Land Securities' Latest UK Investment

(Proposed rendering)

(Proposed Elevation)

Land Securities, the UK’s largest commercial property developer and the subject of several All Things Retail Development posts has been given approval to move forward with a $110 million retail and housing development in Glasgow city center.  The development, consisting of 155,000 SF, will be anchored by US based Forever 21 (their first in Scotland), two other large stores (yet to be named), other retail, restaurants, and 49 housing units.  Construction is expected to start immediately and will be completed in 2013. 

Buchanan Galleries, another Land Securities project consisting of 4 floors and 600,000 sf is located adjacent to the project.

Land Securities has been grabbing many of the retail development headlines of late with their news of investment in various properties and their bullish outlook on the future of retail development.  

To view the Land Securities press release:

Land Securities Development to Boost Scotland's Economy

For previous ATRD Posts:

Trinity Leeds:  A Sign of the Times?

Land Securities Continues its Growth Plans

Trinity Leeds Update:  Tenant Spaces in Demand


  

Philly Live! Is Alive

(Image from The Cordish Companies Website)

(Image from The Cordish Companies Website)

(Image from The Cordish Companies Website)

(Image from The Cordish Companies Website)

Here is a another mixed-use project by the Cordish Companies that leverages the infrastructure, crowds, and events created by sports facilities and will no doubt be a destination of its own (See Ballpark Village post).  We are seeing several projects that are locating themselves near the energy and vitality of urban cores and specifically around sports venues where there is a steady stream of customers. Philly Live! is adjacent to the Wells Fargo Center  (Flyers, 76’ers) in South Philadelphia and within walking distance of Citizens Bank Park Stadium (Phillies) and the Lincoln Financial Field (Eagles).  
Billed several years ago as a 350,000 entertainment district, the project stalled out like so many others as the economy came to a grinding halt.  Although the hope is to build out the entire project, Phase 1 will break ground next month at the corner of South Broad Street and Pattison Avenue and include a 50,000 structure that will house a large sports bar (the largest in Philadelphia), restaurants, and retail stores.  A five star hotel as well as additional retail, restaurants, a movie theater, housing, and health club were part of the original plan.  When and if those components become reality is till up in the air.


The project was designed by the Design Collective (Baltimore) and master planned by RSM Design.

The images above and this original video from the Philadelphia Flyer's website represent the project as originally conceived.

Here is an article that provides more information about the project’s Phase 1:
First Phase of Philly Live! Moves Closer to Reality

Jerome Village Virtual Walk-Thru Update

(Town Square of Jerome Village)

Jerome Village, northwest of Columbus in the village of Jerome continues to progress.  It was announced Thursday in a Columbus Dispatch Article that Compass Homes, Inc, and 3 Pillar Homes, LLC have purchased 18 sites each from Nationwide Realty Investors, ltd (Developer of Jerome Village) which brings the total to 129 lots.  Shottenstein Homes had previously purchased lots as well for the first Phase that anticipates first residents this fall.


The vision for Jerome Village is to create a place where people of different generations and social economic stages of life can live, shop, work, play and gather in a thoughtfully planned community. Quoting from the Jerome Village Website:

"Our philosophy will be the fabric for a holistic neighborhood that is built on lasting values, and built to last".

The development, when completed over the next 15 - 20 years, will include 835 acres of residential (2,500+ single and multi-family homes), 233 acres of commercial (1.5 million sf of office and retail), 70 acres set aside for schools, and 312 acres of parkland (and will be adjacent to Glacier Ridge Metro Park with includes another 1,000 acres of green space).


Here is a video that has been developed from the water color image above that depicts how the Town Center is envisioned, one aspect of this nearly 1,500 acre development. 2Reveal, located in Columbus, Ohio developed this video:

Jerome Village Town Center from 2Reveal on Vimeo.

Here is more information from the Jerome Village Website:

Jerome Village

  

Turkey and US Retail Development Updates

(Kanyon Mall - Istanbul)

It may seem a bit odd to write a post about retail development in Turkey and the United States.  But the economies in Europe and Asia continue to develop and although the US has pushed forward on some projects, many still languish on the boards.  We cover the continued development in Eurasia and what may prove to be a bright spot in the US.


I have discussed the explosion of Shopping “Malls” being developed in India (India Shopping Center Explosion:  94 New Malls by 2012) and now there is word out of Turkey they will be building 25 new malls in 2011. 

There are currently 266 shopping malls in Turkey and these new malls will represent an increase of 9.4% new centers.  Almost 60% of Turkey’s retail centers are in two cities, Istanbul and Ankara.  For a great resource for a list of Turkish shopping malls, see:  List of Current Shopping Malls in Turkey.

Ankara will actually have the largest mall in Turkey when completed that will be enormous with over 5,000,000 sf of space and include Ikea, the German retailer Metro Gross Market, an aquarium (also the largest in Turkey), ski run, and housing to round out the development. 

Retail development is taking off in Europe and Asia and just this last week, Macerich, the Santa Monica based developer (see The Rebirth of Santa Monica Place) of over 70 retail centers in the US, announced they will be developing a new regional shopping mall in Goodyear, Arizona, the first regional mall to break ground “in years”.  We have heard many encouraging stories from Asia (India Shopping Center Explosion:  94 New Malls by 2012), Great Britain (More Good Retail News from London), and even retail progress in Prague (Discovering Dinosaurs in Eastern Europe), but perhaps the US has turned the corner with Macerich seeing an opportunity in Goodyear.  We are definitely in need of a "good year" real estate wise. Perhaps this is the beginning of the momentum we need to get things moving again.

See the following for more details:

World Bulletin:  25 New Shopping Malls to be Built in Turkey

Today’s Zaman: Ankara to Host Turkey’s Largest Shopping Mall

SCT News Home:  Macerich Aims to Develop Regional Mall, Outlet Center in Phoenix


  

Creative Village Update

(Image from Creative Village Proposal)

Orlando City council is moving forward with Creative Village, the $1.0 billion mixed-use development planned for downtown Orlando over the next 20 years. (see previous ATRD post:  Creating a Creative Village for the Creative Class).  


Their approval provides development rights and purchase options for Creative Village, Development, LLC, lead by Craig Ustler, to redevelop the 68 acres of land now occupied by the old Amway Arena.


This is an enormous project and will be a model for other cities wrestling with their declining downtowns if they can figure out how to finance the project.  The mayor originally stated that minimal public funds will be used to develop the property but has since committed money to help in the demolition of the 22 year old arena to help prepare the site.


For related articles, see the following:
Orlando Sentinel:  Orlando Looks Ahead to "Creative Village"


Bizjorrnals:  Orlando Moves Forward on Creative Village