A joint venture of Kroger Real Estate and Blanchard & Calhoun Commercial started construction on Shelter Cove Towne Center, a $74 million, 42-acre mixed-use development on Hilton Head Island, S.C. Phase I of the project will include the redevelopment of an existing retail center into a walking village containing 290,000 sq. ft. of retail and restaurant space. Kroger Marketplace and Belk will anchor the development.
Phase II will include a five-acre park connected to the existing 12-mile trail system on Hilton Head Island.
Phase III will feature 210 waterfront apartments.
When completed, the Shelter Cove Towne Center will create 450 jobs and generate approximately $5.1 million in annual sales tax revenue.
“We are very excited about the future and the successful opening of this amazing energy center for Hilton Head Island, which will generate millions in revenue for retailers, restaurateurs, hotels, tourist attractions, partners and the city,” said Michael Schlotman, CEO of the Kroger Co., in a statement.
Developer Breaks Ground for Knoxville’s First Vertical Retail Complex
CHM LLC broke ground for University Commons, a 211,000-sq.-ft. vertical retail complex in Knoxville, Tenn. Publix and Walmart will anchor the development. It will also include 40,000 sq. ft. of inline retail and parking.
University Commons is expected to create about 1,500 jobs and have an economic impact of $226 million.
“Residents in downtown and nearby neighborhoods along Alcoa Highway and Kingston Pike will all benefit from the convenience University Commons will provide, as will University of Tennessee students,” said Knoxville Mayor Madeline Rogero in a statement. “And the whole city will benefit from the redevelopment of this former industrial property.”
Land Transfer Brings Preston Harbour Development Closer to Reality
The U.S. Army Corps of Engineers transferred a deed for 600 acres of lakeside property on Lake Texoma to the City of Denison, Texas. The land will serve as a key component of Preston Harbour Development, a 3,000-acre project being created by Schuler Development and the city. The project has been in planning for more than 12 years.
“This is one of the most significant events in Denison’s history and it will shape our future,” said Denison Mayor Jared Johnson in a statement. “Denison has been blessed in the last few years with a new hospital, new school facilities, expanding industries and now we have this development that will bring hundreds of millions of dollars in new investment and job opportunities for our citizens.”
Laura Pomerantz Launches Global Real Estate Firm
Laura Pomerantz Real Estate LLC launched as a new global firm. The firm was founded by Laura Pomerantz, a retail real estate professional with 20 years of industry experience. It will focus on providing customized retail and office real estate transactions, including helping national retailers with expansion strategies in the U.S. and abroad; brining international retailers into the U.S. market, launching new retail concepts; securing office, showroom and warehouse space; providing research on and executing real estate investment sales and providing portfolio reviews.
“Retailers are back in expansion mode, focusing on national and international opportunities as they face saturated conditions on both sides of the pond,” said Laura Pomerantz in a statement. “As the retail landscape continues to evolve and companies re-evaluate their real estate portfolios, we look forward to working closely with our clients to develop both domestic and global real estate strategies that best facilitate growth and define their brands.”
The firm’s clients include Abercrombie & Fitch, Levi’s, Joe Fresh, Ippolita, Ted Baker London and Gant, among others.
Nevada Property to Undergo $7M Renovation
The Galleria at Sunset in Henderson, Nev. will undergo a $7 million renovation. The project will include improvements to the food court, center court, guest services center and restrooms, as well as a new play area and family restroom.
Construction on the renovation is scheduled to begin in early April, with completion planned for the fall of 2013. RTKL will serve as the architect on the project. VCC USA will be the contractor.
Other Notable News
GBT Realty completed construction on McPherson Place, a new shopping center in Laredo, Texas. Tenants at the center include James Avery, Orange Leaf, Starbucks Coffee and AT&T.
Newmark Grubb Knight Frank hired Leslie Karr as senior managing director. Karr has more than 20 years of experience in retail real estate. She specializes in representing owners of high-density mixed-use projects and upscale central business districts, as well as advising retailers on expansion strategies. Prior to joining NGKF, Karr served as vice president of the retail services group at CBRE. In the course of her career, she has worked on such projects as Citigroup Center, Presidential Towers, Block 37and McClurg Court Centre.
Off The Wall opened a 36,464-sq.-ft. facility at Brixmor Property Group’s Coconut Creek in Coconut Creek, Fla. Ted Konigsberg, of Infinity Commercial Real Estate, represented the tenant in the transaction. Cathy Mancari served as an in-house representative for Brixmor.
MC Sports signed a lease with the Cafaro Co. for a 23,000-sq.-ft. store at Ohio Valley Mall in St. Clairsville, Ohio.
Walgreens opened a marquee store at 5518 Magazine Street in New Orleans. The 13,000-sq.-ft. store features a drive-thru window, a full-service pharmacy and a Look cosmetics boutique.