Kimco Leases Up More Than 175K SF of Retail at The Boulevard in SI
By Rey Mashayekhi May 3, 2017 6:36 pm
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Kimco Realty has signed more than 145,000 square feet of new leases plus several renewals at The Boulevard retail redevelopment on Staten Island, with the likes of ShopRite, Alamo Drafthouse, PetSmart and Party City agreeing to open locations at the 440,000-square-foot project on Hylan Boulevard.
Grocery cooperative ShopRite will open a more than 68,000-square-foot location at The Boulevard, which is slated to open by summer 2019 at the site of the 1960s-era Hylan Plaza shopping center, at 2630-2670 Hylan Boulevard in the Staten Island neighborhood of New Dorp. ShopRite will close an existing location at nearby 2424 Hylan Boulevard to make the move.
In addition, Austin-based dine-in cinema chain Alamo Drafthouse is taking 41,000 square feet at the development—its second New York City location, after having opened at the new City Point mixed-use development in Downtown Brooklyn last year. The movie theater will be able to seat 1,000 people across up to 10 screening rooms, according to the Staten Island Advance, which first reported news of the deals at The Boulevard.
Kimco also signed pet store chain PetSmart to 23,500 square feet at the new shopping center, while party goods supplier Party City has agreed to a 13,000-square-foot lease and will move from a current location at nearby 2189 Hylan Boulevard. In addition, sporting goods store Modell’s and clothing retailer Mandee, both existing tenants at Hylan Plaza, will take 16,000 square feet and 11,000 square feet, respectively, at the redevelopment.
Tom Pira, senior director of real estate at Kimco, confirmed the leasing transactions, as well as smaller deals for a GameStop video game store and a Chase Bank branch at the property. Pira’s leasing team at the New Hyde Park, N.Y.-based real estate investment trust handled the deals in-house.
ShopRite was represented by Howard Seidenfeld at Global Realty Services. Dan Zelson at Charter Realty & Development handled the Alamo Drafthouse deal, while Tom Londres and Brian Goodwin of Metro Commercial Real Estate and Barry Fishbach of RKF represented PetSmart. Doug Weinstein of Ripco Real Estate handled the Party City deal, while the Modell’s and Mandee transactions were done directly.
None of the tenant representatives could immediately be reached for comment, though Metro Commercial confirmed the PetSmart deal in a news release.
The Boulevard will hold roughly 50 stores across a multi-level configuration, with asking rents ranging from the mid-$30s per square foot for upper-level space to $70 per square foot for ground-level space. Kimco is reportedly spending north of $150 million on the project.
