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https://lnkd.in/g8GuvaNy There are nice pictures in the article that show the proposed renovations at the current stadium for the Carolina Panthers..Some of the renovations are spacious standing rooms for fans, new luxury areas, and new technology video boards.. ☑ ✔ 💺 🏢 📺 🏈 📉 🛋 #architecture #facilitymanagement #eventmanagement #sportbusiness #technology #marketing #hospitality

Hey landlords, it can be expensive to convince your commercial tenants to move out. The Teigeki Building in Marunouchi was designed by modernist architect Yoshiro Taniguchi and completed in 1966 to house the Imperial Theatre. In 2022 it was announced that the building would be demolished and redeveloped as part of a larger block project. Tenants have been given moving orders and are scheduled to vacate by February 2025. But last week, a gossip rag reported that a long-standing yakitori restaurant in the basement arcade is resisting the landlord’s request. The landlord has filed a lawsuit seeking the vacation of the retail space. And, to sweeten the deal, found the restaurant a replacement space and offered to pay 37 months of rent, or ¥17.4 million, as compensation. The restaurant has counter-offered, seeking over ¥200 million (US$1.3 million). Typically, landlords will offer to cover moving costs and several months rent as compensation when negotiating with a tenant to end their lease. There’s no defined rule as to how much compensation should be offered, although 6 ~ 12 months is often suggested with residential leases. For commercial tenants, the amount can be much higher when considering fit-out costs, potential loss of revenue, and having a long-established reputation in a certain location. This yakitori restaurant is well known, having been in this space for 54 years. The tenant cannot be evicted while the lawsuit is ongoing, and if it drags out, it could delay the redevelopment plans, costing the building owners a significant sum.

The iconic Scotiabank Arena is on the verge of an expansive transformation. With a committed investment exceeding $350 million, the upgrades are set to redefine the arena experience for its patrons. In a collaborative effort with esteemed entities like Brisbin, Brook, Beynon Architects, and PCL Construction, the multi-phase Scotiabank Arena Venue Reimagination project promises renovations of unparalleled scale. These sophisticated changes will touch almost every aspect of the arena—from the concourses and suites to the retail spaces—ensuring state-of-the-art technological integrations. As this historic venue approaches its 25th anniversary in February, the enhancements reassert its stature as the prime destination for live events and the cherished home for teams like the Toronto Maple Leafs and Raptors. For more information: https://lnkd.in/g-4KYvp8 #FoundationGroup #LiveWellInvestWise #realestatenews #scotiabankarena #torontoraptors #torontomapleleafs #torontorealestate #gtarealestate #torontorealestateexpert #torontorealty #torontorealtors #torontorealtor #realestateexpert #realestateagents #realestateagent #realestateexperts

💼 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

Kitchen remodel: Conversion to pickleball becomes THE hot retail redevelopment trend. Here's a look. #pickleball #adaptivereuse #retail #retailredevelopment #pickleballconversion #realestate https://lnkd.in/grtqS5zg

Guess the tenant! Guess the location! Ok, this 1 is different. Former tenant is obvious. 🍗 And as recent as yesterday, this was still available for sale, so no future tenant determined. So...who should be the new tenant? Should the existing building be used for another QSR or coffee tenant? Or start from scratch? First, guess the location. Second, suggest a tenant. Third, as a bonus, how much do you think this should/will sell for? Make sense? On your mark, get set, Go!

Bal Harbour Shops in Miami-Dade County, a premier luxury mall featuring swanky brands such as Chanel, Gucci and Tiffany, is getting into the affordable-housing business. Whitman Family Development, the shopping center’s owner, filed plans with the city on Tuesday to build a roughly 20-story luxury hotel and three residential towers with 600 units within the complex. One building with about 240 units will be reserved for workforce housing, as part of Florida’s new housing law known as the Live Local Act. That legislation, which went into effect last year, is meant to motivate developers to build more affordable housing. It offers developers tax breaks and allows them to bypass certain local zoning rules if enough workforce housing is built. Middle-income renters who earn 120% of an area’s median income or less are eligible. The Bal Harbour complex is home to about 100 luxury retailers, including many of the world’s most prestigious fashion and jewelry designers. The mall regularly tops the list of most profitable in the world, with sales of $3,400 a square foot last year, according to real-estate analytics firm Green Street. The Whitmans have seized on the Live Local Act to bypass zoning rules that have prevented them from building much beyond the shopping center’s existing three-story height. The plan calls for adding a further 2 million square feet to Bal Harbour Shops, which with other expansions would quadruple the size of the complex, the family said. The Whitmans say they have yet to determine the cost of the residential expansion. Widespread community opposition has derailed previous efforts to add taller buildings to the Bal Harbour complex. In 2021, the Whitmans organized a referendum vote that would have allowed them to bypass resident approval to seek additional height in their development. An overwhelming majority of voters rejected it. Now, by complying with the workforce housing conditions in the Live Local Act, Chief Executive Matthew Whitman Lazenby said his new expansion can proceed. If all goes as planned, in a few years some of the staff who sell designer goods at the mall’s posh shops or wait tables at the complex’s trendy restaurants would be able to live at the site. The Live Local Act received broad bipartisan support in the state legislature when it passed last year and Republican Gov. Ron DeSantis signed it into law. But its implementation is drawing criticism from members of local municipalities in both parties who say their power has been pre-empted. Some Florida cities have tried to sidetrack new projects that are relying on the act. In Doral, a city in Miami-Dade County, the local council passed a six-month moratorium on any Live Local Act developments after a developer proposed a 12-story project. The city and the developer reached a compromise and the firm agreed to top out at eight stories. 

