Monday, January 23, 2017

Kimco Signs Life Time to Anchor Suburban Square Redevelopment in Ardmore

by By Justin Sumner Costar Group

Kimco Realty Corporation (NYSE: KIM) has signed four new retail leases totaling 94,100 square feet at its Suburban Square lifestyle center in Ardmore, PA.

Life Time - The Healthy Way of Life Company will lease 78,636 square feet in the former Macy's space at 40 W. Montgomery Ave. in Ardmore, PA. The four-story building will house its upscale Diamond-level club featuring a premier healthy living, healthy aging and healthy entertainment destination scheduled to open in fall 2017. This will be Life Time's fourth location in the Philadelphia market. Filling the remaining 10,540-square-foot space in the building will be national upscale home furnishing and accessories store West Elm, marking the retailer's fifth area location when it opens in fall 2017.

Kimco has additionally signed new leases with Drybar and Anthony Vince' Nail Spa in the center, deals that come closely on the heels of new leases with SoulCycle, Sephora, Eaves and Kendra Scott as well as expansion spaces signed with Barbour and Trader Joe's.

The new leases will make way for the latest development in Kimco's $70 million repositioning and transformation of Suburban Square through its all-encompassing, multi-year redevelopment program. Plans call for new parking, beautification efforts and the addition of a diverse roster of dining, retail and health and beauty services options to create a modern retail shopping and lifestyle experience within the Main Line submarket of suburban Philadelphia's Montgomery County.

"We are pleased with the progress of the first phase of development, and strategically planned this next layer to bring an exciting new selection of amenities and tenants to the center, with all construction being complete before Suburban Square’s 90th anniversary next year," said Tom Simmons, president, Mid-Atlantic Region at Kimco Realty. "Our diverse retailer mix features a blend of retail, services, medical, and dining options, offering something for everyone."

Phase I of the redevelopment included the current construction of a 629-space parking garage at the Square's east lot. Opening in fall 2017, the garage will include 3,000 square feet of street-level retail space. Suburban Square will enter its third stage of the redevelopment in early 2018, with the planned redevelopment of the commuter lot on Coulter Ave. into a mixed-use building with 20,000 square feet of retail space beneath 17,000 square feet of office space, surrounding a new public plaza with outdoor dining for restaurants. Leading the in-house leasing efforts at the center is Nina Rogers, real estate director with Kimco.

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