Development/Redevelopment

Mall of America is upping its entertainment quotient with a 40,000-sq.-ft. arcade imported from India.   Called Smaaash, and co-founded by an entrepreneur from India, the attraction includes a multilevel go-cart track, virtual reality and video games and a restaurant and bar, the Star Tribune reported.  

The 165-year-old Shreve & Co. has opened a flagship in its San Francisco home town.    The two-level, 15,000-sq.-ft. store is Shreve's first new, permanent location in 110 years and features a modern, luxurious design. The centerpiece is a dramatic, free-floated, elongated semi-spiral staircase that offers sweeping views of the store. A waterfall chandelier of lights and crystals is suspended inside the arch of the stairway. A cascade of crystals and lights hangs from the 30-foot ceiling.    

Century 21 is expanding into a new market.   The New York City-based off-price retailer will open its 12th store to date, and first in the state of Florida, at Sawgrass Mills, in Sunrise. The 85,000-sq.-ft. store will open on Dec. 16.    The Florida location will feature the retailer’s C21-On-1 Stylist Program, providing shoppers with the opportunity to book a free one-on-one appointment with a fashion stylist.         

The fast-growing NYX Cosmetics has opened a store at Brea Mall, Brea, California.    The Los Angeles-based cosmetics brand opened its first brick-and-mortar location in 2015. It currently operate 23 locations throughout the United States.    Menemsha Solutions provided both architecture and construction for the new store.    

The good vibes, as well as the negative rumblings, that percolate through big events are an annual check on the pulse of an industry. In the case of retail real estate, I am happy to report that the positives seemed to outweigh the negatives at ICSC’s Deal Making show in New York last week.   Let’s start with the good stuff.  

Construction on Fifth+Broadway, a $430 million mixed use project destined for the former site of the Nashville Convention Center, will get underway in second quarter 2017, according to co-developers OliverMcMillan and Spectrum Emery. It will include 183,000 sq. ft. of retail space.   The mixed-use project will house the National Museum of Africa American Music and feature 345,000 sq. ft. of high-rise residential and 350,000 sq. ft. of offices. A 16,000-sq.-ft. roof-top event deck is also in the blueprints.  

PetSmart continues to grow its store portfolio — and is also testing new formats.    The chain opened 20 stores across the U.S. and Canada for the quarter ending October 31, 2016. This adds to the 23 stores it opened in the first and second quarters, bringing the total number for the year to 43 new locations.   

Four senior executive promotions have been announced by Mid-American Real Estate Corporation.   Brian Adams, Greg Bayer, and Willie Hoag have all been named principals at the Oakbrook, Illinois-based company, a real estate services company that also operates in Michigan, Minnesota, and Wisconsin. Peter Scannell has been promoted to senior VP.