Andrew Petrozzi’s Post

Another Toronto mall is set to vanish in the coming years to make way for a new mixed-use community containing condos, retail, and new park space, reported Daily Hive. "The owners of Jane Finch Mall in North York have proposed a multi-phased redevelopment that would demolish the shopping centre to support new density on the heels of the new Finch West LRT. The first hints of a major redevelopment at Jane Finch Mall came in 2019 when the property owners established the jfm+ (Jane Finch Mall Plus) process to engage with mall tenants and the local community on a shared vision for the site’s future." "More news came in mid-2022, when a lobbying file appeared on the city’s lobbyist registry, indicating that a major redevelopment plan was in the works. Most recently, property owners have pitched a proposal to city planners calling for a dozen buildings rising up to 50 storeys in height, plus two parks served by a network of new roads." "Buildings designed by BDP Quadrangle would frame new public spaces, including 8,448 square metres of new public parkland and a sprawling 1,846-square-metre plaza that would act as a focal point for the community. https://lnkd.in/gQMfWxdH #toronto #mallredevelopment #retail

Toronto has plans to redevelop some of your favourite malls into condo communities... There's a provincial push to introduce transit-oriented communities at sites well-served by rapid transit, have made SmartCentres Eglinton West (also known as Westside Mall) at Caledonia and Eglinton a favourable location for substantial intensification. Here's a list of some of the malls that are set for redevelopment. Alot of nostalgic memories for many of us in Toronto/GTA. Westside Mall, Scarborough Town Centre, Yorkdale, Sherway Gardens, Fairview Mall, the ongoing redevelopment of Galleria Mall, Yorkgate Mall, Jane Finch Mall, Agincourt Mall, Atrium on Bay, Dufferin Mall, Centrepoint Mall, Cloverdale Mall, and Malvern Town Centre With a significant shift in customer purchasing going online over the years, do we still need malls? #buildyourfuture #housing #construction #finance #realestate

Old Orchard Skokie Development Update. $100 Million Transformation Of Old Orchard Mall Heads To Skokie Plan Commission Phase one includes the demolition of the former Bloomingdale's and the construction of over 400 apartments and 16,000 square feet of retail. SKOKIE, IL — The future of Old Orchard Mall will be the central topic at a Skokie Plan Commission meeting Thursday, with commissioners set to consider whether to recommend that trustees grant approval for redevelopment plans for the shopping center. The two-phase project proposed by mall landlord Unibail-Rodamco-Westfield, URW, in partnership with Chicago-based developer Focus calls for the demolition of northwest and northern portions of the mall, which will be replaced with new apartment buildings, and possibly a hotel, atop redesigned retail space. The first phase of the project includes the construction of up to 425 apartment units and 16,000 square feet of street-level retail in two buildings, one five stories tall and the other seven stories tall, connected by bridges and common areas. https://lnkd.in/gy_WKGQ2

LFL has been considering options for this #land for a number of years,” Michael Walsh, President and CEO of LFL, tells #STOREYS. “We are now able to proceed with the secondary #plan process that will allow us to work on our master plan with the City of Toronto and the surrounding residents of this #community to determine the mix for the types of #residentialunits to be built. As part of that process, we will assess how we will use the available #governmentincentives." Monday's #pressrelease says that the secondary plan process is expected to be completed by mid-2025. The company also said that the project will unfold in phases, with the first phase of development focussed on building a new flagship retail store and replacing the corporate headquarters that’s already on the site. Residential development will be delivered in subsequent #phases of the #project. At the moment, a mix of mid- and #highrise #buildings and #townhomes are planned. #LEONS #Development #SecondaryPlan #CityOfToronto #ResidentialDevelopment #MidRise

“…new Cupertino neighborhood to rise atop [former regional] mall gets city OK “The Rise, as the new project is called, would be built on the site of the former Vallco Shopping Mall at the corner of North Wolfe Road and Stevens Creek Boulevard, a short distance from Interstate 280 in Cupertino. “One huge challenge: The Rise and countless other commercial and residential projects in the Bay Area and nationwide must scout for construction financing in a forbidding [financial] landscape … “Here are some key [staff-approved] components differ from prior versions of the development: “— Housing: 2,669 residential units, an increase of 11.1% from the 2,402 homes that were previously proposed. “— Offices: 1.95 million square feet of space, a decline of 1.4% from the prior version. “— Retail and entertainment spaces: 226,400 square feet, a 53.4% decline from the previous proposal. “ ‘With this approval, the project will be moving forward,’ Cupertino City Manager Pamela Wu said.” https://lnkd.in/gZZ8YiMK

