Development/Redevelopment

When Renaissance at Colony Park opened in Ridgeland, Miss., in 2008, it created a stir not only among the local residents of Ridgeland, Miss., but also within the retailer and shopping center communities as a whole.

The project, developed by Mattiace Properties and H.C. Bailey Cos., pulled together the aesthetic elements of a Main Street and town center format with strategic, traffic-driving retail, entertainment and dining offerings.

Boston -- The administration of Massachusetts Gov. Deval Patrick has agreed to allow the construction of a 4.5-acre complex called Fenway Center in the area around Fenway Park in the city’s Back Bay neighborhood. Developer John Rosenthal will pay $226 million in rental fees to build the development, which will include retail stores as well as homes and office buildings.

The development includes state-owned land as well as air rights over the Massachusetts Turnpike.

For the first time in quite some time, attendees at the International Council of Shopping Centers (ICSC) Spring Convention in Las Vegas (RECon) might be hoping that what happens in Vegas doesn’t stay in Vegas. There is no doubt in my mind that all the signs are pointing to an event that looks very different than the last few years. The convention runs from Sunday, May 19th through Wednesday, May 22nd at the Las Vegas Convention Center, and will play host to more than 30,000 attendees, around 1,000 exhibitors, and a renewed sense of enthusiasm about the future of our industry.

New York -- A Tuesday report by Reuters said that J.C. Penney Co.’s real estate holdings – including stores, DCs and headquarters – are worth a total of $4.06 billion.

An appraisal was conducted for Penney and subsequently disclosed in a presentation to potential lenders that was also filed with U.S. regulators.
 

PHILADELPHIA — Teen discounter Five Below increased its first quarter profit forecast as sales for the period increased 33% to $95.6 million and same store sales advanced 4.2%.

Indianapolis – Electronics retailer Hhgregg is opening a new store location at the Dayton Mall in Dayton, Ohio, on May 16. The new 23,000-sq.-ft. store will replace a previous location in West Carrollton, Ohio.

“Hhgregg is dedicated to the Dayton community and we think local residents will really enjoy shopping at our new and modern store,” said Jeff Pearson, senior VP of marketing, Hhgregg.

Hilton Head Island, S.C. -- Shelter Cove Towne Centre, in Hilton Head Island, has launched a new website, Sheltercovetownecentre.com, designed to reflect the center's approach to relaxation and rejuvenation.

Los Angeles -- CBRE Group released research findings on Tuesday that showed Hong Kong’s continued top position as the world’s most expensive global retail market, recording prime rents nearly 150% higher than New York City.

London ranked third, with prime rental rates 400% lower than Hong Kong’s.