Tuesday, June 25, 2024
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Anticipated Project Openings

A New Horizon

Is this the year the world finally gets back on track after a tumultuous time? The general consensus seems to be yes as retail real estate around the globe begins to blossom once again with world-class mixed-use developments appearing all over. Here, RLI takes a look at a key selection of projects from major countries and cities the world over.

Real estate leaders are slowly coming to terms with a market burdened by inflationary pressures and increasing interest rates while addressing the ever-growing commitments around environmental, social and governance (ESG) issues, according to the Emerging Trends in Real Estate Europe by PwC and Urban Land Institute.

The report goes onto say that while sector strategies still play a central role in many investors’ allocation decisions, there are signs that more progressive industry players are beginning to look beyond a siloed approach and embrace the possibilities offered by mixed-use.
Highlighting this, RLI spends the next few pages examining some of the most anticipated mixed-use schemes around the globe that are scheduled to open this doors throughout this year.

Americas
Enhancing Montreal’s iconic and ever-evolving composition with a groundbreaking approach to how people work, learn, play and live, the largest private development in Quebec, Royalmount is a densified, mixed-used project, with massive greening, public transit access and a focus on active mobility. The project, a major new retail and lifestyle destination coming to Montreal this year, has announced Saint Laurent, Versace, Jimmy Choo, Michael Kors, David Yurman and TAG Heuer as the latest luxury brands set to open, with the first launches taking place in summer 2024. Royalmount is a $7bn, mixed-use development in the heart of Montreal, featuring retail, offices, restaurants and entertainment, all surrounding an engaging central park. The first phase will consist of 824,000sq ft, two-level retail and lifestyle complex. It will be the first 100 per cent carbon-neutral mixed-use development in the Americas and the largest LEED Gold retail project in Canada.

Being delivered by real estate development and management company Carbonleo, it aims to bring best-in-class brands and experiences tothe Quebec market. Upon opening, Royalmount will become the preeminent destination for shopping, dining and entertainment in Eastern Canada. A neighbourhood reimagined and a world-class midtown in the heart of Montreal. Royalmount is set to be a never-before-seen living environment where connectivity, creativity, sustainability and technology thrive.

Anticipated Project Openings 1

Fuelled by an outpouring of support for downtown development from throughout their community, Iguana Investments and the Jacksonville Jaguars are gearing up for a revitalised downtown. With the opening of Miller Electric Center and both the Jacksonville Shipyards and Stadium of the Future in the works, the game plan is just getting started. The Jacksonville Shipyards, including a restored Met Park, will deliver a downtown experience that blends urban design with waterfront entertainment. A modernised public marina, landmark five-star hotel and residences, plus six-storey office building will create hundreds of new jobs, generate vital tourism revenue and spark additional opportunities for emerging local businesses. With an influx of restaurants, hotels, entertainment and parks to complement existing establishments, a buzzing downtown could become the true heart and soul of Jacksonville. The redevelopment of the Jacksonville Shipyards and construction of the Miller Electric Center, with an eye toward the Stadium of the Future, will transform downtown into a thriving riverfront. A revitalised downtown will bring new jobs into the area, attract tourism revenue and drive momentum on additional development throughout the urban core. No specific opening dates have been given as development continues on the different elements of the project.

Anticipated Project Openings 2

Asia
K11 Group has unveiled a new harbour front cultural retail destination in Shenzhen dubbed K11 Ecoast, a flagship for its Mainland China expansion plan. The $1.4bn project, located in Prince Bay, is scheduled to open at the end of 2024. It is jointly developed by K11’s parent company New World Development Company and China Merchants Shekou Holdings. The development will have a GFA of 228,500sq m, featuring a K11 Art Mall, K11 HACC multi-purpose art space, K11 Atelier office building and a Promenade. K11 Ecoast was designed and constructed in accordance with China’s 14th five-year plan national guidelines, using renewable energy, recyclable materials and hospital-grade air filtering systems. The development includes a 60,000sq m outdoor landscaping, the largest among all K11 projects.

