Gennady T. Menaker’s Post

#America's malls continue to transition from sprawling retail superstructures into mixed-use, lifestyle-centric neighborhoods. Most recently with the redevelopment of the Monmouth Mall, led by Kushner Companies. When the redevelopment concludes, the new space will feature a reduction of the overall #retail space, making way for 1,000 new #apartments, an open-air central promenade, amongst other amenities and new uses, like restaurants and medical offices. In separate reporting by The Real Deal, of the 153 mall redevelopments happening across the country, more than half include a #housing component. I'm not sure about you, but this trend seems to be a great way to breath new life into some of the country's legacy #RealEstate, while addressing current issues, like the #HousingShortage. Not too bad for a mall that was so dead, it was featured in the Walking Dead, where it was sprawling with zombies.

In a strategic move reflecting the evolving landscape of #RetailRealEstate that leverages residential integration, Pacific Retail Capital Partners (PRCP) has initiated the demolition of the former Carson's store at Yorktown Center in Lombard, Illinois. This development paves the way for a transformative #MixedUse adaptation which will feature over 600 luxury #apartments, retail spaces, and communal areas. The redevelopment aligns with a broader national trend where underutilized #retail properties are being reimagined to meet contemporary urban living demands. By integrating residential units with retail and leisure amenities, PRCP aims to create a vibrant, community-centric environment that enhances the mall's appeal and functionality. (Plus there is nothing better for retail than a built-in consumer base.) This initiative not only revitalizes a significant portion of the Yorktown Center but also contributes to the economic growth of the Lombard area. The redevelopment is expected to attract new residents and businesses, fostering a dynamic and sustainable community hub. As the retail industry continues to adapt to changing consumer behaviors, such innovative redevelopments underscore the importance of flexibility and forward-thinking in #CommercialRealEstate. PRCP's approach exemplifies how traditional retail spaces can be transformed to meet modern needs, offering valuable insights for stakeholders across the sector. #CRE #Construction #RealEstate #Markets

Have you heard about people living in malls? Developers are getting creative by transforming vacant department stores and mall spaces into unique apartments. This growing trend is being embraced nationwide as a solution to the housing crisis, giving new life to once-thriving shopping centers. From luxury living at Paradise Valley Mall in Phoenix to affordable housing options in Indianapolis, these repurposed retail spaces are offering a fresh approach to urban living. What do you think—would you live in a mall? Check out this article to learn more about how developers are reshaping malls into homes: https://bit.ly/4iMoqJV #RealEstate #UrbanDevelopment #HousingCrisis #MixedUseDevelopment #multifamilymaven

Redeveloping the American Retail Mall: Transforming Spaces for the Future The decline of traditional retail malls has given rise to innovative redevelopment projects that breathe new life into these vast spaces. By transforming malls into mixed-use developments, cities can address various needs, from housing shortages to community amenities, while promoting sustainability. One example is the redevelopment of the Westminster Mall in Westminster, California. This ambitious project aims to convert a portion of the 51-year-old mall into a vibrant, mixed-use community. The plan includes 1,100 market-rate apartments, over 100 for-sale townhomes, a 175-room hotel, and a 2.5-acre public park featuring an amphitheater for concerts. The project also incorporates a dog park, pickleball courts, and 25,000 square feet of retail and dining spaces. This redevelopment not only revitalizes the mall but also creates a dynamic community hub, enhancing the local economy and providing much-needed housing. Funding for this $1 billion project involves a mix of private investments and local government support. https://lnkd.in/gH_wbBES https://lnkd.in/gvw5hPEP Another notable project is the Southland Mall redevelopment in Miami-Dade County, Florida. This $1 billion redevelopment, aims to transform the 80-acre site into Southplace City Center, a mixed-use, transit-oriented community. The development will feature more than 4,000 residential units, over 500,000 square feet of curated retail, dining, and entertainment venues, and an additional 150,000 square feet of retail space. The project is designed to create a self-contained community with abundant green space, bike trails, walking paths, and a trolley system, enhancing connectivity and reducing reliance on cars. The redevelopment is expected to generate approximately 2,700 new jobs and significant tax revenue for the local economy. The idea for a walkable community like this in Dade County began back in 2005. https://lnkd.in/eNZKmJTe https://lnkd.in/eBxeRWNd These projects illustrate the potential of mall redevelopments to meet modern needs, providing sustainable, mixed-use environments that benefit local communities and economies. Retown commends these innovative efforts for setting new benchmarks in community development and sustainability. #RetownRevision #MallRedevelopment #UrbanDevelopment #SmartDevelopment

Apartments about to rise as Southplace stores are built out Southland mall in Cutler Bay is on track to be replaced by Southplace City Center as the project is soon to deliver residential units, dining options and updated shopping options. Apartment construction is expected to start early in 2025 and stores are already building out space. Electra America, a real estate private equity firm, and BH Group, a Miami-based private real estate investment firm, purchased Southland mall in May 2022 and began the redevelopment process. https://lnkd.in/edaeQfCe #MiamiTodayNews #MiamiRealEstate #SouthPlaceCityCenter #Miami

