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IN BRIEF

Water Tower Place adds theater

Water Tower Place, the shopping center on Chicago’s North Michigan Avenue, is adding a theater — as in plays, not movies. The 10,000-square-foot, 600-seat complex, called Drury Lane Theatres, is expected to open in the spring. It is something of a homecoming for the theater; it occupied space at Water Tower Place from 1976 into the 1980s, after which it left for the suburbs. Water Tower Place, at press time owned by The Rouse Co., is one of the properties that will pass to General Growth Properties with the closing of its acquisition of Rouse.

CityVista Fund launched

A Texas residential development firm says it is launching a fund to finance Hispanic-focused retail developments in U.S. cities with dense Latino populations. CityVista Fund, as the vehicle will be called, is a creation of San Antonio-based American CityVista. The firm says the fund will provide financial debt and equity structures for developers with proven track records on deals worth $3 million or more. Austin, Dallas, Houston and San Antonio are under consideration for these projects. Outside Texas, candidate cities are Albuquerque, N.M.; Atlanta; Chicago; Denver; and Phoenix.

Shoppes of Blue Lake under way

Locally based Principal Properties has started work on The Shoppes of Blue Lake, a 50,000-square-foot center with stores and restaurants in Boca Raton, Fla. Principal says the center, which opens in the spring, will include national and local tenants, though the firm did not name any.

Town Center opens

On Oct. 26, The Town Center at Levis Commons opened its doors. The project is a lifestyle center at the hub of the J. Preston Levis Commons, a $250 million, 400-acre, master-planned development of apartments, offices and retail. The retail component, developed by Charlotte, N.C.-based Hill Partners, includes Ann Taylor Loft, Chico’s, Coldwater Creek, J. Jill and Strasburg Children.

Boeing site to get retail

Center Oak Properties, Gresham, Ore., is proposing to build a shopping center of up to 800,000 square feet on a 46-acre site that Boeing is selling in Renton, Wash., about 12 miles southeast of Seattle.

Market Street opens near Houston

Trademark Property Co. and co-developer Kimco Developers opened the first phase of Market Street, a nearly 500,000-square-foot, Main-Street-style, retail-office project. The center is part of the Woodlands Town Center master-planned community, north of Houston. Among the retailers now open are Borders Books, HEB Woodlands Market, Pier 1, Smith & Hawken and some local chains. Completion of Market Street is set for the spring of next year.

Work starts on Michigan project

Redico and Lormax Stern Development Co., both Michigan-based, have started work on Independence Marketplace, a 350,000-square-foot retail and restaurant center going up in Allen Park, Mich. The center, which houses Lowe’s, Petco, Staples and others, is scheduled to open next fall. Redico is based in Southfield, and Lormax hails from West Bloomfield.

Shops at Centerra moves forward

Poag & McEwen Lifestyle Centers, Memphis, Tenn., and McWhinney Enterprises, Loveland, Colo., have closed on a $116 million construction loan for The Shops at Centerra, which is to go up in Loveland. The 700,000-square-foot lifestyle center, anchored by Barnes & Noble, Best Buy, Dick’s Sporting Goods, a Foley’s department store and a Metrolux theater, is slated to open in October 2005.

RadioShack enters Sam’s Club

RadioShack is operating kiosks inside 542 Sam’s Club stores across the United States. The kiosks offer wireless phone services and an assortment of electronic accessories. Under the terms, the RadioShack name does not appear on the kiosks, which are being promoted as a service offered by Sam’s Club.

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