Kimco Begins Construction on The Boulevard, the Company’s $186 Million Signature Series Redevelopment on Staten Island
November 06 2017 - 4:01PM
Business Wire
Anchors for the multi-level, open-air center
include ShopRite, Alamo Drafthouse, Marshalls, Ulta, PetSmart, LA
Fitness and more
Kimco Realty Corp. (NYSE:KIM) has commenced construction on The
Boulevard, the company’s dramatic $186 million redevelopment of the
former Hylan Plaza shopping center on Staten Island, New York. The
dynamic retailer lineup for this grocery-anchored Kimco Signature
Series redevelopment includes best-in-class brands such as
ShopRite, Alamo Drafthouse, Marshalls, Ulta, PetSmart and LA
Fitness. The 460,000-square-foot open-air center, which will
feature a multi-level “main street” format, is scheduled to open in
early 2020.
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Project rendering for The Boulevard - a
460,000-square-foot, multi-story open-air shopping center with a
"town square" feel (Photo: Business Wire)
"The Boulevard is 80 percent preleased as construction begins,
demonstrating the solid demand we continue to see in the
marketplace, particularly from necessity, discount, health and
beauty, and entertainment concepts, which we consider to be in the
sweet spot of retail,” stated David Jamieson, Executive Vice
President and Chief Operating Officer at Kimco. “With a full roster
of thriving national and regional brands already committed, it’s
evident that investing in our portfolio through redevelopment is a
clear path to organic growth and value creation for our
shareholders.”
Hylan Plaza’s transformation into The Boulevard will result in a
newly-constructed, multi-story center with a “town square” feel,
where ground-level retail shops and restaurants face a main street
plaza with sidewalks and outdoor dining. The second level
accommodates larger anchor tenants and entertainment attractions,
with multiple access points providing connectivity across the two
levels.
Regional grocer ShopRite will headline the redevelopment, moving
from a nearby location into a 68,000-square-foot space at The
Boulevard. Alamo Drafthouse, well known for its outstanding food
and beverage service brought to the theater seats, will open a
46,000-square-foot cinema, its first location in the Staten Island
borough. Marshalls, Ulta, PetSmart and LA Fitness are expanding
their presence in the Staten Island market with new locations at
The Boulevard.
The project sits along Hylan Boulevard, a major commercial
corridor that sees close to 50,000 cars per day, and is easily
accessible from all parts of the island. The densely populated
Staten Island is New York City’s wealthiest outer borough, and the
site boasts excellent demographics, with a three-mile population of
156,000 and an average household income of $97,000. The Boulevard
comes on the heels of Kimco’s successful completion of three
additional redevelopment projects on Staten Island, where the
company owns five properties totaling approximately 1 million
square feet, making it one of the borough’s largest retail
landlords. Since 2013, Kimco has invested in the transformation of
over 560,000 square feet of retail on the island with additional
phases underway, consistent with its 2020 Vision strategy to create
value through the redevelopment and densification of its existing
portfolio, clustered around major metropolitan markets.
“The Boulevard will bring a host of benefits to the people of
Staten Island,” said Josh Weinkranz, President, Northeast Region at
Kimco. “Along with renewed economic activity and jobs, both
construction and permanent, we’re providing this community with new
and exciting retail and entertainment options, and a shopping and
dining experience unlike any other on the island.”
About Kimco
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust
(REIT) headquartered in New Hyde Park, N.Y., that is one of North
America’s largest publicly traded owners and operators of open-air
shopping centers. As of September 30, 2017, the company owned
interests in 507 U.S. shopping centers comprising 84 million square
feet of leasable space primarily concentrated in the top major
metropolitan markets. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171106006019/en/
Kimco Realty Corp.Jennifer Maisch, 516-869-7224Director,
Corporate Communicationsjmaisch@kimcorealty.com
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