Kimco Realty Brings New Energy to Historic Suburban Square with Life Time Athletic and West Elm Leases
January 19 2017 - 8:31AM
Business Wire
Two tenants to transform former Macy’s space;
two additional leases signed
Kimco Realty Corp. (NYSE:KIM) announced today that it has signed
four retail leases totaling 94,100 square feet at its historic
Suburban Square in Ardmore, Pennsylvania, kickstarting the next
phase in its approximately $70 million repositioning of the center.
Life Time® – The Healthy Way of Life Company will lease 78,636
square feet in the former Macy’s space for an upscale Diamond-level
club featuring a premier healthy living, healthy aging and healthy
entertainment destination, scheduled to open in fall 2017. Filling
the remaining 10,540 square feet of the building is West Elm, a
national popular, upscale home furnishing and accessories
store.
These new leases are the latest development in Kimco’s
transformation of Suburban Square through an all-encompassing
redevelopment program. At completion, Suburban Square will provide
an unparalleled shopping and lifestyle experience along the Main
Line. The program includes new parking, beautification efforts, and
the addition of a diverse roster of dining, retail, and health and
beauty services options, all of which will create a modern day
retail experience at this landmark Main Line destination.
The opening of Life Time Athletic Ardmore at Suburban Square
will be the company’s fourth in the Philadelphia market following
the openings of two additional locations this year in Fort
Washington and King of Prussia. A location in Mount Laurel opened
in 2015. As its premier flagship location in Philadelphia, the
Suburban Square destination will offer Main Line residents
exceptional boutique programming, specialized studios, and premium
amenities, services and entertainment in a resort-like setting. An
online Wait List has opened to be notified when memberships are
available at www.lifetimeathletic.com/ardmore.
The Ardmore West Elm will be the retailer’s fifth location in
Pennsylvania and is scheduled to open its doors in fall 2017.
In addition to Life Time Fitness and West Elm, Kimco has signed
leases with Drybar and Anthony Vince’ Nail Spa. These leases come
on the heels of recent retailer signings for SoulCycle; Sephora;
Eaves, a local women’s apparel boutique; jeweler Kendra Scott; and
a space expansion for outerwear retailer Barbour.
“These new leases kick off Phase II of the approximately $70
million, multi-year redevelopment of Suburban Square,” said Tom
Simmons, President, Mid-Atlantic Region at Kimco Realty. “We are
pleased with the progress of the first phase of development, and
strategically planned this next layer to bring an exciting new
selection of amenities and tenants to the center, with all
construction being complete before Suburban Square’s 90th
anniversary next year. Our diverse retailer mix features a blend of
retail, services, medical, and dining options, offering something
for everyone.”
For Phase I of the redevelopment, Kimco is currently
constructing a four-level, 629-space parking garage at the Square’s
East Lot. The garage, which will open in September 2017 prior to
Life Time Fitness’ grand opening, will include 3,000 square feet of
ground level retail space. Additionally, existing tenant Trader
Joe’s is in the midst of a 4,000-square-foot expansion.
Once these projects are complete, Suburban Square will enter its
third stage of the redevelopment in early 2018. The current
“Commuter Lot” on Coulter Ave. will transform into “Station Row”—a
mixed-use building with 20,000 square feet of street level retail
space and 17,000 square feet of office space above; restaurant
spaces with outdoor dining patios; and a new public plaza. The
courtyard facing the new Life Time Athletic club and West Elm will
also be redeveloped for shoppers to further enjoy the center.
About Kimco
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust
(REIT) headquartered in New Hyde Park, N.Y., that is North
America’s largest publicly traded owner and operator of open-air
shopping centers. As of September 30, 2016, the company owned
interests in 534 U.S. shopping centers comprising 86 million square
feet of leasable space across 35 states and Puerto Rico. Publicly
traded on the NYSE since 1991, and included in the S&P 500
Index, the company has specialized in shopping center acquisitions,
development and management for more than 50 years. For further
information, please visit www.kimcorealty.com, the company’s blog
at blog.kimcorealty.com, or follow Kimco on Twitter at
www.twitter.com/kimcorealty.
About Life Time®, The Healthy Way of Life
Company
Life Time is a privately held, comprehensive healthy
living, healthy aging and healthy entertainment Lifestyle Company
that offers a personalized and scientific approach to long-term
health and wellness. Through its portfolio of distinctive
resort-like destinations, athletic events and corporate health
services, the Healthy Way of Life Company helps members
achieve their goals everyday with the support of a team of
dedicated professionals and an array of proprietary health
assessments. As of January 2017, the company operates 122
centers in 26 states and 35 major markets under
the LIFE TIME FITNESS® and
LIFE TIME ATHLETIC® brands in the United
States and Canada. Additional information is available
at www.lifetimefitness.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170119005182/en/
Kimco Realty Corp.Jennifer MaischDirector, Corporate
Communications516-869-7224jmaisch@kimcorealty.com
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