Kimco Realty Corp. (NYSE:KIM) today announced the opening of Sprouts Farmers Market at Lincoln Square, the companys Signature Series mixed-use development in Center City Philadelphia. PetSmart and Sprint have also opened for business, and will soon be joined by Target, Starbucks, and Wine & Spirits Shoppe, along with newly announced dining additions Chipotle and Insomnia Cookies, bringing the retail portion of the project to 97% leased. Retailer openings will continue throughout the remainder of this year and into early 2019. Resident move-ins began this summer, and apartments are leasing ahead of schedule.
Im incredibly proud to see our plans for Lincoln Square come to life, and that the community is just as excited for this transformation to become a community focal point, said Conor Flynn, Kimcos Chief Executive Officer. Lincoln Square is a great example of how retail is evolving, and how Kimco can enhance its shopping centers by mixing uses to unlock the embedded value of the underlying real estate. Our Signature Series projects are now beginning to bear fruit and will be instrumental to our growth in 2019 and beyond.
Sprouts at Lincoln Square marks the first entry into Pennsylvania for the popular grocer, which specializes in fresh, natural and organic products at affordable prices. The approximately 32,000-square-foot store prominently features the adaptive reuse of the sites historic train shed, adding a uniquely Philadelphian flavor and creating a signature design element for the project. The train shed, built in the Late Gothic Revival style, was a stop along the 1865 funeral tour following Abraham Lincolns assassination.
The nearly $150 million Lincoln Square project seamlessly blends apartment-style living with the conveniences of city dwelling, all in a convenient location at the corner of Broad and Washington, just two blocks from a SEPTA subway station. With 322 residential units atop 100,000 square feet of retail, residents will enjoy immediate access to onsite shopping, dining and services, plus 50,000 square feet of state-of-the-art amenities including a fitness club, outdoor running track, dog run and green roof with outdoor kitchens and living space. Community members can also enjoy the new Lincoln Walk, an inviting outdoor seating and gathering space that will host special events and programming.
Lincoln Squares unique live/shop environment is enhanced by its best-in-class multifamily amenity package, which includes the largest outdoor open amenity space in the City, said Tom Simmons, President of Kimcos Mid-Atlantic Region. With Lincoln Square, were not only adding a new and vibrant housing alternative in this high-demand market, along with permanent jobs and tax revenue, but were also adding much-needed retail and grocery options in this previously underserved market.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North Americas largest publicly traded owners and operators of open-air shopping centers. As of June 30, 2018, the company owned interests in 460 U.S. shopping centers comprising 79 million square feet of leasable space primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for 60 years. For further information, please visit www.kimcorealty.com, the companys blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
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