(March 5, 2015 - National Real Estate Investor)
While some experts may bemoan the decline of bricks-and-mortar retail, the asset class is actually thriving, especially when it comes to large-scale retail centers being included in mixed-use development. Here are seven of the largest retail centers currently under construction within mixed-use developments, all of which are set to open throughout 2015 and 2016. (Retail source: CoStar Group Inc.)
- Westwood, Mass.
- Developer: Joint venture between New England Development, Eastern Real Estate and National Development
- Designer: Elkus Manfredi Architects
- Total space: 2 million sq. ft.
- Total retail: 500,000 sq. ft.
- Features: This transit-oriented, pedestrian-friendly project is located adjacent to an Amtrak and MBTA Commuter Rail Station, and is being built on 130 acres of previously blighted commercial industrial buildings. Its sustainable design features several renewable energy elements. It will include a 160-room hotel and 350,000 sq. ft. of class-A office space. Its retail component will be anchored by a Wegmans and a Target. Additional retail will include specialty shops, home goods and housewares stores, sporting goods, a florist, a specialty paper and card shop, fashion retailers and family-style and fine-dining options. The project will also feature 350 luxury residential units, including 69 affordable housing units, and a two-story, 61,000-sq.-ft. building with up to 100 units of assisted-living and memory-care residential units and 65 parking places. A Life Time Fitness center will be housed in a three-story, 125,643-sq.-ft. building including indoor and outdoor swimming pools. Surface parking at the fitness center will be available for 568 cars and 16 bicycles. An 18-acre park is also being developed.
- Opening: 2015 (retail) and 2016 (residential, office and hotel)
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