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