Shopping Centers Today -> August 2003
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NEWS IN BRIEF
TYSONS CORNER UPGRADE COMING
Wilmorite Properties, Rochester, N.Y., is renovating and expanding
its 2.1 million-square-foot Tysons Corner Center, the super-regional
mall in McLean, Va. The $100 million project will convert a space
formerly occupied by J.C. Penney into an 18-screen theater, a food
court and specialty stores, and expand the center by 150,000 square
feet. Wilmorite expects to start construction next January and finish
by August 2005.
KENTUCKY MALL BOUGHT
Beargrass Corp. has sold Oxmoor Center, a 960,000-square-foot super-regional
in Owensboro, Ky., about 100 miles west of Louisville. The buyer
is Hocker Oxmoor, a company controlled by Owensboro-based development
firm David Hocker & Associates. The price was not disclosed.
Galyan’s and Sears anchor the mall, which opened in 1971.
NEW OWNER FOR ARKANSAS CENTER
Denver-based shopping center owner J. Herzog & Sons has bought
the 242,535-square-foot Dixieland Mall, Rogers, Ark., about 200
miles northwest of Little Rock, for an undisclosed price. The mall
is Herzog’s first property in that state. Herzog says it plans
to renovate the interior and put in new signage.
COUSINS TO BUILD TWO CENTERS
Cousins Properties, the Atlanta development firm, plans to break
ground on two open-air centers this fall, in Florida and Tennessee.
The Avenue Viera (Fla.) will be a 415,000-square-foot lifestyle
center with a Belk department store and a Rave theater among its
anchors. Cousins expects to open the center, about 60 miles east
of Orlando, in the fall of 2004. Meanwhile, the company has scheduled
the opening of the 1.1 million-square-foot Avenue Carriage Crossing,
Collierville, Tenn., a regional mall located about 30 miles east
of Memphis, for the spring of 2005. Dillard’s is among the
anchors.
INLAND BUYS FLORIDA CENTERS
Inland Retail Real Estate Trust, Atlanta, has bought six grocery-anchored
centers in Florida, totaling just over 500,000 square feet, for
$74.2 million. The centers are located in Fort Walton, Miramar,
Palm Harbor, Pembroke Pines, Tallahassee and Watercolor. Publix
Super Markets anchors five of the centers.
CENTER PLANNED NEAR ORLANDO
The city of Altamonte Springs, Fla., about 10 miles north of Orlando,
is working with developer Altamonte Springs Investments to build
a 1.5 million-square-foot, mixed-use center called Altamonte Town
Center at Cranes Roost. The development is scheduled for completion
next summer and will include restaurants as well as retail, office
and residential space. The partners expect to begin construction
by the end of the year.
FACE-LIFT FOR HOLLYWOOD, FLA., MALL
Millennium Development Enterprises, a Weston, Fla.-based real estate
services firm, is renovating and renaming a 1 million-square-foot
mall in Hollywood, Fla. The center, about 20 miles north of Miami
and formerly known as Hollywood Super Mall, is now The Millennium
Hollywood’s City Place. Formerly a traditional enclosed mall,
Millennium Hollywood will comprise 2,000 booths, kiosks and specialty
stores operated mostly by independent retailers. The developers
expect to complete the first phase in September.
FLORIDA MIXED-USE CENTER OPENING
Hoar Construction, Birmingham, Ala., is building Lake Sumpter Landing,
a 400,000-square-foot, mixed-use development in The Villages, Fla.,
about 55 miles northwest of Orlando. Comprising retail, restaurants
and offices, completion is slated for May 2004.
