Rivka Altman’s Post

What's Happening in #Tampa / #StPete: South Tampa shopping center Britton Plaza is about to be listed for sale! Will this open up the possibility of redeveloping the property? The sale of Britton Plaza will be a generational transaction for Tampa, attracting institutional investors who will pay a market-high price. It sits on roughly 30 acres adjacent to some of Tampa's wealthiest neighborhoods. It has significant big-box vacancies, making it primed for redevelopment: Stein Mart, Big Lots and Tuesday Morning have closed locations there. Bealls Outlet is expected to close in April. But redeveloping the property won't be easy; it will be a yearslong endeavor, as the new owner will be limited by existing leases and their stipulations. I’d love to hear your thoughts: What could Britton Plaza become? How can we develop the site thoughtfully while paying tribute to its history, aiming to restore its vibrancy in South Tampa? https://lnkd.in/eTGeJcs8 Tampa Bay Business Journal RIPCO Ari Ravi Hybridge Commercial Real Estate Scott Dobbins Bruce Strumpf, Inc. #redevelopment #SouthTampa #tamparealestate #realestate #construction #forsale #valuation #mixeduse #opportunity #townhomes #multifamily #retail #office #cre

Stockdale Expands Denver Mall Redevelopment With Plan To Add Up to 1,500 Apartments A Los Angeles investment firm, Stockdale Capital Partners, known for revitalizing retail centers by integrating housing, is bringing its strategy to Denver's Shops at Northfield. Plans include adding up to 1,500 apartments to the outdoor mall to create a mixed-use environment. The project, spanning 16 acres, would feature three multifamily structures ranging from five to 12 stories, connected by park space and private streets. The firm, which acquired the property in 2022 for $71 million, aims to enhance the retail experience and attract regular shoppers. This trend of incorporating apartments into retail properties has gained momentum nationwide, with similar projects in Denver and beyond. Stockdale's proposal aligns with the area's growth, particularly in the Central Park neighborhood, attracting developers and driving apartment demand. Stockdale has a track record in this strategy, with plans for similar projects, like a redevelopment in downtown San Diego with 850 units. https://lnkd.in/guayeFfm

In these strange and interesting times for #CRE as properties get repurposed into new uses, Costco is taking a step forward into mixed use developments that include #retail and #multifamily, designating units as #affordablehousing. "So yes, 800 small apartments can fit on top of a Costco in the middle of Los Angeles, with 23% of those units reserved for low-income residents and all units eligible for Section 8 vouchers. And if done right and embraced by locals, developers, big box retailers and public officials, the project could be a novel model for future build-outs statewide." https://lnkd.in/erCG54Bg

