”\u00a0WEST PALM BEACH \u2014 A developer who bought the Palm Beach Mall last year has decided to tear down\u00a0 the mostly shuttered center on Palm Beach Lakes Boulevard and build a new\u00a0 structure for the proposed luxury retail outlet destination.<\/p>\n
\n
“We’re going to do a major demolition and remove the existing mall,”\u00a0 said Stephen Karp, the billionaire mall magnate and chairman of New England\u00a0 Development, a Massachusetts-based real estate firm. New England partnered\u00a0 with Eastern Real Estate and Lubert-Adler to buy the 80-acre mall in October\u00a0 for $35.5 million.<\/p>\n
The decision transforms the Palm Beach Mall’s purchase from a bargain-basement\u00a0 deal into a major redevelopment, the largest retail project in the area.<\/p>\n
Plans are to throw open the doors to the Palm Beach Fashion Outlets by 2013.<\/p>\n
Between the cost of planning and site prep work, plus the actual construction,\u00a0 the mall’s price tag is likely to be “well over $100 million,”\u00a0 said Rob Jacoby of Menin Development in Palm Beach.<\/p>\n
Menin Development, which built Downtown at the Gardens in Palm Beach Gardens,\u00a0 was one of several developers vying to buy the mall from ORIX Capital\u00a0 Markets, which took control after Simon Property Group let the mall go into\u00a0 foreclosure in 2009.<\/p>\n
Karp declined to say how much it would cost to build the Palm Beach Fashion\u00a0 Outlets, and he said he wasn’t ready to discuss details of the plans,\u00a0 either. Previously, his company has said the outlet center would be 1\u00a0 million square feet.<\/p>\n
Karp said formal plans would likely be filed with the city of West Palm Beach\u00a0 within the next 90 days. Talks have already been ongoing with city staff.<\/p>\n
Karp acknowledged that the decision to bulldoze the old mall reflects a major\u00a0 commitment to the project and a belief the result will prove profitable.<\/p>\n
“We feel very comfortable with the plan,” Karp said. “Everything\u00a0 is going really well. It’s still very much a go. We’re probably talking to\u00a0 over 100 tenants right now, and some of them are in different stages of\u00a0 negotiations, some of them with lease requests.”<\/p>\n
As part of the redo, Karp said there are plans to keep JCPenney around: “We’ll\u00a0 probably build a new Penney’s store so they can stay in business.” JC\u00a0 Penney and George’s Music remain open, with the rest of the property a ghost\u00a0 town.<\/p>\n
Marketing materials shown at trade shows have listed a number of proposed\u00a0 premium outlets, including Nordstrom Rack, Bloomingdale’s Outlet Store and\u00a0 Neiman Marcus’ last call. Other outlets listed are Nike, Gap, Old Navy and\u00a0 Ralph Lauren. Big-box stores such as TJ Maxx, Bed Bath & Beyond and the\u00a0 Burlington Coat Factory also have been listed. BJ’s Wholesale Club also is\u00a0 said to be interested.<\/p>\n
Karp said it’s too soon to talk specific stores because leases have not yet\u00a0 been signed.<\/p>\n
Karp did confirm that a grocery store is being considered, and he said he’s\u00a0 fielding interest from several grocery store companies. He said the store\u00a0 would be placed on out-parcel, separate from the fashion outlet complex.<\/p>\n
The idea of spending millions of dollars on a new shopping mall, as the\u00a0 economy struggles to recover from recession, may sound like an ambitious\u00a0 proposition, but Menin’s Jacoby said the site’s location along Interstate\u00a0 95, plus the allure of the outlet stores, makes the deal likely to succeed.<\/p>\n
“Steve knows what he’s doing,” Jacoby said.”<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
It sounds like there will be some new shopping coming in West Palm Beach in the future…. In an article in the Palm Beach Post Staff writer\u00a0Alexandra Clough\u00a0notes\u00a0on Tuesday January 17th: ”\u00a0WEST PALM BEACH \u2014 A developer who bought the Palm Beach Mall last year has decided to tear down\u00a0 the mostly shuttered center on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-2793","post","type-post","status-publish","format-standard","hentry","category-palm-beach-real-estate"],"yoast_head":"\n
New Shopping Center development at the Palm Beach Mall Site possibility - Christian Angle Real Estate<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Shopping Center development at the Palm Beach Mall Site possibility - Christian Angle Real Estate\" \/>\n<meta property=\"og:description\" content=\"It sounds like there will be some new shopping coming in West Palm Beach in the future…. In an article in the Palm Beach Post Staff writer\u00a0Alexandra Clough\u00a0notes\u00a0on Tuesday January 17th: ”\u00a0WEST PALM BEACH \u2014 A developer who bought the Palm Beach Mall last year has decided to tear down\u00a0 the mostly shuttered center on […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/anglerealestate.com\/new-shopping-center-development-at-the-palm-beach-mall-site-possibility\/\" \/>\n<meta property=\"og:site_name\" content=\"Christian Angle Real Estate\" \/>\n<meta property=\"article:published_time\" content=\"2012-01-18T21:42:08+00:00\" \/>\n<meta name=\"author\" content=\"CARE\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"CARE\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/anglerealestate.com\\\/new-shopping-center-development-at-the-palm-beach-mall-site-possibility\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/anglerealestate.com\\\/new-shopping-center-development-at-the-palm-beach-mall-site-possibility\\\/\"},\"author\":{\"name\":\"CARE\",\"@id\":\"https:\\\/\\\/anglerealestate.com\\\/dev\\\/#\\\/schema\\\/person\\\/8e9d9e7ca6d880e01bb8b011f09398b5\"},\"headline\":\"New Shopping Center development at the Palm Beach Mall Site possibility\",\"datePublished\":\"2012-01-18T21:42:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/anglerealestate.com\\\/new-shopping-center-development-at-the-palm-beach-mall-site-possibility\\\/\"},\"wordCount\":610,\"publisher\":{\"@id\":\"https:\\\/\\\/anglerealestate.com\\\/dev\\\/#organization\"},\"articleSection\":[\"Palm Beach Real Estate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/anglerealestate.com\\\/new-shopping-center-development-at-the-palm-beach-mall-site-possibility\\\/\",\"url\":\"https:\\\/\\\/anglerealestate.com\\\/new-shopping-center-development-at-the-palm-beach-mall-site-possibility\\\/\",\"name\":\"New Shopping Center development at the Palm Beach Mall Site possibility - 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