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The Dawn of a New Era

Covid-19 still represents a pandemic on a global scale, but nearly two years on from the initial beginnings of the virus and a new variant, it appears people are ready to get back on track and this is represented in the number and scope of projects and developments coming to fruition this year. RLI spends the next few pages analysing in more detail some key projects and schemes that are due to open across the world.

According to the ‘Emerging Trends in Real Estate 2022’ by PwC, the pandemic will shape the decade ahead in ways that we can’t even imagine yet. That will require one trait that has been in abundant supply so far: flexibility. In only a year and a half, trends in real estate have accelerated that many thought would take years to play out.
What this means is that while we are by no means free of Covid-19, it would appear that for the majority of the globe, conditions have seen an improvement year-on-year from 12 months ago and for the retail real estate sector, retail and leisure schemes around the world are continuing their development pipelines with varied and unique schemes.

The Dawn of a New Era 1
Fenton, North Carolina, US
Developers: Hines, Columbia Development and USAA Real Estate

Anticipated projects around the world

Americas
Hines and Columbia Development Group in partnership with USAA Real Estate are developing Fenton—a 92-acre mixed-use district in the Cary submarket of Raleigh/Durham, North Carolina. Fenton will be Cary’s first vertically integrated, mixed-use destination. The development will offer 2.5 million square feet of retail, office, restaurant, hotel and multifamily space. The initial phase will consist of 348,000sq ft of specialty and experiential retail, including a high-end movie theatre; 195,000sq ft of Class A office space; 357 apartment units; and a 175-key hotel. Fenton will be located along Cary Towne Boulevard at I-40, adjacent to the Wake Med Soccer Park. The highly-amenitised development is proximate to Research Triangle Park-the regional job engine, as well as many of the area’s best residential neighbourhoods and public and private schools.
Ovation Hollywood, DJM and Gaw Capital’s $100M reimagination for the Hollywood & Highland retail complex, will see major design improvements, an updated tenant mix, and an additional 100,000sq ft of creative office space. There will be 7.6 acres of retail, restaurants and entertainment in the heart of Hollywood and over 1,000 ft of retail frontage along Hollywood Blvd. Home to the most iconic landmarks in Hollywood including the Hollywood Walk of Fame, The Dolby Theater, The TCL Chinese Theater, and the El Capitan, the project is a reimagined centre that celebrates the growth of the Los Angeles community through music, awards shows, film premieres, fantastic dining, shopping and more. The construction work began with the exterior, street-facing portions of the property, which were repainted before the main common areas were improved. The project is expected to be complete in mid-2022.
The Well, dubbed as the most ambitious mixed-use endeavour in Canada and being developed by RioCan and Allied Properties is located in the heart of Toronto’s west end. Bordering Front, Spadina, and Wellington, the design includes 1.1 million square feet of office space, 500,000sq ft of retail and food services, and 1,700 residential units spread throughout six buildings connected to a three-level retail base. With the retail and office components opening this year and the residential element opening in 2023, The Well will become a unique mix of shops, restaurants, fresh food markets, workspaces and residencies that set the stage for innovative collaborations and meaningful experiences in culture, entertainment, community and wellness. The Well has achieved Platinum-level WIRED certification from WireScore for our building’s best-in-class digital connectivity, technological infrastructure, and commitment to emerging digital trends.

The Dawn of a New Era 2
Merdeka 118 Mall, Kuala Lumpur, Malaysia
Developer: PNB Merdeka Ventures Sdn Bhd

