Posted on August 15, 2017 · Posted in Investments, Land, Multi-Family, Office, Retail

BandsMart USA, TJ Maxx and Hobby Lobby are the first major retailers announced for Dania Pointe, though the opening of the $800 million shopping and entertainment center in Dania Beach has been pushed back by a year.

Construction has started at the project just east of Interstate 95 at Stirling and Bryan roads — the site of a wooden roller coaster ride that was dismantled last year. Kimco Realty Corp. said the 300,000-square-foot first phase is expected to be ready for the 2018 holiday season. The New York-based developer originally said the development would open by the end of this year.

“The delay is the result of changes to the tenant mix and the decision to take on additional responsibility for improvements to Stirling Road and the I-95 exit ramp,” said Paul Puma, president of Kimco’s southern region. “You have to have a game plan, but you’ve also got to show flexibility.”

Other announced tenants include Ulta Beauty and Outback Steakhouse. When it’s complete in the next several years, Dania Pointe will feature more than 100 local and national shops and restaurants totaling about one million square feet.

In addition, the regional, open-air project will have up to about 500,000 square feet of Class A office space, 1,000 luxury rental apartments and condominiums, two hotels, a main street and open spaces for entertainment and special events. Puma said he’s approaching lease commitments for nearly 90 percent of the first phase.

“This will be a new destination for the Greater Fort Lauderdale market,” Puma said. “It will be a place where people can go to conduct business, shop, dine, relax and be entertained.”

Kimco is partnering with South Florida-based Master Development and Salzman Real Estate Advisors on the 102-acre project. The Hurricane, a 100-foot tall roller coaster, had been a familiar site to I-95 commuters for more than a decade. It closed in 2011 but remained standing until spring 2016, when the developers disassembled the ride to make way for the shopping center.

Kimco also owns the adjacent Oakwood Plaza, giving the company control of two miles of I-95 frontage in southern Broward County. Colliers International South Florida said it has been hired to market five parcels on which the Dania Pointe offices will be built.

“The firm is looking for developers to buy the land and build the offices as part of a corporate campus,” Kevin McCarthy, a senior vice president of Colliers said. “The site is near Port Everglades and Fort Lauderdale-Hollywood International Airport and offers office workers easy access to the interstate. We think it’s a game-changer for the South Florida development market.”

In recent years, enclosed malls have struggled as Amazon.com and other online retailers dominate the landscape by attracting consumers who want the convenience of shopping from home.

“Dania Pointe isn’t just another tired mall concept,” Alan Bush, a retail consultant in West Palm Beach said. “Office workers will provide a natural customer base for the retailers and restaurants, and shoppers will be able to park close to the individual stores. The Dania Pointe project is adapting to the changing face of retail. They’re stacking the deck in their favor.”

 

Source: SunSentinel

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