🌆 𝐂𝐚𝐭𝐜𝐡 𝐔𝐩 𝐨𝐧 𝐂𝐡𝐢𝐜𝐚𝐠𝐨'𝐬 𝐑𝐞𝐭𝐚𝐢𝐥 𝐒𝐜𝐞𝐧𝐞: 𝐊𝐞𝐲 𝐑𝐞𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬 🌆⁣⁣ ⁣⁣ The Chicago retail market is experiencing significant transformations as redevelopment and mixed-use projects take center stage amid a scarcity of new construction. With retail vacancies projected to drop to 5% by year-end, here's a glimpse into the top projects reshaping the city:⁣⁣ ⁣⁣ 🏗️ 𝐎𝐥𝐝 𝐎𝐫𝐜𝐡𝐚𝐫𝐝 𝐌𝐚𝐥𝐥 𝐑𝐞𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭: Unibail-Rodamco-Westfield and Focus are transforming the Skokie site into a mixed-use community featuring apartments, street-level retail, and green spaces.⁣⁣ ⁣⁣ 🌳 𝐌𝐚𝐠𝐧𝐢𝐟𝐢𝐜𝐞𝐧𝐭 𝐌𝐢𝐥𝐞 𝐑𝐞𝐢𝐦𝐚𝐠𝐢𝐧𝐞𝐝: Efforts to revitalize North Michigan Avenue include a new business improvement district and creative ideas to connect it with Oak Street Beach.⁣⁣ ⁣⁣ 🍽️ 𝐖𝐞𝐬𝐭𝐫𝐢𝐝𝐠𝐞 𝐂𝐨𝐮𝐫𝐭 𝐑𝐞𝐯𝐚𝐦𝐩: Brixmor Property Group's $53M redevelopment in Naperville introduces Block 59, a vibrant restaurant and entertainment district with popular brands like Shake Shack and Ruth's Chris Steak House. ⁣⁣ 🏙️ 𝐋𝐢𝐧𝐜𝐨𝐥𝐧 𝐏𝐚𝐫𝐤'𝐬 𝐍𝐞𝐰 𝐑𝐞𝐬𝐢𝐝𝐞𝐧𝐭𝐢𝐚𝐥 𝐓𝐨𝐰𝐞𝐫?: CRM Properties explores converting Clybourn Place into a luxury apartment tower as part of the Willow Street District.⁣⁣ ⁣⁣ 🌾 𝐅𝐨𝐨𝐝 𝐃𝐞𝐬𝐞𝐫𝐭 𝐆𝐫𝐚𝐧𝐭 𝐏𝐫𝐨𝐠𝐫𝐚𝐦: Illinois launches a grant program to support new grocery stores in food deserts, aiming to improve access to fresh food in underserved areas.⁣⁣ ⁣⁣ 🏢 𝐋𝐢𝐧𝐜𝐨𝐥𝐧 𝐘𝐚𝐫𝐝𝐬 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐂𝐨𝐧𝐭𝐢𝐧𝐮𝐞𝐬: Sterling Bay progresses with its ambitious 53-acre mixed-use project, Lincoln Yards, despite financial challenges.⁣⁣ ⁣⁣ 🍔 Jack in the Box 𝐄𝐱𝐩𝐚𝐧𝐬𝐢𝐨𝐧: The fast-food chain plans to enter the Chicago market with eight new corporate stores by 2025, with potential for over 125 future locations.⁣⁣ ⁣⁣ 🏘️ 𝐍𝐞𝐰𝐌𝐚𝐫𝐤 𝐌𝐞𝐫𝐫𝐢𝐥𝐥 𝐄𝐱𝐩𝐚𝐧𝐝𝐬 𝐢𝐧 𝐂𝐡𝐢𝐜𝐚𝐠𝐨: The California-based company adds Marketplace at Six Corners to its portfolio, enhancing its presence in the metro area.⁣⁣ ⁣⁣ #ChicagoRealEstate #RetailTrends #MixedUseDevelopment #ICSC

Veteran Housing Corp says that IF YOU ARE NOT PART OF A PERMANENT AND LASTING SOLUTION TO THE AFFORDABLE HOUSING CRISIS AND HOMELESSNESS, YOU ARE THE PROBLEM! THE AFFORDABLE HOUSING INDUSTRIAL COMPLEX IS BROKEN AND NOT WORKING FOR AMERICAN TAXPAYERS Veteran Housing Corp would ask every TAXPAYER to demand and get answers from their elected and appointed government officials the below questions as they relate to any affordable, workforce, or supportive housing project in your community! 1. How much local, state, and federal funding, tax credits, or other government benefits or incentives did the project receive? 2. What is the affordability period for each project? Is the affordability period permanent and in perpetuity? 3. What guarantees exist have your local, state, and federal government officials obtained in writing that rents will not go up or that tenants will not be displaced or evicted after the "affordability period expires? Every local, state, and federal housing authority and affordable or workforce housing stakeholder should adopt the State of Vermont's "permanent affordability" policy as a model for all future government funded or subsidized housing projects or developments, no exceptions! https://lnkd.in/eFEUC8c8 Additionally, local, state and federal housing agencies should look to the Helsinki, FINLAND MODEL of ending homelessness by providing affordable housing for all 'It’s a miracle': Helsinki's radical solution to homelessness https://lnkd.in/er9HZSQU Even the U.S. Department of Housing and Urban Development AGREES THAT adopting FINLAND'S MODEL OF ERADICATING HOMELESSNESS may be of great value to resolving the affordable housing and homelessness crises in America https://lnkd.in/gkSZWYRU

