Real Estate

Philadelphia – A new $500 million retail/residential development is reportedly planned for downtown Philadelphia. According to the Philadelphia Inquirer, a block of stores located on Market Street between 11th and 12th Street in Philadelphia will be razed or moved to make way for a new complex that will be known as East Market.

North Plainfield, N.J. — Roy D. Vice has joined Levin Management as VP of construction and development. In his new role, Vice will work closely with Levin’s property management and leasing teams to oversee all construction and development activities in the firm’s retail portfolio of more than 13 million square feet.

New York — Choza Taqueria, a Manhattan-based Mexican restaurant, has signed a lease for its third location at 100 Park Avenue, between 40th and 41st Streets. The new location will reach a lunchtime crowd from the area’s many Class A offices and the business commuters and visitors passing through Grand Central Station.

Winick Realty Group represented Choza, which currently operates storefronts on Madison Avenue and 27th Street and Macdougal Street and Bleecker Street.

Yonkers, N.Y. – Banana Republic will become a new retailer at the Ridge Hill shopping center in Yonkers, N.Y. Forest City Ratner Companies (FCRC), the developer and owner of Ridge Hill, said the Banana Republic location will open beneath the center's Uniqlo store.

Northbrook, Ill. – Trustees of Northbrook, Ill. reportedly are considering a 43,000-sq.-ft. retail development. According to the Chicago Tribune, the development sits on a four-acre parcel near the border with Glenview, Ill., which is owned by Svigos Asset Management.

Bentonville, Ark. – Wal-Mart is piloting a new small format convenience concept called “Walmart To Go.” The first Walmart To Go store has opened in Bentonville, Ark., location of the retailer’s corporate headquarters.

Flat fourth-quarter same-store sales didn’t deter DSW from elevating its outlook for physical store locations while also increasing investments related to omnichannel capabilities.

Walmart this week opened its first small format convenience store branded as Walmart To Go in its hometown of Bentonville.