The top 25% of U.S. malls average $750 to $1,200 a square foot in sales compared with an average of $150 to $475 at lower-quality malls, according to Green Street, and Simon Property Group is on its way to making America’s oldest climate controlled enclosed mall one of those top-tier properties again. The formula for the once declining Southdale Center in suburban Minneapolis: - Reducing retail GLA. - Bringing in highly performing and luxury retailers, such as Apple Store, Burberry, Gucci, Moncler, Max Mara Fashion Group, Kate Spade, lululemon, Tory Burch, BREITLING and Coach. - Replacing all defunct and underperforming department stores with non-retail anchors like Life Time Inc. (upscale fitness) connected to a co-working facility, Kowalski's Markets (a local high-end grocer) and Puttshack (a minigolf chain). Macy's is the last standing department store located in the space originally occupied by Dayton’s. Department store chain Dayton-Hudson (now Target) built the mall in 1956. A subsidiary of Equitable Life Assurance Society bought it in the 1970s then sold it to O’Connor in the 1990s. - Spending $400 million for T.A. to attract desirable tenants and rip up floors, rejigger the layout, update the interior from its mid-1980s teal and flamingo-pink color scheme to more modern cherry-wood paneling. - Converting the once iconic 100% retail mall into a live-work-play community. - Bringing in more entertainment-focused tenants to complement the existing AMC Theatres and Puttshack. - Redeveloping or selling parts of the sprawling parking lot and out parcels with income generating luxury multifamily apartments, a Homewood Suites by Hilton, a Shake Shack and an RH. The overhaul of the 1.1 million-square-foot Southdale Center is still a work in progress, with construction noise reverberating throughout the mall but the conversion is promising for what malls can become with ingenuity and capital deployment.

Malls in the future will look drastically different than the shopping centers of yesteryear. Top-tier malls are thriving while low-end centers are struggling. For owners of older malls located in areas with a strong customer base, investing significant capital to improve the space and add amenities can turn an under-performing mall into a profitable top-end center. For example, Simon Property Group is in the midst of a $400-million project to add luxury apartments, a hotel, a high-end fitness center, and other amenities to its Southdale Center located in suburban Minneapolis. It replaced former department stores with a fitness center, grocery store, co-working space, and a minigolf business and is constructing new shops for high-end retailers such as Gucci and Moncler. Simon has used a similar gameplan at other malls, including a $100-million investment in Roosevelt Field in Long Island, New York that added Neiman Marcus as a tenant and significantly expanded the mall's dining district. "It is too soon to know for sure whether the makeover will pay off, but the incentives for trying are clear. Top-tier malls reported record-high leasing volume and strong rent growth last year. That helped make malls the best-performing sector among publicly traded real-estate investment trusts over the past three years . . . ." "Mall fortunes have sharply diverged in recent years, with the top 25% of U.S. properties raking in sales of $750 to $1,200 a square foot, according to real-estate analytics firm Green Street, compared with an average of $150 to $475 at lower-quality malls." 

As one of the first to deploy this model for mall redevelopment, we can say first hand that reimagining mall spaces to meet the needs of the community, residents, and shoppers alike is a winning combination. Since delivering the first phase of multifamily additions at the Fox Valley and Hawthorn Malls last summer, both are over 80% and 65% leased respectively. Not only have the new apartment communities been well received, but the influx of residents, added ground floor retail, and new public green space has helped attract new and exciting retailers as well. At Hawthorn Mall for example, we've welcomed luxury retailers like Anthropologie, restaurants like Perry's Steakhouse & Grille and unique grocers like Dom's Fresh Market. Read more about the trend from the The Wall Street Journal. https://lnkd.in/ghhjzZ4R