Shopping Center Business

MAY 2016

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

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Page 62 of 358

DEVELOPMENT NEWS 58 • SHOPPING CENTER BUSINESS • May 2016 BALLSTON, VIRGINIA SHOOSHAN CO., BRANDYWINE REALTY TRUST TO BUILD MIXED-USE HIGH-RISE IN METRO D.C. The Shooshan Co. and Brandywine Re- alty Trust plan to build a 22-story mixed- use high-rise project for the fnal portion of their Liberty Center development in Ballston, roughly six miles west of Wash- ington, D.C. The frst two foors will fea- ture 34,000 square feet of retail space; the subsequent eight foors will comprise 190,000 square feet of offce space; and the top 12 foors will feature 245 residen- tial units. Both the offce and residential components will have separate roof ter- races. VIDA Fitness has signed a letter of intent to occupy 30,000 square feet at the site between the second foor and the B1 level. Shooshan has already built out the fve-level, below-grade parking garage at the site, which features 550 car spaces. Liberty Center is a 2.3 million-square- foot, eight-property development within walking distance of the Ballston Metro. At full build-out, the development is ex- pected to house 5,000 people. CHICAGO, ILLINOIS M&R DEVELOPMENT, BUCKSBAUM RETAIL PROPERTIES TO DEVELOP MIXED- USE PROJECT IN CHICAGO A joint venture between M&R Develop- ment and Bucksbaum Retail Properties LLC has acquired a 2.3-acre site in Chi- cago's Lakeview neighborhood for the fu- ture development of a mixed-use project. Addison & Clark, slated for completion in 2018, will contain 148 luxury units and 150,000 square feet of retail space across from Wrigley Field. Demolition of ex- isting structures will take place over the next two months. The retail component, located on the frst three foors, will con- tain a multi-screen theater, health and ft- ness club and several dining options. The transit-oriented building will be located a block west of the Chicago Transit Au- thority's Red Line and will also feature a 405-space parking garage. Solomon Cord- well Buenz will design the LEED-certifed building, and Power Construction will serve as the general contractor. BENTON, ARKANSAS GBT REALTY CORP. ACQUIRES 28.8- ACRE SITE FOR $36 MILLION RETAIL DEVELOPMENT IN ARKANSAS GBT Realty Corp. has acquired a 28.8-acre site for the development of The Shoppes of Benton, a 170,000-square-foot regional shopping center located in Benton, rough- ly 25 miles southwest of Little Rock. GBT acquired the site, located along Interstate 30, for $4.3 million. Construction on the project began in April, with completion expected for summer 2017. The $36 mil- lion development will be home to ten- ants including Hobby Lobby, T.J. Maxx, HomeGoods, Ulta Beauty and Rack Room Shoes. Texas Road House will oc- cupy an outparcel location. The Shoppes of Benton is made possible due to a res- olution passed by the City of Benton that established a partnership with the Benton Public Utilities Commission to support the infrastructure improvements needed at development sites. An estimated $1.4 million will be contributed by the public partnership in the form of materials and equipment. For more information, please look at our website at: or contact Paul Bollinger by telephone at (916) 489-4600 or via email at: • Fountains, a Northern California Lifestyle Town Center located in Roseville, California, completed a prime 9,700 square foot Pad building in January of 2016 which currently has 5,600 square feet of available retail leasing space. • Fountains Phase I, built in 2008, offers more than seventy (60) Lifestyle retailers and restaurants consisting of 330,000 square feet. • The future Phase 2 of Fountains consists of 19 acres and will contain approximately 220,000 square feet offering anchor space for lease as well as a mix of potential Lifestyle eateries and retail shops. • Whole Foods, DSW, West Elm, Anthropologie, J.Crew Mercantile, Yard House, Dave & Buster's, CorePower Yoga, Pressed Juicery, Z Gallerie, Charming Charlies, White House|Black Market and many more. fountains at roseville

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