Kimco Begins Phase I of $1B Mixed-Use Development in South Florida
The $109 million Phase I will include 300,000 square feet of retail space, which is approximately 80 percent preleased to tenants such as T.J. Maxx, Hobby Lobby, BrandsMart and Ulta Beauty.
DANIA BEACH, FLA. — Kimco Realty Corp. (NYSE: KIM) has broken ground on the Phase I retail portion of Dania Pointe, a mixed-use project in Dania Beach, a beachside suburb of Fort Lauderdale in Broward County. Total project costs are estimated at $1 billion, according to local media reports.
Slated to open in time for the 2018 holiday season, the $109 million Phase I comprises 300,000 square feet of retail space, which is approximately 80 percent preleased to tenants such as T.J. Maxx, Hobby Lobby, BrandsMart and Ulta Beauty.
Upon completion, Dania Pointe will be a 1 million-square-foot, open-air lifestyle community incorporating over 100 retail tenants and restaurants. Future phases will include up to 500,000 square feet of Class A office space, 1,000 luxury apartment and condominium units and two hotels.
Dania Pointe is located near the Fort Lauderdale-Hollywood International Airport and adjacent to Oakwood Plaza, which Kimco also owns. Hoar Construction and locally based developer Salzman Real Estate Advisors also make up the project team.
New York-based Kimco is a real estate investment trust focused on owning and operating open-air shopping centers. As of June of this year, the company’s portfolio spanned 510 shopping centers and 84 million square feet in the United States.
Kimco’s stock price closed on Thursday, Aug. 10 at $20.46 per share, down from $30.42 per share at this time last year.
— Kristin Hiller