8A — January 17 - 30, 2020 — Southern Pennsylvania — M id A tlantic Real Estate Journal
www.marej.com
S outhern P ennsylvania By Tom Simmons, Mid-Atlantic Region at Kimco Realty Reimagining your Philadelphia retail real estate through mixed-use development
I
n recent years, the retail and real estate indus- tries have seen a shift
The new mixed-use develop- ment blends urban apart- ment-style living and 100,000 s/f of ground-floor retail, fully leased to notable brands such as Sprouts, Target, PetSmart, Chipotle, Insomnia Cookies, and Starbucks. The Sprouts location, the brand’s first in Philadelphia, incorporates the adaptive reuse of the site’s historic train shed, creating a signature design element while also preserv- ing a piece of local history. Built in 1876 for the Phila- delphia, Wilmington, and Baltimore Railroad Company,
run a quick errand or stop by the office. At Kimco Realty, our portfo- lio is evolving as well. Our Sig- nature Series® properties are the “needle-moving” projects in our portfolio which exem- plify our transformation and highlight our focus on quality, concentration around core MSAs, and growth through redevelopment and develop- ment opportunities. Lincoln Square, located in downtown Philadelphia, is an excellent illustration of complementary uses combining to unlock an asset’s highest and best use.
the freight shed and adjoining head house were situated on the same block next to a pas- senger station built in 1852. The passenger station was a stopping point for the Abra- ham Lincoln funeral train following his assassination in 1865. Residents of the 322-unit apartment building enjoy onsite parking and a foot- ball field-sized community amenity space with grilling areas, a fire pit, a lounge with an outdoor television, an outdoor track, an outdoor dog park, and more. Lincoln
Square also features Lincoln Walk, an open outdoor pedes- trian-friendly area between the residential building and Sprouts. It serves as a connec- tion to the main north-south thoroughfare in Philadelphia, Broad Street, and creates an enjoyable outdoor experience for residents and patrons of the retail. The project’s best- in-class amenity package and walkability to premier Phila- delphia destinations and the SEPTA subway system have been key in attracting resi- dents. Apartment demand re- mains strong in Philadelphia, and this location stands out by bridging the gap between South Philly and Center City. Not too far from Lincoln Square in Ardmore, Penn- sylvania is another Kimco Signature Series ® asset, Sub- urban Square, which is a prime example of what we can do with our real estate. Suburban Square was one of the first shopping centers in the country when it opened in 1928. In 2016, the cen- ter’s nearly 90,000 s/fMacy’s closed as part of the brand’s nationwide closures, provid- ing Kimco the opportunity to not only reimagine the space, but revitalize the landmark destination with modern day amenities and tenants to reflect the new retail land- scape. Kimco set out on a multi-year transformation of Suburban Square through an all-encompassing redevelop- ment program. In its entirety, the redevelopment program includes new parking, beau- tification efforts, and the addition of a diverse roster of dining, retail, and health and beauty services options, all of which combine to cre- ate an unparalleled shopping and lifestyle experience along Philadelphia’s Main Line. Our latest renovations in- clude the construction of Station Row – a new mixed- use structure that features 20,000 s/f of street-level re- tail, 17,000 s/f of second- floor office space, and sev- eral restaurant spaces with outdoor dining patios and a new public plaza. We’ve also started the next part of the entitlement process to add 150 market-rate apartments and an additional 12,000 s/f of retail on the property, and hope to break ground in early 2021. Overall, Suburban Square is the project that continued on page 12C
as a result of changes in how con- sumers want to live, work, a n d p l a y . They want convenience, and mixed- use deve l -
Tom Simmons
opments are emerging all across the country to meet the demand for one-stop destina- tions where people can step outside of their home and
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