Discovering Dinosaurs in Eastern Europe

Keeping with the international theme of late . . . . the economic challenges in Eastern Europe stopped many retail development projects dead in their tracks.  Here is an article from Bloomberg that talks about how these Eastern European developers, previously flush with new tenants begging to get into their developments, have now turned to the notion of creating a retail experience to help lure tenants (and shoppers), that have all but disappeared. 

The Galerie Harfa in a suburb of Prague is restarting their mall development with a new attraction:  dinosaurs.  It will also sport a fitness center and swimming pool. 

Economic woes aside – it would appear the new found capitalism created a boon for slapping up anything that could sell goods in Eastern Europe.  But the slowdown has proven that centers that don’t consider the experience as part of their development – will become extinct quicker than those that do. It would seem that these developers are learning quickly what the US developers took decades to figure out – consumers want a shopping experience – not just a place to shop.   And when the bottom falls out – the centers that can provide a value add beyond the transaction will be the ones that survive.

Check out the full article here from Bloomberg:

Eastern European Malls Use Dinosaurs, Spas to Lure Shoppers

 

More Good Retail Development News From London

(from RAC Magazine)

Here is another interesting article from London talking positively about European Retail Development. Again - they reference the Trinity Leeds project I posted about earlier this week and how this is a good sign of things to come.  It also talks specifically about how supermarkets will continue to lead the way in construction spending for the next year - quoting from the article:


"More than £700 million worth of retail projects started on site during the year to June - with supermarket projects accounting for 69 per cent of these". 


But interestingly it also mentions how Governments will give local municipalities more power to regulate big box stores - including the supermarkets.


Read article here from Refrigeration and Air Conditioning Magazine (yes - I read that one too):

Retail to deliver 'badly-needed growth'

   

Trinity Leeds: A Sign of the Times?

(Image from Land Securities)

Trinity Leeds is a significant retail development located in Leeds, a city and borough in West Yorkshire, England.  This project is the first major development in the United Kingdom since the recession and is thought to be a catalyst for other development and a sign that the worst of the poor economic circumstances may be behind us.  Land Securities, the UK’s largest real estate investment trust is developing this project that will include 750,000 sf of retail and restaurants located in the urban core of Leeds, located about 200 miles north of London. 

A significant architectural feature will be its partially glazed roof which will allow an outdoor or "Lifestyle Center" feel in what will be a more traditional indoor mall.

Fouty-Three percent of the space has been leased to date including Next, TopShop, River Island, Hollister and a planned expansion of Marks & Spencer.

The 120 store, $536 million dollar project is expected to open in spring of 2013.

(Image from Land Securities)

See the Wall Street Journal article here:

Land Securities Pushes Development with Trinity Leeds Start

And Bloomberg article here:

Land Securities to Start First Mall Outside London Since Financial Crisis


For other related posts from this Blog, see:
Land Securities Continues its Growth Plans


Based on what you see in the US economy - does a project like this give you confidence that we are on the road to recovery?

   

Part 2 - Ohio Lifestyle Center Series: Crocker Park

Part 2 of this Ohio Lifestyle Center series will focus on Crocker Park.  This Lifestyle Center, opened in October of 2003, is 30 minutes west of Downtown Cleveland in the western suburb of Westlake, Ohio.  Crocker Park has 1.7 million total square feet – almost three times the size of Maumee’s The Shops at Fallen Timbers (the subject of my first post).  Distinctive about this center is their focus on residential above and around the center.  There is more residential square footage (900,000 sf) than retail (550,000 sf) and office (250,000) combined.  Stark Enterprises, the owner and developer of the $480 million, 75 acre project truly was interested in creating not just another Lifestyle Center, but a community where people, lots of people, live, shop, socialize, and can even work in a vibrant 12 “city” block area that is always a buzz with activity.  Crocker Park is, without question, a draw in its own right, attracting people from all over the region – but it also has a “neighborhood” where almost 2,000 residents will eventually support the retail and restaurants and enjoy some of the park-like spaces the center provides.

