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 December 31, 2016, the company owned interests in 524 U.S. shopping centers comprising 85 million square feet of leasable space across 34 states and Puerto Rico.
Two tenants to transform former Macy’s space; two additional leases signed
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)-- Kimco Realty Corp. (NYSE:KIM) announced today that it has signed four retail leases totaling 94,100 square feet at its historic Suburban Square in Ardmore, Pennsylvania, kickstarting the next phase in its approximately $70 million repositioning of the center. Life Time® – The Healthy Way of Life Company will lease 78,636 square feet in the former Macy’s space for an upscale Diamond-level club featuring a premier healthy living, healthy aging and healthy entertainment destination, scheduled to open in fall 2017. Filling the remaining 10,540 square feet of the building is West Elm, a national popular, upscale home furnishing and accessories store.
These new leases are the latest development in Kimco’s transformation of Suburban Square through an all-encompassing redevelopment program. At completion, Suburban Square will provide an unparalleled shopping and lifestyle experience along the Main Line. The program includes new parking, beautification efforts, and the addition of a diverse roster of dining, retail, and health and beauty services options, all of which will create a modern day retail experience at this landmark Main Line destination.
The opening of Life Time Athletic Ardmore at Suburban Square will be the company’s fourth in the Philadelphia market following the openings of two additional locations this year in Fort Washington and King of Prussia. A location in Mount Laurel opened in 2015. As its premier flagship location in Philadelphia, the Suburban Square destination will offer Main Line residents exceptional boutique programming, specialized studios, and premium amenities, services and entertainment in a resort-like setting. An online Wait List has opened to be notified when memberships are available at www.lifetimeathletic.com/ardmore.
The Ardmore West Elm will be the retailer’s fifth location in Pennsylvania and is scheduled to open its doors in fall 2017.
In addition to Life Time Fitness and West Elm, Kimco has signed leases with Drybar and Anthony Vince’ Nail Spa. These leases come on the heels of recent retailer signings for SoulCycle; Sephora; Eaves, a local women’s apparel boutique; jeweler Kendra Scott; and a space expansion for outerwear retailer Barbour.
“These new leases kick off Phase II of the approximately $70 million, multi-year redevelopment of Suburban Square,” said Tom Simmons, President, Mid-Atlantic Region at Kimco Realty. “We are pleased with the progress of the first phase of development, and strategically planned this next layer to bring an exciting new selection of amenities and tenants to the center, with all construction being complete before Suburban Square’s 90th anniversary next year. Our diverse retailer mix features a blend of retail, services, medical, and dining options, offering something for everyone.”
For Phase I of the redevelopment, Kimco is currently constructing a four-level, 629-space parking garage at the Square’s East Lot. The garage, which will open in September 2017 prior to Life Time Fitness’ grand opening, will include 3,000 square feet of ground level retail space. Additionally, existing tenant Trader Joe’s is in the midst of a 4,000-square-foot expansion.
Once these projects are complete, Suburban Square will enter its third stage of the redevelopment in early 2018. The current “Commuter Lot” on Coulter Ave. will transform into “Station Row”—a mixed-use building with 20,000 square feet of street level retail space and 17,000 square feet of office space above; restaurant spaces with outdoor dining patios; and a new public plaza. The courtyard facing the new Life Time Athletic club and West Elm will also be redeveloped for shoppers to further enjoy the center.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is North America’s largest publicly traded owner and operator of open-air shopping centers. As of September 30, 2016, the company owned interests in 534 U.S. shopping centers comprising 86 million square feet of leasable space across 35 states and Puerto Rico. 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.
About Life Time®, The Healthy Way of Life Company
Life Time is a privately held, comprehensive healthy living, healthy aging and healthy entertainment Lifestyle Company that offers a personalized and scientific approach to long-term health and wellness. Through its portfolio of distinctive resort-like destinations, athletic events and corporate health services, the Healthy Way of Life Company helps members achieve their goals everyday with the support of a team of dedicated professionals and an array of proprietary health assessments. As of January 2017, the company operates 122 centers in 26 states and 35 major markets under the LIFE TIME FITNESS® and LIFE TIME ATHLETIC® brands in the United States and Canada. Additional information is available at www.lifetimefitness.com.
Kimco Realty Corp.
Director, Corporate Communications
Source: Kimco Realty Corp.