers shuttered their shops. The center's anchor store, Giant
, closed its doors in 2006
, leading to a significant decrease in business at the center and concern among community members about plans for the site. These factors signaled a need for redevelopment of the center. Kimco is planning to convert Wilde Lake Village Center into a mixed-use center
, with two high-end residential buildings
, a reconfigured parking area, and tenants to include a bank, drug store, grocery store, and restaurants, all of which will encircle a courtyard that will enliven the center's appearance. The current retail tenants and office buildings will also be included in the renovation efforts. The project is slated to begin as early as this autumn.
Suburban Square (Kimco site #1578
Kimco has a major makeover underway through this spring at Suburban Square
, the site of Macy's first suburban location. The 358,000-square-foot center has been a retail destination for the community for 80 years. Our goal is to re-energize the open-air lifestyle center
and create facilities and space for more outdoor activities. One of our biggest projects is the courtyard renovation and enhancement
, with newly landscaped areas, paving patterns, gateway structures, and a driveway loop for valet parking. We see the courtyard as being the backdrop for community festivals in the future. The majority of the courtyard renovations are complete, with the remainder to take place this spring. St. James Place
, a new restaurant by Michael Schulson
, a well-known Philadelphia chef, and Rob Wasserman
, owner of Philadelphia's popular Rouge
bistro, will open in the courtyard this spring. It will feature outdoor dining, which should attract more foot traffic to Suburban Square
West Farms Shopping Center (Kimco site #0548)
The 185,000-square-foot West Farms Shopping Center is anchored by T.J. Maxx
, Sports Authority
, and Petco
. It's undergoing façade renovations that will include upgraded signage and new brick veneer entrances. Perhaps most importantly, Kimco was able to secure a lease with Nordstrom Rack
in the former Linens-N-Things
space. It will be Nordstrom Rack's
first location in Connecticut, and we're expecting the popularity of Nordstrom's discount brand to create a major draw to the shopping center. Nordstrom Rack is slated to open April 26
Our goal is to ensure that these redevelopment projects are completed as planned to provide our communities with a better place to shop. We see value in these properties, and firmly believe in doing everything we can to help strengthen local economies and ensure our centers remain vibrant.
Keep your eye on Kimco's blog, because we'll continue to update you on the progress of these existing projects as well as new opportunities in our pipeline. Feel free to reach out to me if you have any questions, or visit Kimco's property finder
for more information on our properties.