Another critical component to this center is the number of grocery stores within walking distance of the residences.  Trader Joe's and Giant Eagle are part of the center and Marc’s is just across the street.  From my point of view – a grocery component is appealing to both the Millennials as well as the Boomers and provides basic needs without having to jump in your car.  Although certainly not urban by any stretch (Westlake is an upper income bedroom community), Crocker Park does create an authentic urban experience.

Crocker Park was master planned by MSI Design (Columbus, OH) and the architect for the center was Bialosky + Partners (Cleveland, OH and New York, NY).  Retailers of note include Dick’s Sporting Goods, Regal Cinemas, Urban Active Fitness, Trader Joe's, and The Apple Store to name a few.  Crocker Park also is chocked full of restaurants and fashion retail.  For a list of all current stores, over 70 retailers – see the Store Directory.

I am always interested in your opinions about these centers (especially those that have visited).  Please leave me a comment and let me know your thoughts.

 

South Weymouth Naval Air Station: SouthField

South Weymouth Naval Air Station was a United States Navy air field that started operations in 1942 and became established as a Navy blimp base during World War II. It closed in 1997 after the Base Realignment and Closure Committee of 1995 recommended it to be eliminated.

Although talk of redevelopment of the base started immediately after its closure – after 13 years – the first dirt is about to be turned for the construction of the East-West Parkway that will support the development.

The 1,500 acre mixed-use development of the airfield, located 13 miles south of Boston, will include over 2 million sq ft of retail and office space, 2,800 homes, public parks, a golf course, as well as a $100 million film studio. Total investment is estimated to be $1.5 billion.

This will be an interesting project to watch.  This certainly is not the first air base to be closed (or redeveloped) as part of the "peace dividend" but there are many of these sites across the US that are available for redevelopment and likely would be catalysts for those communities impacted by the loss of jobs from these closed government facilities.  There is a lot to this redevelopment and I will add another post to talk about the details in the coming weeks.  For an overview - see the SouthField website:  SouthField 

Here is the article about the development from the Boston Globe:

Air Base Project Nears Takeoff

Downtown Columbus: Just Add Employees

Nationwide Insurance announced today they will be moving 1,400 employees from Dublin to Downtown Columbus.  This is part of a commitment Nationwide Realty Investors has made to help garner additional support for the Grandview Yard project (see previous post Grandview Yard Update) via a tax increment financing package.

Read the Business First article here:
Nationwide Bringing 1,400 Job to Columbus

Columbus Dispatch article here:
Nationwide to move 1,400 jobs Downtown

9/8/2011 Note:  The original content of this post incorrectly stated that the Dublin Nationwide jobs would be moving to Grandview Yard.  The above reflects the correction.  It was recently announced that Nationwide will be moving those employees into a new building that will be constructed at the corner of  North Front Street and Nationwide Boulevard. 

EuroMediterranee

This is a massive urban development/ redevelopment in Marseille, France.  The information is overwhelming but here are a few stats:
~  Almost 1,200 acres of total development
~  10 million sq ft of office and business space
~  2 million sq ft of retail
~  18,000 housing units
~  Seven Billion Euro investment.
~  50 acres of green and public space 

There are several international architects contributing to the project.

The website can be viewed here (in French or English):  EuroMediterranee 

Here is a excerpt from the website: 
Created by leading international architects such as Zaha Hadid, Jean Nouvel, Massimiliano Fuksas and  Rudy Ricciotti, these structures promote the transformation and attractiveness of the Euroméditerranée hub, while their sustainable designs complement Notre Dame de la Garde and the Cathedral de la Major.

The CMA CGM Headquarters Tower makes a bold statement. Designed by Zaha Hadid, the 33-floor building of glass, concrete and steel is 148 meters high. By late 2009, the 55,000 square meter office will host the 2,700 employees of France’s largest (and the world’s third-largest) shipping company.

The Arenc Grain Silo, an important vestige of Marseille’s industrial history, will be transformed into a 2,000-plus seat theater, inspired by the Olympia in Paris, and office space designed by Eric Castaldi and Roland Carta.

The Museum of the Civilization of Europe and the Mediterranean (MuCEM), the first great national museum created by the French Government outside of Paris, is a complex technological challenge. Developed by Rudy Ricciotti and Roland Carta, it is a 19-meter tall cube. The concrete latticework exterior reflects an Asian influence, and is designed to protect the collections inside from the sun. On the J4, the MuCEM is connected by a bridge to Fort Saint-Jean, which has been renovated to host temporary exhibits.