Anticipated Project Openings 3

Under construction by Sun Hung Kai Properties and with architecture and design work from Lead8, ITC Shanghai is a high-profile, mixed-use destination being developed within the well-known Xujiahui district. Currently one of the largest sites under development in Shanghai’s city centre, the mega integrated scheme combines four plots of land and will total 700,000sq m of development when completed next year. The project will include grade-A offices, a premium retail mall and a luxury hotel, all with direct access to the Xujiahui metro station where three lines converge. The future-looking design of this neighbourhood-scale scheme aims to seamlessly integrate into the already bustling shopping and entertainment quarter. The design concept physically stitches the new development with the surrounding local sites to set a new precedent for the district.

Anticipated Project Openings 4

11 SKIES is a future HL$20bn mixed-use destination located at SKYCITY. It is a game-changing destination that innovatively combines world-class retail, dining and entertaining experiences with a Grade-A business cluster. At over 3.8 million square feet, 11 SKIES stands as the largest all-in-one retailtainment destination in Hong Kong. It houses over 800 shops, 120 dining concepts and Hong Kong’s largest indoor and immersive entertainment zone at 570,000sq ft. Three thematically-designed business towers specialising in cross-border professional services complete the 11 SKIES ecosystem, making this the must-visit destination in Hong Kong. Opening in phases between 2022 and 2025 by developer New World Development, the project is strategically located right next to the Hong Kong International Airport, Hong Kong-Zhuhai-Macao Bridge and Tuen Mun-Chek Lap Kok Link.

International
Currently under construction by developers Apsys Group and with an estimated opening date of April this year, the Neyrpic scheme is located in the town of Saint-Martin-d’Hères opposite the Town Hall, a few minutes from downtown Grenoble and is part of a vast urban renewal project. Neyrpic aims to provide the municipality with attractive living, leisure and sharing spaces and to contribute to its economic development, in respect for the major metropolitan balances, the history of old factories and the requirements of the ecological transition. Designed as an energetic, multi-functional place where commerce, leisure, sport and nature will be inextricably linked. The heart of the project is an external square with spacious terraces – places for relaxation and fun. A place designed and implemented in accordance with the idea of sustainable development, respecting the character of the place and offering added value to the city’s residents.

Anticipated Project Openings 5

The largest city-centre project in Europe, Westfield Hamburg-Überseequartier is set to become a new urban community hotspot in Germany. Encompassing a unique culture, leisure, entertainment and dining offer, it will feature a 10-screen flagship cinema, beauty and wellness centres, international and local restaurants, bars and cafés and the latest trends in entertainment technology. This mixed-use urban district will feature flexible offices with 360° views over HafenCity and the harbour, modern apartments with direct access to the waterfront, three hotels and a 200-store shopping centre offering the best local and international brands together with a wide range of services and digital innovations, for an enhanced customer journey. The shopping centre itself will span 80,500sq m of retail, leisure and restaurant space and it is set to open in spring 2024 by developers Unibail-Rodamco-Westfield. The scheme will expand the Hamburg City metropolitan area by 40 per cent and the proportion of public and publicly accessible private open spaces is 38 per cent.

Under development by HJ Invest and on course to open in late February 2024, Galeria Goplana will be a modern shopping centre featuring attractive architectural design that will become a new landmark and a popular leisure destination in the city of Leszno, Poland. It will have 9,000sq m of retail floorspace anchored by 25 stores, with the first premises expected to be handed over to tenants in November this year. Global real estate services firm Cushman & Wakefield is the leasing agent for the complex. Anchor tenants will include such well-known brands as Half Price, Biedronka, Just Gym, CCC, Pepco, Rossman, Sinsay, Apart, Tabak, Świat Książki and Plus GSM. In addition to a perfume shop, the complex will also offer a broad range of restaurants and cafés.

