In the latest chapter in the trend of reimaging old shopping centers to meet new consumer habits, Kimco Realty Corp. wants to redevelop a Palm Beach Gardens retail complex into a health and wellness facility including apartments.
Traditional retail has faced major headwinds from online competition and shifting brand preferences. As a national retail owner, New York-based Kimco Realty (NYSE: KIM) has a new plan for Palm Beach Gardens Plaza, formerly Loehmann’s Plaza, which was built in 1982 and currently has large vacancies.
In July, city officials received a presentation from Kimco about transforming the shopping center into a “Healthy Living Center.” It would be anchored by Life Time, a Minnesota-based company that runs athletic, health, wellness and spa centers in 35 major markets, including Boca Raton. The presentation said Life Time has 1.8 million members nationwide with an average household income of $116,497.
Activities mentioned for its Palm Beach Gardens location would include a spa, wellness coaching, and a kid’s activity center teaching tumbling, gymnastics, sports, and arts and crafts. There would also be a healthy restaurant.
The three-story athletic club would total 105,000 square feet and have a rooftop beach club. Kimco’s plans also include 200 luxury apartments on the south side of the property, 25 loft apartments on the north side with ground-floor retail, 40,000 square feet of “life style” commercial space, and 5,000 square feet of commercial space on the outparcel. The site would have 1,031 parking spaces, with 299 of them surface spaces and the rest in two parking garages near the apartment buildings.
Located on the 13.7-acre site at 4050, 4076 and 4145 PGA Blvd., Palm Beach Gardens Plaza currently has 105,720 square feet of commercial space. It’s just east of Interstate 95 and its main access points are on RCA Boulevard. The proposed development plan would give it more visibility from Interstate 95 and better access from PGA Boulevard. It also aims to make the property more walkable.
Officials with Kimco declined comment.
Palm Beach Gardens Planning Manager Peter Hofheinz said the city has not received a formal development application from Kimco for Palm Beach Gardens Plaza, although it did receive the presentation.
According to the Palm Beach Post, Kimco and the city settled a lawsuit over the developer’s previous plan to build a BJ’s Wholesale Club on the property, and that settlement gives Kimco until December 2017 to file a new site plan.
Source: South Florida Business Journal