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GREATER FELLS POINT PROJECT COMING TO BALTIMORE WATERFRONT

Two Baltimore development firms are planning a project called Greater Fells Point that, when finished, will bring new retail, entertainment, restaurant and office spaces to that area of Baltimore.

The main project at Greater Fells Point is Inner Harbor East, a mixed-use section that will include 375,000 square feet of retail and restaurant space, a multiplex art theater, waterfront promenades, 500 residential units, more than 1 million square feet of office space and more than 950 hotel rooms.

H&S Properties Development Corp. and Struever Bros. Eccles & Rouse are developing the project together, which should span about 60 acres just east of the city’s Inner Harbor. The project is expected to cost $1 billion.

It is still unclear what portion of the entire project will be dedicated to retail. But company officials are already lining up food purveyors and residential units for the area. Fresh Fields, a 30,000-square-foot health-oriented grocer, is scheduled to open in spring 2002. Inner Harbor East will be located between a currently underdeveloped stretch between Baltimore’s Inner Harbor and nearby historic districts Little Italy and Fells Point.

DOWNTOWN DALLAS COMPLEX GOES FROM MERCANTILE TO MIXED-USE

A Houston development group is converting a historic mercantile complex in downtown Dallas into a retail and residential complex — thanks to a big financial commitment from the Dallas City Council. Vacant since 1993, the 900,000-square-foot site is located on Dallas’ Main Street. Across from it sits the Neiman Marcus flagship department store. Spire Realty Group of Houston, the Texas development arm of New York City-based Smith Management, is working on the project. That company hired architectural firm RTKL of Baltimore to design the new project. Previous attempts to rehabilitate the mercantile complex failed because plans were too expensive. The $82 million project became workable after the city council voted to provide $21.7 million in public money in the form of tax credits. Spire Realty used the funds for facade renovation, and tax-increment financing funds for asbestos removal. Two of the present mercantile buildings will be demolished. At least one building, the Mercantile Bank Tower, will be preserved and converted to residential-over-retail space. The first two levels of the Mercantile Bank Tower building will be dedicated to retail, including a two-level bookstore.

CALIFORNIA DEVELOPER FUNDS HISPANIC MARKETING PUSH

Owners of the Viejas Outlet Center, Alpine, Calif., have dedicated $275,000 to marketing efforts this year designed to appeal to Hispanic shoppers in the area. The amount far exceeds last year’s budget of $139,000, and accounts for 50% of the mall’s total advertising budget, said Lucy Roberts, president of HMC Bilingual Advertising and consultant for the Viejas Outlet Center. Owned by the Viejas band of Kumeyaay Indians, Viejas Outlet Center features 57 stores and is located just one hour away from the Mexican state Baja California and the Tijuana border, and is 30 minutes from downtown San Diego. Mall owners report that Hispanics account for about 60% of shoppers on some days, and that the center is crowded on Mexican holidays.

TURNBERRY PLANS TWO CENTERS FOR FLORIDA’S NORTH DADE COUNTY

Turnberry Associates of Aventura, Fla., is planning two retail property developments in North Dade County, Fla., as part of its larger development plans for the area.

Located on the corner of Mid-Bay Bridge Road and U.S. Highway 98, Destin Commons will be an open-air town center featuring upscale retailers. Two major department stores will anchor the center, which will also feature casual and fine dining and a 15-seat stadium-seating movie theater. The company expects to break ground on the project this fall and open the shopping center in Fall 2002.

The second shopping center, Aventura Crossings in Aventura, will be a Mediterranean-style power center scheduled to open in spring 2003. Turnberry partnered with developer Ed Gadinsky to create that project.

With 220,000 square feet of retail space, Aventura Crossings will be located just west of Biscayne Boulevard and directly across the street from Aventura Mall, also owned by Turnberry Associates.

Construction on that project should begin in summer 2002, and an opening is expected for spring 2003.

 

 

 

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