The Americas are a landmass comprising the totality of North America and South America and together are one of the largest retail landscapes on the planet. Over the next few pages, RLI will delve into this melting pot of different cultures and markets to highlight a selection of the best retail real estate projects that have recently opened or are on course to do so.
While the retail market real estate market has endured more difficulties in recent years, the US market is still a global superpower and while national retail transactions faced challenges in the first half of this year, there is growing confidence that the capital markets dislocation affecting retail transactions will stabilise in the second half of this year, leading to an uptick in investment activity, explain JLL in their ‘United States Retail Outlook Q2 2024’ report.
Meanwhile, according to a Marketing Insight > Financial article on the Statista website entitled ‘Real Estate – South America, the market is currently experiencing significant growth and development and is projected to reach a staggering value of $19.07tn by the end of the year. Customer preferences, trends in the market, local special circumstances and underlying macroeconomic factors have all contributed to this positive growth.
North America
Big changes are coming to one of Brixmor Property Group’s Chicagoland shopping centres. The company has announced a $53M redevelopment and reconfiguration of Westridge Court, located in Naperville, Illinois, to create a new restaurant and entertainment district, branded Block 59. The 91,000sq ft project aims to improve Westridge Court’s dining options through the construction of multiple outparcels for national restaurant brands such as The Cheesecake Factory, Yard House, Ruth’s Chris Steak House, Piccolo Buco by Cooper’s Hawk, Shake Shack, Stan’s Donuts, First Watch, Fresh Fin, Crisp & Green and Velvet Taco. Construction began with the demolition of an underutilised two-storey building in July with new restaurants starting to open in spring 2025. Businesses, including Lazy Dog Restaurant and Walter E. Smithe, will remain open for business during the redevelopment.
Miami Worldcenter is a world-class urban destination that brings a new energy to the city of Miami. With a compelling and unique blend of exceptional entertainment, retail, residential and commercial offerings set among a pedestrian-friendly environment and green spaces, Miami Worldcenter is the diverse and dynamic heart of the city. Miami Worldcenter welcomes all to the heart of Miami with an unmatched location and accessibility. A magnetic destination, it is also within walking distance of many cultural and entertainment venues.
Miami Worldcenter is a dynamic destination to experience the best of Miami’s shopping, dining and entertainment and features more than 300,000sq ft of retail and more than 40 dining, shopping & entertainment opportunities still available. From flagship global brands to local favourites, this urban district has a boundless energy and a captivating vibrancy. With a central location, unique accessibility, ample parking and tree-lined avenues, Miami Worldcenter is an exceptional environment for residents, visitors and tourists to explore, engage and socialise in and it is still opening in phases by master developer Miami Worldcenter Associates.
Whitman Family Development intends to take advantage of a new state law passed in Florida to realise a decades-long dream to turn Miami’s Bal Harbour Shops into a mixed-use development. The Whitman Family has submitted plans to add a 70-room hotel and 600 apartments to what has long been rated as one of the world’s most profitable retail centres with average sales per square foot nearing the $3,000 mark. Due to open next year, the open-air Bal Harbour Shops – which houses brands such as Chanel, Gucci and Tiffany & Co. – is currently undergoing a $550M retail expansion that will add about 250,000sq ft of gross leasable area, nearly doubling the centres current retail space. The expansion will accommodate the addition of 35 new upscale stores and restaurants.
Belle Oaks Marketplace is a $285M mixed-use retail and multifamily redevelopment of the former Richmond Town Square Regional Mall into a 1.7 million square foot “live-work-play”, 798 multi-family luxury residential community located on approximately 70-acre campus in the greater Cleveland MSA. Thoughtfully designed and set to complete in 2026 by developer Dealpoint Merrill, Belle Oaks Marketplace provides amenity rich living residential concepts augmented by next generation retail amenities within an urban campus environment. The property is expected to be anchored by a 159,900sq ft Meijer supercenter grocery store (expected to have two million customer visits per year), with 120,725sq ft of retail and restaurants. The property currently has an adjoining 160,000sq ft Class A self-storage facility to service the community and Belle Oaks Marketplace residents. The development also includes an approximate 10-acre nature park, a 12,000sq ft clubhouse with resort style pool, gyms, a campus business centre, 24-hour security and concierge services for residents.
The Whitman Family has submitted plans to add a 70-room hotel and 600 apartments to what has long been rated as one of the world’s most profitable retail centres with average sales per square foot nearing the $3,000 mark.
Developer Unibail-Rodamco-Westfield (URW) has shared new details on its upcoming redevelopment of Westfield Old Orchard. Focus has been tapped as the co-developer for the first phase of the landmark transformation of the Skokie, Illinois mall, which will include the construction of approximately 400 luxury apartment homes and street-level retail, along with a park and event space. The project is anticipated to break ground in 2024 and slated to open to residents in early 2026. The multi-faceted remodelling vision for Westfield Old Orchard first took shape in 2018 when URW acquired the former Lord & Taylor space. The transformed space will soon be home to artisan-crafted, sustainably sourced home furnishings brand Arhaus, high-tech mini golf and social experience Puttshack and a Zara location.
In addition, Old Orchard is modernising the existing shopping centre with enhancements to the common areas, as well as opening a slate of new restaurants, health and wellness amenities and retailers. New additions to the centre will include Bloomies, Bloomingdale’s curated shopping concept, local dining favourites Bar Siena and Hampton Social and top luxury and fashion brands Louis Vuitton, Alo Yoga and Vuori.
