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Shopping Centers Today -> June 2004
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IN BRIEF
The Bronx
The Related Cos., one of the developers of New York City’s towering mixed-use Time Warner Center, is now focusing its attention uptown, where it has proposed a 1 million-square-foot, multilevel center in the Bronx. The company says it will open the $300 million Gateway Center at the Bronx Terminal Market sometime in 2008 near Yankee Stadium. Pending city approval, plans call for two three-level buildings, a public park and possibly a hotel on the site along the Harlem River, which currently comprises some partially occupied commercial buildings.Milwaukee
Juneau Avenue Partners plans to start construction by the end of the year on PabstCity, a redevelopment in Milwaukee of the former Pabst Brewery. The 1.2 million-square-foot mixed-use project will include 450,000 square feet of retail, 200,000 square feet of offices and 450 residential lofts. Juneau is a joint venture of Cleveland-based developer The Ferchill Group and Milwaukee-based Wispark, the development subsidiary of Wisconsin Energy Co. TerreMark Partners, Atlanta, is leasing the center.AkronFerchill and TerreMark will begin a 454,000-square-foot mixed-use project next year along the Erie Canal in Akron, Ohio, that will include 156,000 square feet of retail-entertainment, 128,000 square feet of lofts, 40,000 square feet of offices and a 30,000-square-foot aquarium. |
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Chicago
Crown Commercial Real Estate has opened the 250,000-square-foot, Target-anchored Chatham Village Square on Chicago’s South Side. Other tenants in the center are Aronson Furniture, Walgreens and a U.S. Coast Guard recruiting office. Mid-America Asset Management is leasing the center.Los Angeles
Craig Realty Group is expanding its 742,000-square-foot mixed-use Citadel Outlets and Office Park, Los Angeles, adding 126,000 square feet of retail to the development. The company expects to complete this phase of its $52 million-renovation of Citadel next year. Craig plans to add an additional 127,000 square feet of retail to the center by 2007. Ann Taylor, Eddie Bauer and Old Navy are among Citadel’s tenants.Boston
The Massachusetts Port Authority has chosen Urban Retail Properties Co. and Boston-based Drew Co. to build a $400 million mixed-use center on Boston’s waterfront. The 1.2 million-square-foot Waterside Place will include 600,000 square feet of retail, possibly anchored by a Nordstrom. It will also have a 76,380-square-foot grocery store. Construction is scheduled to begin next year and to end by early 2009.Midtown Manhattan
Retail rents on New York City’s 57th Street corridor increased by 55 percent during the first quarter, from the year-ago period, according to a report. Average asking rents on 57th Street between Fifth and Park avenues were $850 per square foot, according to The Real Estate Board of New York’s Spring Retail Report. The average for all of Manhattan increased by 10 percent, to $97 per square foot.
Shopping Centers Today
 | Current Issue November 2008 |