Kimco Begins $186M Staten Island Redevelopment
- Nov 09, 2017
Kimco Realty Corp. has begun construction on The Boulevard, a $186 million redevelopment of the former Hylan Plaza shopping center in Staten Island, N.Y. Earlier this year, Kimco also broke ground on the Phase I retail portion of its Dania Pointe development in Southern Broward County, Fla.
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.
Major Tenant Mix
The grocery-anchored Kimco Signature Series redevelopment will feature major brands. ShopRite will headline the project, moving from a nearby location into a 68,000-square-foot space at The Boulevard while Alamo Drafthouse will open a 46,000-square-foot cinema, its first location in Staten Island. Marshalls, Ulta, PetSmart and LA Fitness are also expanding their presence in the market with new locations at The Boulevard. The 460,000-square-foot open-air center is scheduled to open in early 2020.
“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,” said David Jamieson, executive vice president & COO at Kimco, in prepared remarks. “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.”
Rendering courtesy of Kimco