Asia
A seven storey-glass domed shopping centre which sits within the podium of a 118-storey skyscraper, the Merdeka 118 Mall development by PNB Merdeka Ventures Sdn Bhd is set to attract a wider customer base whilst creating an arresting landmark for the city. A clear and sound retail strategy created by Buchan Group will be implemented to incorporate a diverse range of experiences with the podium holding over 200 stores and a state of the art cinema complex. Meanwhile, a large, inviting and bright event space is available for hosting a wide variety of events and exhibitions and breakfast, lunch, high-tea and dinner are available via a selection of local and international al fresco restaurants. The heart of the development will be a dramatic multi-storey water feature with an interactive screen offering customised messages for shoppers’ engagement called ‘The Raincloud.’ Opening in late 2022, Merdeka 118 Mall will offer a spectacular blend of the historic and contemporary at the very heart of Kuala Lumpur with around one million square feet of retail opportunities, showcasing Malaysia to the rest of the world.
Slated to be completed in Q3 this year, China Resources new mixed-use development Sungang MixC Market Hall is currently under construction in Shenzhen, China. Located on a former industrial zone, this retail-gastronomy destination will provide an immersive gastronomic experience under one roof. MixC Market Hall will accommodate 78,890sq m of retail and F&B dining space, with two office towers above providing 102,320sq m of workspace. As part of the regeneration of the district, the overall masterplan will also include residential and serviced apartment towers, resettlement housing, and public amenities, providing a holistic redevelopment. Once complete, the project will offer products made by local and international artisans, food-oriented boutiques, chic restaurants, specialty coffee shops, food halls, as well as interactive offerings such as cooking classes and chef demonstrations. The market hall will also benefit from a rich mix of arts, culture, and entertainment spaces.

The Dawn of a New Era 3
11 SKIES, Hong Kong, China
Developer: New World Development

A game-changing retailtainment destination, 11 SKIES will be Hong Kong’s largest hub for retail, dining and entertainment and the first to combine wealth management and wellness services in one complete ecosystem. Opening in phases from 2022 to 2025 by New World Development, is set to bring brand new experiences for consumption, entertainment and wellness services for everyone. 11 SKIES will bring together 3.8 million square feet gross floor area; 2.6 million square feet of retail space, encompassing over 800 shops and more than 120 dining concepts; 570,000sq ft of experience-based entertainment facilities including immersive, fun and interactive role-play learning experience KidZania, and Grade-A office towers. Strategically located right next to the Hong Kong International Airport, Hong Kong-Zhuhai-Macao Bridge, and Tuen Mun-Chek Lap Kok Link, 11 SKIES will benefit from a high volume of passengers who travel through Hong Kong International Airport, which recorded 71.5 million in 2019.