🏢✨ Say Hello to Life at the Mall! What if your favorite mall became your new home? Across the U.S., struggling shopping malls are transforming into vibrant, mixed-use communities. Developers are reimagining these spaces by adding housing units, creating places where you can live, shop, dine, and even play—all in one spot! 🌳 From green spaces and walkways to on-site amenities like gyms and restaurants, these revamped malls are offering convenience, community, and a fresh take on urban living. 🏘️ With a housing crisis in full swing, adding apartments to malls isn’t just innovative—it’s necessary. This trend breathes new life into vacant retail spaces, builds much-needed homes, and supports the local economy. In our region, the Oglethorpe Mall in Savannah, is joining this national movement! Housing units are being added to its footprint, transforming the historic shopping destination into a vibrant, mixed-use community that combines retail and residential spaces. Whether it’s luxury units in Phoenix, affordable housing in Indianapolis, or exciting new developments right here in Savannah, mall living is becoming an exciting reality. Could this be the future of housing? 📢 What do you think—what would you enjoy most about living at the mall? #MallLiving #UrbanRevitalization #HousingCrisis #MixedUseDevelopment #LiveShopPlay #HomesForAll

Excellent comments on strategies for retail and housing below. To add to this conversation, our own analysis—and experience—indicates roughly 1000 (say 800-1200) additional housing units within a five-minute walk (quarter mile) can attract the critical mass of retailers (think 50% or more food, caffeine, and beer) to a “Main Street” or former mall site. And launch a new urban mixed, walkable urban place—in a city or a suburb.

So much going on with #shoppingcenters and innovative leasing and redevelopment of properties. Public private partnerships and new large footprint concepts (from multi family to pickle ball) are helping to create communities. #malls #retailtransformation

Malls to mixed use…. “the ease of access is kind of the point.” While it could take years to get there, Kayyem said living at the mall could one day be similar to vacationing at a resort, where everything is charged to one account using a centralized system. “It’s tough when you have a mix of ownership groups, but ideally, you’re living somewhere and you have an account, and you can shop and dine and eat and buy things on your account,” said Kayyem. “That would be real, true, seamless integration to make it frictionless for someone to live there.” 👋Say hello to life at the mall… thank you Gabrielle Fonrouge CNBC for sharing the highlights. KEY POINTS 🏢More people are living at American malls as real estate developers knock down department stores and construct apartment buildings in their place. 🏡At least 192 U.S. malls planned to add housing to their footprint as of January 2022, and at least 33 had constructed apartments since the pandemic began. Dozens more apartment projects are currently underway in California, Florida, Arizona and Texas. 🛍️ The trend not only helps to chip away the housing shortage in the U.S., but also brings people closer to the remaining retail and restaurant spaces in shopping centers. #development #realestate #mallstomixeduse #evolution #future #vision Oscar Parra Pacific Retail Capital Partners Matthew Chudoba Kerri Harper

The topic of retail-to-residential conversion covered here by Gabrielle Fonrouge at CNBC (with an emphasis on single-owner mall environments) is one worthy of exploration for mixed-use, mixed-owner environments like our downtowns and Central Business Districts. As we all know, COVID has resulted in fewer people going into the office every day, therefore spending less in local restaurants, coffee shops, and service providers. A report on retail storefronts, issued last month by the City of New York, found that 5,500 (35%) of the city’s currently vacant storefronts have been vacant since Q1 2020. Yet policymakers and urban planners continue to advocate for zoning policies requiring retail on the ground floor of nearly every new building, a policy fully divorced from economic reality.