Real Estate

Ikea goes renewable in Missouri
Ikea continues its commitment to renewable energy with the opening of its store in St. Louis.

The 380,000-sq.-ft. store, the Swedish company’s first in the state of Missouri and 41st in the United States, features the largest rooftop solar array in the state of Missouri.

It is also the first Ikea location in the United States that is lit entirely with LEDs, both inside and out. It is also the first to open with LED lighting for sale.

To date, Ikea has a renewable energy presence at 90% of its U.S. locations.
New name, new stores for Downtown Disney
It’s official: Downtown Disney (at Walt Disney World in Lake Buena Vista, Florida) is now Disney Springs. The change is part of a comprehensive makeover of the open-air center that includes a lineup of new retailers and restaurants.

Trend Talk

Chain Store Age talked with Michael Puline, senior VP of leasing, Mid-Atlantic and Southeast, for DLC Management Corp., about trends, technology, and projects on the board.

[quote-from-article] If you could isolate five current trends in retail real estate, what would they be?
Here are my top five:
America’s Top Redevelopers

In its 11th year, the Top Redevelopers survey remains relevant as more shopping center companies redevelop than build anew – although the redevelop vs. develop scales are more in balance now than they were five years ago.
GreatGatherings to join Downtown Crown mixed-use project in Maryland

Gaithersburg, Md. -- Retail Properties of America, Inc. announced GreatGatherings a 16,825 sq. ft. store will join Downtown Crown located in Gaithersburg, Maryland. RPAI acquired Downtown Crown in January 2015 with a lease rate of 77.5%, the centers lease rate is now 88.7%.
America’s Top Redevelopers

In its 11th year, the Top Redevelopers survey remains relevant as more shopping center companies redevelop than build anew — although the redevelop versus develop scales are more in balance now than they were five years ago.
WATERSIDE

Location: Fort Worth, Texas

Size: 63-acre mixed-use development, 175,000 sq. ft. to 200,000 sq. ft. of retail space and riverside restaurants, 20 acres of multi-family and townhomes, 200,000 sq. ft. of office space, and a signature hotel site

Owner: Trademark Property Co. Key Tenants: Whole Foods Market, REI, Taco Diner, Zoes Kitchen, Blaze Fire’d Pizza and Sleep Train
PLYMOUTH MEETING MALL

Location: Plymouth Meeting, Pennsylvania

Size: 948,000 sq. ft.

Owner: PREIT

Key Tenants: Whole Foods Market, Dave & Buster’s, Redstone American Grill, P.F. Chang’s, Benihana, California Pizza Kitchen, Zoes Kitchen, American Eagle Outfitters, Charming Charlie, Express, Gymboree, H&M, J.Crew Factory, Orvis
POWER & LIGHT DISTRICT

Location: Kansas City, Missouri

Size: Nine city blocks, 600,000 sq. ft.

Owner: The Cordish Companies

Key Tenants: Jos. A. Bank, Zafar Salon, Spa & Boutique, Envolve Boutique, The Garment District KC, Cosentino’s Downtown Market, Yard House, Alamo Drafthouse, Howl at the Moon and more
THE SHOPS AT 1700 & RESIDENCES AT 1700

Location: Minnetonka, Minnesota

Size: 155,000 sq. ft.

Owner: 1700 Plymouth LLC (a joint venture, including co-developers Paster Properties LLC and Bader Development LLC)

Key Tenants: Signed lease with Highland Bank, and currently in negotiations with several retailers
CITYPLACE DORAL

Location: Doral, Florida

Size: 600,000 sq. ft.

Owner: The Related Group, Related Development LLC, Shoma Homes

Key Tenants: Fresh Market, CinéBistro-Cobb Theatre, Kings Bowling

Other uses/components: 1,000 new luxury residences

Status: Under construction, set for completion Q4 2016
A Little Bit of Everything

It’s no secret that today’s consumers have busy lives. And, while online retailers may have the convenience edge, e-commerce simply cannot offer the experience found in physical spaces. Smart mixed-use developers are capitalizing by filling the gap — plugging in a wide range of components, such as entertainment, new-to-market stores, hospitality, residences and offices to make brick-and-mortar far more compelling than a computer experience.