Kimco Realty Corp, a US-based real estate investment trust, has broken grounds on The Boulevard, a $186m redevelopment of the former Hylan Plaza shopping centre on Staten Island, New York.
The new 460,000 sq ft shopping centre, which is being constructed in a multi-level "main street" format, will be anchored by ShopRite and Alamo Drafthouse Cinemas, Marshalls, Ulta, PetSmart and LA Fitness.
The open-air centre, which will house retail shops and restaurants at ground-level and larger anchor tenants and entertainment attractions on second level, is scheduled to open in early 2019.
Kimco executive vice president and chief operating officer David Jamieson said: “The Boulevard is 80% 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.
“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.”
Located adjacent to commercial corridor Hylan Boulevard, the project is easily accessible from all parts of the island.