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Old 04-22-2016, 07:03 PM
 
662 posts, read 778,216 times
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Getting an H&M and hopefully some better stores

Mall at Prince Georges plans overhaul, signs H&M
Apr 22, 2016, 11:41am EDT
INDUSTRIES & TAGS Commercial Real Estate, Retailing & Restaurants, Food, Entertainment
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Rebecca Cooper
Staff Reporter
Washington Business Journal
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The owner of the Mall at Prince Georges in Hyattsville is planning a $25 million overhaul and a range of new retail, restaurant and entertainment tenants.
Pennsylvania Real Estate Investment Trust (PREIT) will start with a 20,000-square-foot H&M store, which aims to open in the fall of 2016, according to PREIT CEO Joe Coradino. The store will include men’s, women’s, children’s and infant clothing, as well as a separate store-within-a-store for accessories.
A rendering of what the Mall at Prince George's facade will look like when its renovation is complete later next year.
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A rendering of what the Mall at Prince George's facade will look like when its renovation… more

“It’ll be done in a number of phases, including bringing in a number of new retailers and restaurants and entertainment to really upgrade the merchandise mix,” Coradino said of the renovation.
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Coradino couldn’t identify any of the other new tenants, saying the deals are not yet complete. He did say visitors should expect more restaurants in the mall, which already has Olive Garden and Outback Steakhouse, in addition to several fast food and other quick-service restaurants.
“If you think about restaurants in our business, they’ve really become the new anchor,” Coradino said. “People are dining out much more frequently these days, so we are a big proponent of bringing food, both fast-casual and sit-down restaurants to the mall.”
PREIT is also seeking entertainment-type tenants, like bowling, kids activities or other uses. One thing that will not become part of Mall at Prince Georges is a movie theater, as there’s no more room at the site.
The major renovation work at the mall will begin next year, including interiors and a new facade. Renderings show a facade that mixes materials from stone to natural wood. Coradino hopes that it will draw in more shoppers not currently patronizing the mall.
PREIT last renovated the mall in 2001, but that project, in addition to adding Target, mostly focused on the interiors.
“When we did it, we always sort of thought to ourselves that more work needed to be done because I don’t think the property really presented itself as well as we would have liked it to in terms of curb appeal,” Coradino said. “So we’ll be addressing that as well as part of this.”
PREIT bought the mall in 1998, when it was still called Prince George’s Plaza — a name that will be familiar to Green Line riders, as that is the name of the Metro station just across East-West Highway from the shopping center. The owner renamed it after the 2001 renovation.

Though PREIT has been on a bit of a selling spree of late, Coradino said the company has no intention to offload the Mall at Prince Georges after the renovation. The company owns four malls in Greater Washington — including the booming Springfield Town Center, which PREIT snapped up after Vornado renovated it last year — and Coradino said that having a portfolio in such a well-heeled metro area is compelling for potential retailers.
In addition, Hyattsville’s rising demographics — Coradino cited a median household income 16 percent above the national average — and the fact that many nearby properties are redeveloping bode well for the mall, he said.
“This is a property that has a significant upside opportunity,” Coradino said.
Rebecca Cooper covers retail, restaurants, tourism and the arts.
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Old 04-22-2016, 08:27 PM
 
Location: It's in the name!
7,075 posts, read 9,518,304 times
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Quote:
Originally Posted by DoughLow805 View Post
Looks like we're getting a nice burst of development news. Thanks for sharing. I mentioned this in January. It is nice to see that they are working on their plan ASAP. It will be interesting to see the types of restaurants they sign given the caliber of restaurants on RT. 1 that will open with the next 12 - 14 months.

Funny how they included a pic of the food court which looks like the same old food court but with new chairs?



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Old 04-22-2016, 09:51 PM
 
662 posts, read 778,216 times
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Quote:
Originally Posted by adelphi_sky View Post
Looks like we're getting a nice burst of development news. Thanks for sharing. I mentioned this in January. It is nice to see that they are working on their plan ASAP. It will be interesting to see the types of restaurants they sign given the caliber of restaurants on RT. 1 that will open with the next 12 - 14 months.

Funny how they included a pic of the food court which looks like the same old food court but with new chairs?


Betheda mall has a beautiful foodcourt but that is a different demographic. A little basic but I hope they get a Chick fil A.
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Old 04-25-2016, 12:57 AM
 
205 posts, read 173,849 times
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Quote:
Originally Posted by $mk8795 View Post
Oh why am I not surprised

Your dream is to make all of Suburban Maryland inside the Beltway look like Takoma Park while Suburban Maryland outside the Beltway remain rural/deserted but in reality it is and will be the Opposite of what You People are trying to advocate...