International
In January 2018, developer Hammerson commenced works on a major extension of Les 3 Fontaines which is part of a wider city centre development in Cergy-Pontoise, in the suburbs of Paris. The project involves extending the existing scheme and adding new retail, leisure and catering space together with a major refurbishment of the adjacent Cergy 3 centre, which was acquired in October 2017. When complete in early 2022, the project will extend the entire trading space to over 100,000sq m, making the centre the third trophy asset in Hammerson’s French portfolio alongside Les Terrasses du Port and Italie Deux. The extension will create one of the leading flagship destinations in the Paris region. Key tenants already secured include Adidas, Big Fernand, Fnac, Foot Locker, JD Sports, Levis and Vapiano. The extension is on track to open to customers in the second quarter of 2022.
Situated in Moscow, Russia, Paveletskaya Plaza is situated along the city’s Ring Road and adjacent to the legendary Paveletsky Station transportation hub. Designed by architects 5+design and developed by Apex Project Bureau, the park at Paveletskaya Plaza will both cover and reveal the new bustling underground retail facility below while also serving as a landmark destination for residents and visitors alike. The extraordinary retail and architectural vision for Paveletskaya Plaza is the foundation and inspiration for the landscape design. Its dynamic retail and rich urban context provide the essential components of a great urban space; especially the year-round activity and performance opportunities.
The first outlet at the crossroads of Europe and Asia, Tbilisi Outlet Village is set to become a premium shopping experience in Georgia. The very first outlet in the region, the opening of phase 1, consisting of 12,500sq m and 70 units is well on track for autumn 2022. It is expected to attract more than seven million visitors in its first three years alone including a significant number of cross-border travellers from Azerbaijan, Armenia, Russia and Turkey. Bringing together the most exciting international and Georgian brand, the Outlet Village will boast 110 carefully curated stores, representing 20,000sq m of GLA built in two phases. The architects, Barcelona-based L35, have designed Tbilisi Outlet Village as a fusion between tradition and modernity, re-interpreting the historic city’s traditional facades and courtyards whilst bringing in iconic contemporary shopfronts and the projects developers are Georgian Outlets and Resort Group (GORG) in collaboration with The Outlet Resource Group (TORG).
Being developed by Abu Dhabi based IMKAN, Le Carrousel enjoys an exceptional location in the heart of a coastal area of 10ha, just 15 minutes from downtown and the highway in Rabat. The high quality, innovative and sustainable community overlooks the Rabat coastline and is built around an exceptional quality of facilities and services. The project will feature contemporary apartments and sky penthouses, a 500m seafront promenade, a five-star hotel with 123 rooms and suites, and a mall with an area spanning 30,000sq m, featuring 120 shops. A central part of the Le Carrousel mixed-use project, Mall du Carrousel, is already attracting several globally renowned brands, some of which have already confirmed their presence at the mall. Amongst the first to sign lease agreements are Carrefour Market – a part of the LabelVie Group – and the first network of premium cinema complexes in Morocco, CINEATLAS HOLDING. Work is progressing according to schedule and delivery of the residential component is scheduled for 2022.
Autumn of 2022 will begin with the opening of Prishtina Mall, the largest destination mall in southeast Europe, located in Kosovo and being developed by Prishtina Mall J.S.C Company. Bringing together shopping, leisure and entertainment, the centre has a building area of 239,111sq m and a leasable area of 114,000sq m. Accredited by Edge for its eco-friendly structure and accessibility for everyone, Prishtina Mall interior offers an ecstatic change of ambient for its clients. It has been planned and designed by the world wide credited LaguardaLow Architects and is being developed by Eagle Hills. The construction of Prishtina Mall is all going according to plan, and upon its completion, it will be home to the biggest play zone in Europe. A staggering 6,700sq m will be dedicated to excitement and fun, with all kinds of games and activities for children and adults. It will have over 200 international brands, the leading cinema operator in Europe, over 5,000 parking spaces, and will employ
2,500 people.

The Dawn of a New Era 4
Borough Yards, London, UK
Developer: MARK

Borough Yards is a new dining, shopping and cultural destination in the heart of medieval London. Situated in the London Borough of Southwark, next to the vibrant Borough Market, Borough Yards is bringing new life to an area rich with history. Continuing to open in phases throughout 2022, the project will feature five mixed-use buildings including Grade-A workspace, retail, gallery, restaurants, cinema and creative spaces. The high-quality public realm scheme will restore and reinvent the lost medieval street pattern of the area adjacent to the world-famous food destination Borough Market. Restoring and rejuvenating an important part of south London’s Victorian railway heritage, the landmark scheme will also re-purpose 8,500sq m of existing railway arches, creating 50 units for retail, food & drink and leisure brands to use as their canvas to create and innovate. The architectural design weaves together historic fabric with contemporary architecture and new public spaces, opening the site to its Bankside context and bringing new pedestrian routes and amenities to the area.
Cotswolds Designer Outlet, the new premium outlet shopping destination in the heart of England, is set to open in 2023. Being developed by Robert Hitchins andLocated between Bristol and Birmingham with excellent connectivity, the development will provide more than 90 fashion and lifestyle brands at 30 – 70 per cent off RRP all year round. The Cotswolds’ chocolate box villages and the area’s historic and cultural attractions bring an estimated £3.6bn tourist spend to the area annually. Cotswolds Designer Outlet will provide the region with a brand-new outlet shopping experience with more than 90 shops on a gross lettable area of approximately 18,116sq m to be opened in two phases. With architecture inspired by the region, the premium outlet village will include a strong food and beverage offer and will be neighboured by a 7,600sq m garden centre.