The Regional Center for the Mediterranean (CRM) Of bold architecture, this facility created by Stefano Boeri is designed in the shape of “C,” with a lower part submerged and a 40-meter door overhang in its upper part (the largest door overhang in Europe). This site for artistic creativity will host major events, seminars and exhibitions on culture, economy, environment, heritage, urban planning and other themes.

Les Terrasses du Port. The flagship of the Cité de la Méditerranée, the Terrasses du Port, is a veritable oasis within the city. Created by Michel Petiaud-Letang, this facility features a 40,000 square meter retail area, a 13,000 square meter esplanade that is open to the sea, and promenades with cafes, restaurants, fitness facilities, a pool and even a stadium for beach soccer. The construction of a 3,000-space underground parking facility is also planned, along with a large indoor mall built perpendicular to the Docks building.

Euromed Center will cover 70,000 square meters and house a convention center, a four-star Marriott hotel and a 3,000 seat movie multiplex designed by Massimiliano Fuksas and operated by the French filmmaker/director/producer Luc Besson. The architect designed a site that reflects the imagination of Besson, whose passion for the sea is well known. GORE-TEX fabric stretches over large metal structures, evoking the silhouettes of dolphins and other forms gently eroded by water and wind.

The Arenc Quays, a project initiated by the real estate group Constructa, includes a housing complex of four buildings, each designed by leading architects from different backgrounds: Jean Nouvel, Yves Lion, Roland Carta and Jean-Baptiste Pietri. Two high-rise, luxury residential buildings (114 and 99 meters high) and two office buildings, one a tower 135 meters high, will create a bustling neighborhood with an indoor street featuring many shops on the ground floor. The four buildings, classified HEP (High Energy Performance), will also house state of the art office space.

 

Grandview Yard Update

Grandview Yard is located just west of downtown Columbus. The site was home to several warehouses and corporate offices for Big Bear – a large regional grocery player headquartered in Columbus for almost 75 years. In 2004, Penn Traffic, the owner of Big Bear since 1989, closed all stores and exited the Columbus market. Grandview Heights – a bedroom community known for its neighborhoods and lively “downtown” Main Street lost quite a bit of tax revenue when Big Bear and its corporate jobs left Columbus. After years of planning – Grandview Yard is rising in its place.

Grandview Yard will be a mixed use development and will include a minimum of 1.5 million square feet of retail and office space and 600 – 800 residential units on approximately 80 acres. Tenants that have committed to Phase 1 of the project include Urban Active Fitness, Hyatt Place Hotel, Jason’s Deli, M+A Architects as well as the Buckeye Hall of Fame Grill – a new restaurant concept licensed through The Ohio State University.

Nationwide Realty Investors and Capital Square Ltd have joint ventured to develop the private, $500 million development that is slated to open September 1st of this year.  MSI Design provided master planning for the entire 80 acre site.

Learn more about Grandview Yard from their website here:
Grandview Yard

Read Shopping Center Business article here:

Grandview Yard Gathers Steam

And a Columbus Underground update on the Hyatt Place Hotel here:

Hyatt Place Hoists Sign Over Grandview Yard

And for a location of the project:

Grandview Yard Location

Mall Operator General Growth Has Deal for New Barclays Bankruptcy Loan

is the second largest mall operator in the nation and the owner of several properties we will chronicle in this blog including The Shops at Fallen Timbers we discussed in Part 1 of Ohio Lifestyle Centers.  General Growth Properties

Read article here from Bloomberg:
New Loan For GGP 

San Francisco OKs CityPlace Mall

Here is a project that was approved by the San Francisco Planning Commission that has been five years in the making. One of the most interesting points in the article is the commission was concerned it has too MUCH parking in the two underground garages the center was providing.  San Francisco is definitely a transit first city with a great system of moving people around.  

This project will be located on a neglected section of Market Street between Fifth and Sixth Streets.

See article from the San Francisco Chronicle here:

CityPlace Mall