Anticipated Project Openings 6

St Michael’s is an exciting new landmark development at the heart of Manchester’s city centre that sets a new standard in quality and experience. With 186,000sq ft of sustainable human-centred workspace, a five-star international hotel, world-class dining and a vibrant public square, St Michael’s will capture the pioneering spirit of this remarkable city. The St Michael’s project is the shared dream of Relentless Developments, KKR and Salboy. Together, they will deliver a thriving business district of Manchester, offering the best office space, in a sustainable building, that will support the health and wellbeing of its occupiers both now and into the future. It starts with No. 1 St Michael’s that will launch next year. Featuring nine stunning floors of people-centric workspace, it will be complemented by world-class rooftop dining, stunning outdoor spaces and a proper British boozer/the renowned Manchester institution, Abercromby. The second phase will launch in 2027 and bring a new five-star hotel, complete with ultra-luxurious spa, dining and leisure facilities – plus an exciting option to call St Michael’s home.

An official bolt tightening event has taken place to celebrate a major construction milestone in the first phase delivery of West Bar in Sheffield city centre. West Bar is a £300M, award-winning development that is transforming a strategically important gateway site in Sheffield to provide one million square feet of mixed-use space. This includes 500,000sq ft of new Grade-A workspace, residential apartments, new high quality public realm, multi-storey car parking, together with new retail and leisure uses. As well as providing much needed new housing, it will deliver the city’s largest office floorplates whilst supporting up to 8,000 new jobs. Being developed by Urbo (West Bar) Ltd, a joint venture with Peveril Securities, the first phase is due to open this year.

Middle East
Set to launch this month in Jeddah, Saudi Arabia by developer Cenomi Centers, U Walk Jeddah is set to become an iconic lifestyle destination for shopping, dining and entertainment. The upcoming U-Walk Mall sits centrally in the Al Zahar District within Sectors 3, 4 and 5 of Jeddah, capturing a large chunk of the city’s high end, prime neighbourhoods. By 2025 the primary and secondary catchment will contain an enormous three million people. U-Walk Jeddah Mall is strategically located between King Abdul Aziz Road and Prince Sultan Road in a dynamic urban environment, providing very easy access from some of the major commercial corridors in the Northern Central part of Jeddah. The upcoming destination will be a contemporary concept with its stunning fountains, indoor retail boulevard, its own leisure district and open-air promenades flanked by hip eateries. Explore a new dynamic urban street walk shopping, leisure and entertainment destination for Jeddah, the Kingdom’s second largest city.

Anticipated Project Openings 7

Solitaire by developers Al-Marqab Investment Company is set to be Riyadh’s newest multi-use lifestyle destination and will consist of three aboveground levels of retail, food and beverage, entertainment, wellness and sport offerings and three levels of basement parking. Within the city of Riyadh, Solitaire will occupy a 60,000sq m area bordered by King Abdulaziz Rd, Al Imam Saud Ibn Faisal Road and Al Thumamah Road. With views to the south revealing the prestigious King Abdullah Financial District, affirming this prime location within the city. The North Ring Road is just 2km away, making the asset easily accessible from Riyadh’s outer suburbs. As a multi-use lifestyle destination with design work by Benoy, Solitaire’s focus is on providing a unique, 360° lifestyle offering encompassing the key areas of retail, dining, entertainment, wellness and sport. The opening date of the project is scheduled for late 2024.

Expo City Mall by developer Emaar is on course to open its doors in 2024 in Dubai, UAE. The upcoming 385,000sq mall is set to be situated in Dubai’s Emaar South project and feature a large-scale offering of over 190 shops and F&B outlets. Nestled within the progressive Dubai Expo City, this upcoming mall will offer an unparalleled experience. With a focus on providing an immersive shopping experience, the mall will be home to an extensive collection of fashion, electronics, home furnishings and speciality stores. With its impressive array of offerings and a commitment to providing exceptional experiences, Expo City Mall will be a must-visit destination for shopaholics, foodies and those looking for entertainment venues.

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