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New Construction
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New Construction
M&H Property Management recently acquired Esplanade Mall in Oxnard, CA and is considering razing the building and replacing it with a number of big box retailers. A second, more expensive option, includes remodeling and retenanting the building as is. M&H, which specializes in remodeling neighborhood shopping centers anchored by grocery and drug stores, acquired the main portion of the mall from the Scheidt family last year. The company is currently negotiating with Sears to buy its vacant property. Robinson-May owns the remaining portion of the mall, which it vacated during Fall. A formal plan for the site has yet to be filed with the city. For more information, contact Scott McPherson at (619-458-4228).
Continental Properties Co. has revised its plans to develop an 11-story hotel in Brookfield, WI into a new plan that calls for seven commercial buildings, including two restaurants, 103,500 sq.ft. of retail space; a 30,000 sq.ft. office building and a multi-family unit featuring as many as 14 "high-end" apartments or condominiums. The development will be built on the Storm’s Golf driving range and miniature golf course property fronting West Blue Mound Road, which will be relocated on the 23-acre site and continue to operate. The hotel plan was originally proposed in 1997, but ran into opposition over concerns about the height and the overall development’s potential for aggravating flooding problems. The idea of a hotel on the site is not entirely dead, as Continental has reserved 5.5 acres of the property as potential hotel site. However, the site reserved is located in the Dousman Ditch floodplain and a yet-to-be-devised plan for controlling flooding would need to be addressed before development plans would be entertained. For more information, contact Continental Properties Co. at (414-502-5500).
Shopco Advisory Corp. plans to develop a 150,000 sq.ft. center in Fort Worth, TX adjacent to Ridgmar. The project, named The Town Houses at Ridgmar, will feature lifestyle retailers, themed restaurants and entertainment venues. The center will be anchored by an existing Neiman Marcus and attached to Ridgmar, a 1.3 million sq.ft., two-level mall now being redeveloped. Ridgmar is anchored by Foley’s, Dillard’s, JC Penney and Sears. In addition, AMC Ridgmar 18 Theaters will open during the Fall. Approximately 300,000 people live within seven miles of the site and the trade area includes 750,000 people having an average family income of $64,000. For more information, contact Joe Barilla at (212-594-9400 ext. 341), or Jeff O’Loughin at (561-770-3304).
Zelman Development Co. is planning a 750,000 sq.ft. power center near Burbank Airport in Burbank, CA. Burbank Empire Center will be situated on 102 acres formerly owned and used by Lockheed Martin Corp. Stores with signed leases or letters of intent include Costco, Target, Staples, Lowe’s, PetsMart, Linens ’N Things, Michaels, Marshall’s and Best Buy. Restaurant tenants include Hometown Buffet, TGI Friday’s, Roadhouse Grill and a Krispy Kreme doughnut store. Zelman Development intends to spend about $100 million to build the center and another $65 million to develop 450,000 sq.ft. of office space. The project also will include two hotels and a car dealership. Costco would develop its own store. The center would be the first major retail project in the area of Burbank known as Media District North. For more information, contact Zelman Development Co. at (213-533-8100)
Summit Real Estate Services plans to break ground during April on Northfield Shopping Center, fronting U.S. 41 in Evansville, IN. The project will be anchored by a 40,000 sq. ft. Buehler’s Buy Low Supermarket. Summit is negotiating with a video store, hardware store and two banks. Additional small shop space is available for lease. Outparcels are available for sale and for lease. The supermarket is expected to open during Fall. For more information, contact Jan Meeks at (812-426-1070), Fax (426-2750).
Mimbres Development Company plans to develop the 17,000 sq. ft. strip center in the Barnett Center in Highland Village, TX behind two pad sites for restaurants serving alcohol. Tutor Time Learning Systems will occupy a third pad site, while a fourth pad is available for a bank. The 6.5-acre development at the corner of FM 407 and Barnett Boulevard has a population of 52,000 within a three-mile radius and a median household income of $74,000. For more information, contact Denwood Butler (877-924-1188) or email dbutler@butlercr.com.
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