DEVELOPMENT/REDEVELOPMENT

The nation’s fastest-growing planned community keeps speeding along.   The Tavistock development, which already has 12,000 permanent residents, will add another thousand visitors a week thanks to a KPMG training facility that broke ground this week. In addition, the $400 million facility will house an employee staff of 330.  

The J.C. Penney store in Edina, Minnesota, with little movement in the aisles is about to see a lot more action.    Simon has announced that the 120,000-sq.-ft. space at its Southdale Center will close and be replaced by a Life Time ‘athletic resort.’ The company runs 123 centers in the U.S. promoting healthy eating and exercise regimens. Centers are one-stop fitness shops offering tennis, swimming, basketball, and yoga along with weight loss and nutrition education.  

Six blocks of manufacturing operations, auto body shops, art galleries in Denver are about to be redeveloped and outfitted with the fitting Renaissance-like name of Giambrocco.   The co-venture of Tributary Real Estate and Charles Street Partners is an extension of the wildly popular RiNo District and will include 500,000-sq.-ft. of office space, 350 market-rate and affordable apartments, art studios, and retail “strategically located in hot spots,” according to a press release.  

In reaction to changes that have transpired in the adjoining East Cambridge and Kendall Square neighborhoods since it debuted in 1990, CambridgeSide Galleria outside of Boston is undergoing a $30 million makeover.   Owner New England Development calls it a “repositioning” that will see the “Galleria” tag dropped from the title of the center, one of the first regional enclosed malls erected in an urban setting. It is the centerpiece of a 1.2-million-sq.-ft. mixed-use project that includes office space and a hotel.

The vacated Whispering Pines Mobile Home Park in North Attleboro, Massachusetts, will be filled with retail by a local developer building centers large and small along the Rhode Island border.   The still nameless project makes the fifth center that Johnston, Rhode Island-based Carpionato Group has under development in the area. They range in size from 53,000 sq. ft. of GLA at the Shoppes at Mayfaire in Attleboro to 830,000 sq. ft. at the Stonehill Marketplace power center in Johnston.  

Ikea is looking to open its second location in Tennessee.   The home furnishings chain plans to submit plans to the Metropolitan Government of Nashville and Davidson County, Tennessee, for a store in the Nashville area. Construction of the 341,000-sq.-ft. proposed Ikea could begin in spring with an opening in summer 2020.  

National Realty & Development Corp. has been in business for some 50 years, and privately held for all that time. It is one of the Northeast’s premier retail owners and developers, with a portfolio of 78 centers. But a ground-up development in Middletown, New Jersey, has served to crystallize what brick-and-mortar retail is all about for longtime president John Orrico.  

Prestige Development Group is about to break ground on a 171,027-sq.-ft. shopping center in Abilene, Texas.   Nearly 85% of The Shops at Abilene Village are pre-leased by a tenant lineup that includes Burlington, Petco, and Academy Sports + Outdoors. It will be the first store in the Abilene market for Burlington, and Academy is relocating from a 50,000-sq.-ft. location to claim 72,000 sq. ft.in of space at The Shops.