Middle East
In a landmark step for the development, Diriyah Gate Development Authority (DGDA) has announced that its 15,000sq m upscale dining destination as part of the transformation of the historic city of Diriyah, located 15-minutes north-west of Riyadh city centre is due for completion early this year. Bujairi Terrace will be comprised of four Michelin-starred restaurants – Bruno, Tatel, Hakkasan and Long Chim – alongside a meticulously curated set of premium cuisines and beverage brands, encompassing every dining need – ranging from pit-stop coffees to leisurely fine-dining experiences, with 18 food and beverage brands brought together to cater for local and international visitors for the first time. The existing Bujairi area will soon be home to Riyadh’s new premium dining hub, enjoying uninterrupted views of At-Turaif; and the 141-key Samhan Heritage Hotel. Wadi Hanifah, a two square kilometre space accessible from the escarpment walk, will provide passive and active recreational spaces and boutique hospitality venues; places to unwind and spend the afternoon with family and friends in the beautiful wadi surroundings.
Upcoming multi-billion Qatari Riyal mixed-use development by United Developers, Place Vendôme is soon to open in Qatar’s emerging Lusail City. The project, which broke ground on 17 March 2014, will package 1.5 million square metres of retail, leisure, entertainment and luxury into a one-stop family destination by the seafront. The project will feature a canal running through it directly from the sea, making for a gorgeous open plaza experience with cafés and restaurant overlooking the water. Opening on 15 March 2022, Place Vendôme will be a new destination for the region, combining utmost convenience with an ocean of choices. The retail component of the project is a carefully blended composition that caters for all tastes and preferences. With the full spectrum of retail covered, the customer can choose to browse the luxury flagship stores in the opulent precinct of the mall or sample the numerous high street fashion brands in the main mall.

The Dawn of a New Era 5
Bujairi Terrace, Diriyah, Kingdom of Saudi Arabia
Developer: Diriyah Gate Development Authority (DGDA)

Delivering 2.8 million square feet of retail (2 million square feet of leasable space) Reem Mall will comprise around 450 stores, including 85 F&B outlets across two food courts and a range of family-focused entertainment offerings, including the world’s largest indoor snow park. Other entertainment and leisure offerings include a multiplex cinema and a children’s entertainment area. Positioned on Reem Island, right in the heart of Abu Dhabi, the mall will offer easy access along with ample parking with 6,800 vehicle spaces. The project, costing AED 4.4bn, is being developed by The National Real Estate Company (NREC) and United Projects for Aviation Services Company (UPAC). One of the major investors in Reem Mall has commented that the venue is likely to open in the first quarter of 2022.
Emaar’s upcoming Dubai Hills Mall, which is scheduled to open in Q1 of 2022, will feature up to 600 outlets, including retail stores, restaurants and cafés. The mall boasts a gross leasable area of 2 million square feet, together with four major family entertainment and leisure centres, as well as a Cineplex, hypermarket, multiple anchor retail stores, an indoor roller coaster and dedicated parking for over 7,000 vehicles. The Dubai Hills Mall project is a part of the Dubai Hills Estate project, a scheme that invites residents to live in a sophisticated address, surrounded with luscious landscaped greens and pristine fairways with the iconic backdrop of the Burj Khalifa and the Dubai skyline. The scheme itself encompasses the Dubai Hill Malls, an 18-hole championship golf course, 1,450,000 square metres parks and open spaces and 180,000sq m Dubai Hills Park, as well as much more.
Located off Lusail City in Qatar, Qetaifan Island North by Qetaifan Projects is designed to be Qatar’s future iconic destination. The project spans approximately 1.3 million square meters, with 129,296sq m of waterpark alone. The island also features exciting entertainment attractions that the whole family can enjoy, in addition to diversified waterfronts, distinct neighbourhoods, luxurious hotels, pedestrian friendly streets, living gardens, and world class facilities that make it a modern, globally-competitive community with a unique design that is inspired by the rich culture and nature of the region. The main artery of the island, linking all zones together is the Linear Park. An artificial Salt Lake linked to the sea, allowing visitors to enjoy fishing, boating and plenty of other family-friendly fun activities. Spread over the lakeside are community facilities, such as snack stalls, prayer rooms, seating, as well as meeting rooms, game rooms, and a kid’s club. Much of the construction for the project is now complete and the entertainment landmark will then be fully inaugurated at the FIFA World Cup 2022 in November.

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