Real Estate

In open-air, context often trumps content

Expect no prophesying about the death of enclosed malls. The format is alive and well, and there are countless examples of thriving under-roof shopping centers around the country.

Still, there is no question that the open-air format has stolen mall thunder.

New York -- Herald Center, the giant 10-story, 250,000-sq.-ft. black glass retail and office property at the southwest corner of 34th Street and Broadway in Manhattan, is about to undergo a major transformation under long-time owner JEMB Realty. The property will be completely reclad to create a new leasing opportunity encompassing more than 50,000 sq. ft. of prime retail space at one of the most heavily trafficked, high-visibility corners in the world.

Lake Buena Vista, Fla. -- Walt Disney World Resort announced the multi-year transformation of Downtown Disney into Disney Springs, which will feature an eclectic and contemporary mix of stores, dining options and entertainment experiences  from Disney and other noteworthy brands.

New York -- Target is expanding its retail clinic presence in the Chicago area, according to the Chicago Tribune.
 
The retailer plans to open three in-store health clinics — two in the suburbs and one in the city — in the Chicago area, the report said. Construction is scheduled to start on May 28, and grand openings are planned for Aug. 18. The Target on Division Street, scheduled to open in October, will also have a clinic.

HUDSON, Ohio — Shortly after Michaels reported Q4 sales growth, Jo-Ann Fabric and Craft Stores will officially open its 800th store on March 21 in Slidell, La.

“Reaching our 800th store is a testament to the hard work of Jo-Ann Team Members around the country, our customers’ passion for crafting and sewing, and their appreciation of our retail concept as a one-stop creative destination,” said Travis Smith, chief executive officer and president for Jo-Ann.

Phoenix -- Leslie’s Poolmart will celebrate the grand opening of 13 new locations throughout the United States on March 15.

In total, Leslie's plans to open 48 stores this year, between March and May. With these new stores and its recent acquisition of 24 Warehouse Pool Supply stores in the Houston area, Leslie's will bring its total store count to more than 800 stores nationwide.

Atlanta -- Aaron's, a lease-to-own, announced the recent opening of a combined 32 new company-operated and franchised stores in 17 different states and two Canadian provinces.

The announcement follows a strong growth year for the company in 2012, which included the opening of its 2,000th store in the Bronx in September.

Knoxville, Tenn. -- CHM announced that it has broken ground on Knoxville’s first urban, vertical retail complex, University Commons.

The Publix- and Walmart-anchored shopping and dining center will cover 12+ acres, with 211,000 sq. ft. of retail space and parking. Besides the two anchors, an additional 40,000 sq. ft. will be dedicated to smaller retailers and service providers once the project is completed.

Prattville, Ala. -- Brentwood, Tenn.-based GBT Realty said that it is bringing Starbucks Coffee, Aspen Dental and Firehouse Subs to Cobbs Ford Village, a new, in-line shopping center located in Prattville, Ala., in the Montgomery MSA. 


Cobbs Ford Village is approximately 2.52 acres and will house several additional tenants that are now in the beginning stages of signing leases. Groundbreaking for the center will be this April, with an estimated opening date of spring 2014.

Cleveland -- CenterMark Development has announced plans to build a 10,010-sq.-ft. Dollar Tree store in Cleveland, the first ground-up construction of a free-standing Dollar Tree store in the City of Cleveland.

The project breaks ground in March with completion scheduled for August 2013. Construction financing was provided by PNC Bank. HCI is serving as general contractor.