A joint venture between developers RioCan REIT and Allied Properties REIT, The Well is a bold reflection of Toronto’s energy and diversity and an extension of the urban vibrancy of King West. Officially opened in November last year, it borders Front, Spadina and Wellington and is a mixture of retail, commercial and residential space in downtown Toronto. The design includes 1.2 million square feet of office space and 320,000sq ft of retail and food service. It has 1,700 residential units spread throughout six residential rentals and condominiums, plus one office building connected to a three-level retail base. Back in May, The Market became the final addition to the area and includes a curated mix of more than 50 food and beverage vendors to bring a delicious and diverse culinary experience. The 70,000sq ft space features unique food options including Rosie’s Burgers, La Cubana and award-winning hotdog franchise JAPADOG, the first ever location in Toronto.
Serving as a bespoke and captivating cultural destination for Vancouver, Oakridge Park is designed to seamlessly encompass every aspect of people’s lives – where living, working and playing converge harmoniously, offering a space for inspiration, personal growth and relaxation.
Spanning over five million square feet and strategically designed around a sprawling nine-acre park, Oakridge Park creates a distinctive enclave within the expansive 28-acre footprint. Comprising residential, retail, office, public realm, civic and cultural components, Oakridge Park, a joint venture by developers Westbank and Quadreal Property Group, with design and masterplanning work by Henriques Partners Architects, is a world-class, masterplanned community.
Once fully completed in 2025, it will offer a top-tier retail experience totalling 850,000sq ft with over 140 leading global brands, including flagship and boutiques stores, accommodations for over 6,000 residents through more than 3,000 residences, 700,000sq ft of meticulously designed office space for over 3,000 creative economy professionals, one of Vancouver’s largest community centres and busiest libraries, six dynamic indoor and outdoor live-music venues, the renowned Goh Ballet and it will be home to the second Time Out Market in Canada.
A project opened last year by Thor Urbana is The Landmark Tijuana, which is a scheme that is located in the Golden Zone, the area with the highest real estate growth in the city of Tijuana in Mexico. The scheme brings together the best shopping, dining and entertainment offerings unlike anywhere else in the area. It is complemented by an exclusive residential tower, luxury hotel and class A+ office spaces to become the new place to live, work and play.
The lifestyle centre will feature 308,000sq ft of leasable area, whilst the surrounding facilities within the scheme will include 154,000sq ft of A+ office space, 190 residences, a brand new hotel with over 200 rooms and more than 2,000 car parking spaces. The project offers a unique mixture of cultural diversity from the region, integrating itself into an existing, bicultural, vibrant community in search of exceptional experiences.
Mallplaza Cali, with a gross leasable area (GLA) of 67,500sq m, generated more than 1,400 jobs during the construction phase and will operate with nearly 1,600 formal employees, both direct and indirect.
Launched in the second half of last year by developer GICSA, the first phase of Grand Outlet Riviera Maya features a wealth of iconic brands like Dolce & Gabbana, Zegna and Armani. Also, popular names like Bath & Body Works and Lacoste. This ensures a diverse and enticing selection for fashion enthusiasts. Spread over a GLA of 58,013sq m, this luxury outlet is not just about shopping. It’s a multifaceted destination designed to offer a wide range of experiences. Entertainment includes go karts, batting boxes, axe throwing and an ice rink, as well as live music and other entertainment in the open area for the whole family. The mall has exciting plans for its second stage, aiming to redefine the concept of shopping and entertainment. In the pipeline are innovative additions like a hot air balloon experience, the creation of an artificial lake and the development of a beach club.
Distrito Armida is a new multi-phase mixed-use community in the upscale city of Monterrey, Mexico, masterplanned and designed by JERDE and under development by GM Capital. Situated in the south-eastern edges of San Pedro Garza Garcia, the location of Distrito Armida is uniquely positioned to create an essential, lively and unique offering. Views of the iconic mountain skyline of Monterrey, proximity to vibrant communities, a world-class business context and multitudes of retail and entertainment opportunities will all serve to attract young professionals, families and business owners with a modern outlook and appreciation for urban living. Being completed in five phases, the first three are clustered at the southern end of the site and will bring to the neighbourhood office and residential towers, a hotel, retail and a wide array of public spaces for the community.
South America
After two years of construction and an investment of more than 634 billion Colombian pesos (about 180 million dollars), Mallplaza officially opened its doors in the city of Cali in March, launching its first shopping complex in southern Colombia. Mallplaza Cali, with a gross leasable area (GLA) of 67,500sq m, generated more than 1,400 jobs during the construction phase and will operate with nearly 1,600 formal employees, both direct and indirect. With the new opening of the mall, which took place on March 21, the doors of the first Ikea store in Cali, the second in Colombia, as well as a large-format Zara store, the second H&M store in Cali and other commercial novelties were also opened. In addition to its unparalleled commercial offer, the shopping centre has 13,000sq m of public space for people to socialise and enjoy.
Camino Real shopping centre in San Isidro, one of Lima’s prime commercial and residential zones, is currently being refurbished and extended to transform the existing centre and bring a modern retail, office and hospitality hub to Peru’s capital. The currently ongoing extension will include a three-floor department store, a food court, a hypermarket and a cineplex, served by seven floors of car parking.
Being designed by Chapman Taylor, an adjacent plot of land will be used to create a brand new shopping centre, with four floors of retail set around a central atrium. A hotel will also be provided and three office towers in the existing centre will be refurbished, bringing modern and high-quality workspace to the development, all connected by a green roof.