Transforming Dead Malls into Mixed-Use Destinations Three years ago, Fabio de la Cruz introduced an ambitious vision for Lafayette Square Mall in Indianapolis, initially aiming for a $200 million transformation celebrating the diverse International Marketplace district. Today, the plan has grown to a $1 billion mixed-use development, "The Square," featuring apartments, a hotel, a film studio, dining, and retail. At Hunden Partners, we recognize both the potential and the complex challenges such a large-scale project presents. As our CEO, Rob(in) Hunden, states, “Transforming a regional mall into a vibrant, mixed-use destination is an untested idea and challenging to finance, especially in today’s economic environment." Projects like these require visionary leadership, transparent financial structures, robust public-private partnerships, and clear pathways to investor confidence. Read more: https://lnkd.in/gmhZjzuW Hunden Partners remains dedicated to supporting projects that bring lasting economic impact. For all transformative projects, collaboration and clear funding strategies are vital to bring bold visions to life. #HundenPartners #MixedUseDestinations #Placemaking

Eastgate Square, a longstanding mall in Hamilton's Stoney Creek area, is proposed to be transformed into a mixed-use community, reported UrbanToronto.ca. "Located beside the future eastern terminus of the Hamilton LRT B-Line, the southern half of the shopping centre site would become a transit-oriented community featuring residential towers as high as 20 storeys rising above retail and public spaces. Plans designed by BDP Quadrangle for Harrison Equity Partners include renovating the existing mall while adding the significant new density, similar to many mall redevelopment proposals across the Greater Toronto Area." https://lnkd.in/eteZXQMs #hamilton #shoppingcentre #redevelopment

💼 Revitalizing Simon Property Group's Southdale Center: A $400 Million Transformation! 🏢 🚀 Simon Property Group is turning the iconic Southdale Center into a futuristic retail haven with a $400 million facelift according to a story published this weekend in The Wall Street Journal. 🏬 Mall Evolution Highlights: * Investment Blitz: Simon Property Group is investing $400 million to transform Southdale Center in suburban Minneapolis. * Beyond Shopping: Shifting from mere retail, Simon adds luxury apartments, an extended-stay hotel, Shake Shack, fitness center, co-working spaces, and upscale grocers. * Luxury in Progress: A cluster of luxury shops featuring Gucci, Burberry, and Moncler is under construction. 📈 Changing Mall Dynamics: * New Mall Norms: Malls are evolving – shoppers spend less time but make higher-value purchases. * Top-Tier Triumph: Despite foot traffic decline, top-tier malls surpass 2019 tenant-sales levels, driven by luxury retailers and innovative amenities. 🛠️ Southdale's Ongoing Facelift: * Construction Buzz: The mall is a work in progress, with construction ongoing for new attractions, luxury shops, and a fully leased luxury wing. * Luxury Retailers Inbound: Leases signed with Burberry, Gucci, Moncler, and others signal a high-end shopping experience. 🏙️ Southdale's Future Vision: * Live-Work-Play Concept: Simon aims to create a live-work-play community, connecting fitness centers, luxury apartments, and co-working spaces. * Luxury Fitness Hub: Life Time, an upscale fitness center, leads the way, ranking as the company's busiest location. 🚀 The Resilience of Malls: * Longevity of Malls: David Simon, CEO of Simon Property Group, believes well-located and maintained malls, even the oldest ones, remain resilient. * Investment Focus: Simon's $800 million investment plan focuses on enhancing its best properties, ensuring their vibrancy and relevance. https://lnkd.in/grtvbJ_5

*The Clove* by Mattamy Homes An exciting new chapter for the beloved Cloverdale Mall, Etobicoke transforming it into a vibrant mixed-use development that blends urban vitality with suburban familiarity. This first phase, known as The Clove, is part of a visionary master plan covering 32 acres and will feature thousands of residential suites, ranging from studios to three bedrooms, state-of-the-art amenities, and new retail space. Exceptional convenient access to all transit options, shopping, dining, and green spaces, fostering sustainability and connectivity within the community. *Pricing starting in the mid $400s* *DEPOSIT* $5,000 on Signing Balance to 5% in 30 Days 2.5% in 210 Days 2.5% in 600 Days 5% 90 Days Prior to Occupancy 5% on Occupancy *INCENTIVES* *Capped Development Levies* $11,000 for 1+D & Smaller $14,000 for 2B & Larger *Free Assignment* ($500+HST Admin + $500+HST Legal Fee Applicable) *Right to Lease During Occupancy* ($1,000+HST Admin Fee Applicable) *30” Appliance Package* for Select Suites Parking $50,000 Locker $7,000 Occupancy 2028

The approval of Marks and Spencer Marble Arch redevelopment marks a pivotal moment for Oxford Street's revitalisation. Although footfall data indicates that November 2024 saw over 2.2 million visitors, footfall remains 30% below pre-pandemic levels. This project could provide the much-needed boost to bring London's premier shopping destination back to life. This redevelopment, alongside initiatives like IKEA's upcoming store and plans to pedestrianise sections of Oxford Street, is poised to enhance the shopping experience and attract more visitors. However, the journey to full recovery requires sustained efforts from both private and public sectors. Footfall recovery is underway, but far from complete. Continued investment in retail and public space is critical to Oxford Street’s future. Explore our latest analysis on the implications of this redevelopment for Oxford Street's future: https://lnkd.in/e5y2cdB3 #RetailAnalytics #UrbanRevitalisation #FootfallInsights #OxfordStreet #SustainableDevelopment #RetailRecovery #M&S