Shopping Center Business

OCT 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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Page 38 of 84

DEVELOPMENT NEWS 36 • SHOPPING CENTER BUSINESS • October 2018 SAN FRANCISCO, CALIFORNIA SAN FRANCISCO GIANTS SELECTS PARTNER FOR 28-ACRE WATERFRONT MIXED-USE DEVELOPMENT The San Francisco Giants has selected Tishman Speyer as its joint venture partner to develop Mission Rock, a waterfront mixed-use neighborhood near AT&T Park in San Francisco. The development is a public-private partnership with the Port of San Francisco and the City and County of San Francisco. Serving as the centerpiece of the emerging Central Waterfront neighborhood, Mission Rock will span 28 acres and feature approximately 1,400 residential rental units; eight acres of parks and open space, including a waterfront park; up to 1.4 million square feet of office space; 250,000 square feet of retail and local manufacturing space; a parking structure to serve ballpark and neighborhood needs; rehabilitation of the historic Pier 48; and public waterfront access and improvements, including a segment of the Blue Greenway trail connection from Embarcadero to Hunters Point. GRAND RAPIDS, MICHIGAN PREIT UNDERWAY ON $100 MILLION REDEVELOPMENT OF WOODLAND MALL PREIT is underway on an extensive redevelopment of the 1.1 million-square- foot Woodland Mall in Grand Rapids. Construction has commenced on a 90,000-square-foot Von Maur department store. The space was formerly home to Sears. This will be the first Von Maur store in the region and is expected to open in October 2019. Other stores expected to open next year at Woodland Mall include Urban Outfitters and REI. Renovations will be made to Victoria's Secret and Hollister stores. Black Rock Bar & Grill has signed a new lease to occupy 9,000 square feet at Woodland Mall. The mall will remain open throughout the renovation process, which is estimated to cost $100 million, according to local media reports. DELAWARE COUNTY, OHIO BLUE HORSESHOE VENTURES SIGNS ULTRASTAR MULTI-TAINMENT CENTER TO $2 BILLION PLANET OASIS PROJECT Blue Horseshoe Ventures has signed UltraStar Multi-tainment Center to its $2 billion Planet Oasis project in Delaware County. The 160,000-square-foot facility will feature a movie theater with in- theater dining and VIP suites, bowling facilities, an arcade floor, laser tag, an indoor roller coaster, food and beverage options and virtual reality experiences. Blue Horseshoe first announced the Planet Oasis Project in July. At full build- out, the development will span 350 acres and will feature attractions such as indoor skydiving, electric go-karts, virtual golf, an indoor waterpark, at least 15 hotels, more than 75 restaurants, a health and wellness resort and a conference center. Blue Horseshoe expects to begin construction on Planet Oasis in December, with the first phase projected to open in 2019, according to local media reports. M acerich (NYSE: MAC) and Simon Property Group (NYSE: SPG) have formed a 50/50 joint venture to develop Los Angeles Premium Outlets, a new outlet mall in Carson, located 13 miles south of downtown Los Angeles. The first phase will span 400,000 square feet, and the second phase will include 166,000 square feet. "Our city is thrilled that this exciting project is moving forward," says Carson Mayor Albert Robles in a prepared statement. "We see this high-quality outlet project as one that will add value to our community for many years to come, attracting locals and tourists from all over the world." The outlet mall will feature 2,500 linear feet of frontage along the Interstate 405 Freeway. Roughly 515,000 cars pass the site each day along I-405 and the Interstate 110 Freeway. The site has roughly 2.5 million residents within a 10-mile radius and is situated about 11 miles south of Los Angeles International Airport (LAX). As currently planned, the project's shops and restaurants will be elevated above street level and sit atop a ground-level parking deck. Site work is expected to begin immediately. Macerich and Simon plan to open the Los Angeles County property in fall 2021. No tenants have been announced. Macerich currently owns 52 million square feet of real estate consisting primarily of interests in 48 regional shopping centers, according to the company. The retail REIT is based in Santa Monica, Calif. Macerich's stock price closed on Monday, Sept. 10 at $55.98 per share, up from $54.39 a year ago. Simon Property Group has several outlet malls in its development pipeline. These include the Denver Premium Outlets, Queretaro Premium Outlets in Mexico, Malaga Designer Outlet in Spain and Cannock Designer Outlet in the United Kingdom. The Indianapolis-based company recently delivered the 424,000-square-foot Premium Outlet Collection Edmonton International Airport, and is currently redeveloping the Toronto Premium Outlets. Simon's stock price closed on Monday, Sept. 10 at $182.87 per share, up from $160.32 this time last year. —John Nelson MACERICH, SIMON TO BUILD 566,000 SF OUTLET MALL IN LOS ANGELES COUNTY

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