CHESTERFIELD COUNTY, VA - Stanley Martin Homes has scooped up the rest of the land needed for its residential project to replace an aging shopping center in Chesterfield. The Reston-based homebuilder paid $8.1 million to purchase the bulk of Rockwood Square shopping center at the corner of Hull Street and Courthouse roads. It bought the 12.4-acre site from an entity tied to Gary Modjeska of Maryland-based Area Properties LLC last week. Read F. Goode, Jr. of Divaris Real Estate, who represented Stanley Martin in the deal, confirmed the sale Monday. The acreage, comprising five parcels including 10165 Hull Street Road, consists of the center’s main retail strip and parking areas. The center’s outparcels, where companies like Starbucks and McDonald’s have outposts, weren’t part of the deal. The assemblage that changed hands was most recently assessed at $3.5 million, according to county land records. The deal gives Stanley Martin full control of the 25-acre overall project site for its future 322-unit residential redevelopment of the property after the company paid $2.5 million for the adjacent Rockwood Golf Park earlier this year. The development is planned to consist of 236 two-over-two condos and 86 townhomes. Condos are anticipated to come in both 1,600-square-foot and 2,350-square-foot configurations, while townhomes are expected to be around 2,000 square feet. All units at the development are planned to be for sale, and likely start in the low- to mid-$300,000s. A general contractor hasn’t been selected for the project. Stanley Martin is handling architectural design for the project in-house. #ESCROWCREDIRT Newmark Title Services

Developers plan to convert old malls in South Florida into mixed-use   Electra America and BH Group plan to convert South Florida malls into mixed-use spaces, driven by the demand for housing, The Real Deal reports. The Southland Mall, for instance, is set to become Southplace City Center, featuring apartments, a hotel, medical offices, retail spaces and a community amphitheater. The trend is fueled by the Florida Live Local Act, which encourages the development of mixed-use projects with at least 40% of residential units set aside for workforce housing. “We saw this as a unique opportunity for us in a growing portion of Miami-Dade County,” says Joe Lubeck, who is with Electra America. “There’s definitely a lack of quality retail, quality food and beverage options and a significant demand for residential.”   Learn more: rptn.io/DAjyAArBkea #ThomasTitleandEscrow #CommercialRealEstate #TitleTrove #Housing #MixedUse

The obituary for downtown was premature. Hendricks just made a huge bet that proves the heart of cities will thrive. After years of speculation over Circle Centre Mall's future, Hendricks purchased the property with a bold $600M plan to reinvent it as a mixed-use village. This massive redevelopment signals downtown Indianapolis remains desirable for businesses and residents. People want convenient access to their whole lives in one place - especially millennials and Gen Z. This project will give them just that in the heart of Indy. Kudos to Hendricks Commercial Properties for thinking outside the box. Deconstructing interior corridors to build an outdoor pedestrian corridor is bold, but it aligns with how communities want to experience public space today. It will be fascinating to see what creative tenants this draws. With walkable amenities, housing, and a campus-like setup, this has the potential to reinvent retail and reinvent downtown Indy at the same time. Developers in other cities would be wise to study this case. Underperforming malls present a huge opportunity for placemaking when you think creatively. I'm excited to follow Hendricks' progress at Circle Centre. This could be a gamechanger for downtown Indianapolis' continued growth.

https://lnkd.in/dNjtHYd8 Indoor malls, which usually have large surface parking lots, present a favorable opportunity for developers to build large mixed-use projects amid a scarcity of large developable tracts in dense neighborhoods, noted Jaime Sturgis with Native Realty, a Fort Lauderdale-based brokerage. “You have these big boxes and big pads on a tremendous amount of land that is underutilized,” Sturgis said. “These big retail centers are in prime locations that are well suited for some type of redevelopment, usually market-rate and affordable housing.”  Developers planning mall-to-mixed-use conversions also benefit from dealing with willing sellers that want to offload underperforming big box spaces, or that want to partner with a builder to add a residential component to an indoor shopping center, Sturgis said.  “As occupancy wanes, the debt service ratio for malls falls, and loans mature. Simultaneously, owners of those properties start exploring alternative exit strategies,” Sturgis said. “They can sell a portion to someone who can come in and do a better development, or they may do a joint venture by bringing in an equity partner to redevelop the asset.” Native Realty

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