KIMCO’S CURRENT (RE)DEVELOPMENT PIPELINE
Kimco recently unveiled its 2020 Vision providing a roadmap for growth over the next five years. A core component of this will be the company’s ground-up development program, as well as the redevelopment of our existing assets. In fact, we recently listed property revival through redevelopment as one of the five big trends shaping retail in the New Year. We continue to look for opportunities, existing and new, across the country to enhance our pipeline. Here is a snapshot of the major projects Kimco is working on in 2016:
Northeast Our big project in the Northeast is the redevelopment of Hylan Plaza, an existing one-story retail center located in Staten Island, New York. The approximately 365,000-square-foot property is currently anchored by a Kmart and former Pathmark, which occupy space that will be returned to Kimco in 2017. The entitlement process has already begun and we’re working on leases for a full redevelopment. Our vision is The Boulevard: a two-story lifestyle center and premier downtown hub. The redevelopment will give this property its own “Main Street” and secure a grocery store and movie theatre as the anchor tenants. A series of junior anchor boxes and a variety of restaurants as well as in-line retail will complete the center. Construction is planned to start in 2017. Watch a video about our plans for The Boulevard here.
Mid-Atlantic Then we move down the corridor into the Mid-Atlantic, where we’re wrapping up the mixed-use redevelopment of Wilde Lake in Columbia, Maryland, which is strategically located between Baltimore and Washington, DC. In early 2016, the property will reopen with an additional 32,000 square feet of newly constructed retail space, 15,000 square feet of new office space, and 230 residential units for a Class A multi-family community to enhance our existing retail and office component.
Wilde Lake in Columbia, Maryland
Forty miles south, we are fully entitled for the redevelopment of the Pentagon Centre, where we broke ground on the project this past summer. The 325,000-square-foot retail center in Pentagon City, Virginia will see a lot of change. In phase one, we plan to add a new 450-car parking structure and a 25-story residential tower, housing 440 residential units, right on top of the Metro Subway line that heads straight to DC. Later in this phase, slated for fall 2018, we’ll also add an 11-story residential tower with another 256 units and 29,000 square feet of new retail space.
Pentagon Centre in Pentagon City, Virginia
South Then, in the Southeast, the redevelopment of Tri-City Plaza in Largo, Florida is in full swing. The three-phase project will rebirth the 45-year-old center into a new and improved destination for shoppers from Clearwater, Largo, and St. Petersburg. Phase one added 15,000 square feet of small store and big box space; phase two is building two big box sites and two outparcel buildings; and phase three – scheduled to begin in a few weeks – will develop 9,600 square feet of retail strip. Leases already signed include, LA Fitness, Ross Dress for Less, Petco, Dollar Tree, Five Below, and two national restaurants, all which will join an existing Publix.
Tri-City Plaza in Largo, Florida
In Dania Beach, Florida, we’ve started moving dirt on a large ground-up project, Dania Pointe. Phase one will construct a traditional power center with 318,000 square feet of retail and outparcels that will house a large anchor tenant and a series of junior anchors. Phase two will usher in the lifestyle component with Main Street retail, residential towers including 1,000 individual units and a hotel, and an office building component. Once finished, Dania Pointe will sprawl over 103 acres with great visibility onto I-95.
Dania Pointe in Dania Beach, Florida
Central In the Central region heavy construction is soon to commence in the Houston area for the ground-up development of Grand Parkway Marketplace. This is an opportunity that can potentially lead to a strong value creation. It’s designed as a traditional power center project, surrounded by a large anchor and a series of junior anchors. There’s 400,000 square feet of retail and restaurant space and Kimco ended up adding an additional parcel with approximately 235,000 square feet, all located at a main intersection in Houston.
Grand Parkway Marketplace in Spring, Texas
West On the West Coast, we’re evaluating some significant redevelopment opportunities on several assets in the San Francisco Bay Area, the LA market, and the Northwest. One of our focuses in this region is on Christown Spectrum, Arizona’s oldest mall, located in Phoenix. We recently purchased this 850,000-square-foot property, which is supported by a population of 437,000 people within a five-mile radius. We’ll be meeting in early 2016 to start planning the redevelopment of this asset.
Christown Spectrum in Phoenix, Arizona
On this tour spanning the U.S., you’ll see that these ground-up and redevelopment opportunities are located very close to, or right in the heart of, major metro areas. We want our capital investments targeted in these core markets, versus ancillary or remote locations, which is why all of these big projects are within the top 25 MSAs in the country. Watch the blog for major project milestones as we complete them.