Development/Redevelopment

Lowe’s is giving an overhaul to its store format strategy when it opens in New York City this week. 

Boston -- Simon announced plans for a major renovation to Boston’s Copley Place that will begin in September and include interior and exterior enhancements to the retail portion of the property.

In addition to physical upgrades, Simon will continue to add a number of luxury retailers to the property. The majority of the project will be completed by the summer of 2016 with Copley Place remaining fully open throughout the renovation.

Photo: At Broadway and 68th, a 30,000-sq.-ft. store takes shape.

New York -- Lowe’s is giving an overhaul to its store format strategy when it makes its Manhattan debut on Aug. 17.

The North Carolina-based retailer is set to open two stores in the Big Apple, with the first opening on the Upper West Side on Monday, and the second, in the city’s Chelsea neighborhood, in September.

Lost jobs, ugly architecture, picky consumers and stiff competition are among the reasons why Costco may have a tough time achieving success in France, according to a Seattle Times report.

The newspaper says the Washington-based retailer is building its first warehouse in France and envisions opening as many as 15 stores in that nation over the next 10 years. But whether Costco will succeed in attracting the French consumer is an important question.

Read more by clicking here.

Bethesda, Md. -- Washington Property Company announced it has acquired Ballenger Creek Plaza, a 75,527-sq.-ft. center located in Frederick, Maryland, for $9.5 million.

“Washington Property Company is excited about expanding its retail portfolio with the acquisition of Ballenger Creek Center,” said WPC president Charles K. Nulsen, III. “We plan to renovate and reposition this neighborhood center in the growing submarket of southwestern Frederick.”
 

Westmont, Ill. -- Tri-Land Properties said that it has named Paul R. Sevenich as VP of leasing. Sevenich brings 30-plus years’ experience in retail real estate development and redevelopment, acquisitions, retail center positioning, value enhanced leasing, merchandising strategies and financial analysis of the Midwest and the South. Some of the companies he has worked for include CSM Corporation, Kraus-Anderson, CBL & Associates and General Growth.

Miami -- Terranova, Lincoln Road shopping district’s largest property owner, released redevelopment plans to activate Lincoln Lane North by developing 723 North Lincoln Lane and 801 Lincoln road buildings. These buildings are part of Miami, Florida’s eight-block retail, dining and entertainment district located blocks from Miami Beaches.   

New York -- Starbucks is going big on the Las Vegas Strip.

The coffee giant is building a store that, in a first for Starbucks, will feature stadium-styled "grandstand" seating from which customers can, in another first, view a huge projector screen, reported Las Vegas Review-Journal. For a video of the store click here.