Phase I Pentagon Centre Residential Tower
Optimally Timed for Completion in 2019
Entitlements for the Pentagon Mixed-Use Site
Allow for Over One Million Square Feet of Additional Density
Kimco’s New York Metro Portfolio Also Stands to
Benefit from Amazon’s New Headquarters in Long Island City
Kimco Realty Corp. (NYSE:KIM) today announced that its Pentagon
Centre Signature Series mixed-use redevelopment is extremely well
positioned to capitalize on the economic growth expected to follow
Amazon’s selection of National Landing in Arlington, Virginia as
one of two sites for its next headquarters. Located just a short
walk across the street from the new Amazon headquarters, completion
of Pentagon Centre’s 26-story, 440-unit residential tower will be
optimally timed to capture the significant additional demand
anticipated in Northern Virginia and the surrounding area.
Furthermore, future phase entitlements already secured for Pentagon
Centre allow for additional residential, retail, office and hotel
space.
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Pentagon Centre proximity to Amazon's
National Landing HQ (Photo: Business Wire)
Pentagon Centre is a multi-phase mixed-use redevelopment of an
existing 329,000-square-foot retail center located directly above
the Pentagon City Metro Station, diagonally across from Amazon’s
planned headquarters and in close proximity to The Pentagon,
Downtown DC, and Reagan National Airport. The project is owned in a
joint venture in which Kimco holds a 55% interest.
Phase I of the center’s redevelopment, now under construction
and close to 70% funded, includes The Witmer, a 26-story
residential tower with 440 luxury apartment units and 7,000 square
feet of retail on the ground floor. Residential leasing for Phase I
is expected to begin in the spring of 2019, with move-ins to
commence in the second half of 2019.
Phase II, which is already entitled with permits in progress,
will include an additional 11-story residential tower with 253
units along with approximately 16,000 square feet of new
retail.
Beyond Phase II, Kimco has also secured entitlements for future
phases which would result in a fully developed site to include
346,000 square feet of retail; 705,000 square feet of office space;
and a 200-room hotel in addition to the 693 residential units,
which would combine to bring the total project size to nearly two
million square feet.
The positive economic impact of Amazon’s National Landing
headquarters is also expected to extend beyond the immediate
neighborhood, into greater Virginia, Maryland and the District of
Columbia. Kimco owns 42 shopping centers in the
Baltimore/Washington D.C. market, totaling just under 8 million
square feet and generating 11.8% of its annualized base rent. This
cluster represents the second-highest concentration of properties
within any core major metro market in Kimco’s portfolio.
“Our Pentagon Centre Signature Series redevelopment is in
excellent position to take advantage of the incredible growth
Amazon’s National Landing headquarters will bring to the area,”
said Conor Flynn, Kimco’s Chief Executive Officer. “With The
Witmer’s location directly above the Metro Station and its stunning
views of the Pentagon, Potomac River and Washington Mall, it will
be at the heart of this new center of gravity. The entitlements
we’ve secured for additional density will enable us to fully
realize the highest and best use and create the ultimate
live/work/play environment. Amazon’s decision to split its new
headquarters between National Landing, Virginia and Long Island
City, New York is an immediate boon to the DC and New York metros,
and our sizeable clusters of properties in both markets are well
positioned to benefit.”
Kimco’s significant portfolio in the New York metropolitan
statistical area (MSA) can also expect to capitalize on Amazon’s
planned Long Island City presence. This MSA is the largest
contributor to the company’s annualized base rent at 13.2%. Kimco
owns 64 sites in the region totaling nearly 7.3 million square
feet, with a substantial portfolio on Long Island plus several key
redevelopments including The Boulevard, the company’s
460,000-square-foot Signature Series redevelopment on Staten Island
now under construction, and future mixed-use opportunities in the
Bronx and in Flushing, Queens, where additional density could be
added.
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, 2018, the company owned
interests in 450 U.S. shopping centers comprising 78 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 60
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.
The company announces material information to its investors
using the company’s investor relations website
(investors.kimcorealty.com), SEC filings, press releases, public
conference calls, and webcasts. The company also uses social media
to communicate with its investors and the public, and the
information the company posts on social media may be deemed
material information. Therefore, the company encourages investors,
the media, and others interested in the company to review the
information that it posts on the company’s blog
(blog.kimcorealty.com) and social media channels, including
Facebook (www.facebook.com/kimcorealty), Twitter
(www.twitter.com/kimcorealty), YouTube
(www.youtube.com/kimcorealty) and LinkedIn
(www.linkedin.com/company/kimco-realty-corporation). The list of
social media channels that the company uses may be updated on its
investor relations website from time to time.
Safe Harbor Statement
This news release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The company intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995 and includes this statement for purposes of complying
with the safe harbor provisions. Forward-looking statements, which
are based on certain assumptions and describe the company’s and
management’s intentions, beliefs, expectations or projections of
the future, are generally identifiable by use of the words
“expect,” “anticipate,” “will,” “would,” “could” or similar
expressions. It is important to note that the company’s actual
results could differ materially from those projected in such
forward-looking statements. Factors which may cause actual results
to differ materially from current expectations include, but are not
limited to, (i) developments in general economic and local real
estate conditions that are adverse or that differ from the
company’s expectations, including conditions in and around the
areas of Crystal City, Virginia, and Long Island City, New York,
(ii) the availability of suitable acquisition, disposition,
development and redevelopment opportunities, and risks related to
the company’s acquisition, disposition, development and
redevelopment activities, (iii) financing risks, such as the
inability to obtain equity, debt or other sources of financing or
refinancing on favorable terms to the company, (iv) the company’s
ability to raise capital by selling its assets, (v) changes in
governmental laws and regulations and management’s ability to
estimate the impact of such changes, (vi) the level and volatility
of interest rates and foreign currency exchange rates and
management’s ability to estimate the impact thereof, (vii)
competition with other commercial developers and real estate
companies, (viii) valuation of marketable securities and other
investments and (ix) increases in operating costs. Additional
information concerning factors that could cause actual results to
differ materially from those projected in such forward-looking
statements is contained from time to time in the company’s SEC
filings. Copies of each filing may be obtained from the company or
the SEC.
The company refers you to the documents filed by the company
from time to time with the SEC, specifically the section titled
“Risk Factors” in the company’s Annual Report on Form 10-K for the
year ended December 31, 2017, as may be updated or supplemented in
the company’s Quarterly Reports on Form 10-Q and the company’s
other filings with the SEC, which discuss these and other factors
that could adversely affect the company’s results. The company
disclaims any intention or obligation to update the forward-looking
statements, whether as a result of new information, future events
or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181113006152/en/
David F. BujnickiSenior Vice President, Investor Relations and
StrategyKimco Realty
Corp.1-866-831-4297dbujnicki@kimcorealty.com
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