Best believe sometime in the future Suburban Maryland will move away from the socialist/communist so-called liberal anti-Growth mentality that has Plagued Montgomery and Prince Georges County for Decades and will resemble Northern Virginia, Metro Atlanta, Metro Houston, Metro Philly, Metro Boston, and Metro Toronto and it will be nothing that you people can do to change it.......
I hope so. Change is long overdue for an area so close to the Nation's capital.
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Old 04-25-2016, 01:12 AM
 
205 posts, read 173,849 times
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Originally Posted by Khemistry View Post
Sigh. This goes to show how out-of-touch and stupid leadership in PG County can be. I attempted to go to the Hyattsville Library, this past Wednesday. This was around 1:30 in the afternoon. It looked like I was at the only library available in New York City! EVERY available parking space was taken. Cars were circling and re-circling around, looking for options. The popularity of the library has gotten so out-of-hand, that over-flow parking is provided in the PAID spaces in the garages for Regal Cinemas and the surrounding offices. That absurd! I'm not walking from a parking garage to a library AND paying to do so!

Even if you can manage to find a parking space at the library, once inside, you're still screwed because there's hardly enough space to accommodate the number of regular folks, college folk, and other students, who need to use the library for computer usage or to access the free WiFi. The library is so outdated, it doesn't even have sufficient power outlets to ensure most of not ALL patrons, will be able to plug-in their laptops. The network is also ridiculously slow. The few times I'm actually able to use the WiFi, I still end up leave far earlier than I had anticipated, because the network is so congested and slow, I can't get anything done!

I'm so sick of preservationists. We can't afford this B.S. in this area. Screw that ugly ass saucer that's totally unappealing and doesn't have any relevance in 2014! Hyattsville needed a large, MEGA-library, several years ago! Even before the new library in Downtown Silver Spring needed theirs. And the genius solution to a library that is bursting out of its seems, is to build a SMALLER library?? I was thinking the new facility would be larger than the Rockville Library and definitely the new Silver Spring library. But they want to down-size?? When we have a 900-student (or room??) college dorm high rise up the street, a mega-sized high school up the street, several other schools in-between, and a city population which is doubling by the month it seems? What's wrong with these idiots??
I agree. I'm dealing with the same issue here in south county. So frustrating.
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Old 04-25-2016, 09:42 AM
 
340 posts, read 373,875 times
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Quote:
Originally Posted by adelphi_sky View Post
Looks like we're getting a nice burst of development news. Thanks for sharing. I mentioned this in January. It is nice to see that they are working on their plan ASAP. It will be interesting to see the types of restaurants they sign given the caliber of restaurants on RT. 1 that will open with the next 12 - 14 months.

Funny how they included a pic of the food court which looks like the same old food court but with new chairs?


Considering PG Mall has the same owner as Springfield mall, same anchor department stores, etc. and Springfield mall was recently renovated. It appears to have really rejuvenated that mall. I'll hope they try to pull similar restaurants and stores to PG Plaza. Not sure the area is quite ready for a Maggianos or Yard House, but BGR, &Pizza, Chuys, Zinburger, Wood Ranch, Rocky Mountain Chocolate should be practical
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Old 04-25-2016, 08:17 PM
 
Location: It's in the name!
7,075 posts, read 9,518,304 times
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Quote:
Originally Posted by DoughLow805 View Post
Not sure the area is quite ready for a Maggianos or Yard House, but BGR, &Pizza, Chuys, Zinburger, Wood Ranch, Rocky Mountain Chocolate should be practical
Well, in my RT. 1 thread, I mentioned 4 upscale white tablecloth steak houses opening up on RT 1. The area is ready. The question is, how many of these upscale restaurants can the area absorb?

http://www.city-data.com/forum/43756421-post54.html

I think there is room for 5 very good restaurants. I'm certain a large number of people pass through the area on there way to eat in Silver Spring or DC. If Hyattsville, Riverdale Park, and College Park can snag some of those patrons heading out of the county, then we may be able to absorb more.

It remains to be seen if they take these new ventures seriously.
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Old 06-28-2016, 10:13 PM
 
Location: It's in the name!
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The Mall at Prince Georges COULD be owned by the same company that owns Tyson's Corner Center in rumors of a BID. That company is a Santa-Monica firm called Macerich. The current owner of The Mall at Prince George's is PREIT who recently announced a refurbish of the mall starting with the addition of H&M. Recent analyst reports like PREITs current strategy to drop the dead weight malls and focus on A malls and B malls that can be transformed into A malls. This includes a $29 million investment in The Mall at Prince George's which is undoubtedly a B mall in hopes of transforming it into an A mall. For comparison, PREIT also owns Springfield Town Center; once a dying B mall headed for the graveyard before a multi-million dollar redevelopment of its own. After which PREIT purchased the mall and added it to its portfolio.

It is nice to know that The Mall at Prince George's is worthy enough to remain in PREIT's portfolio and to receive the third highest amount of redevelopment dollars. There has been over $1 billion dollars in investment in the College Park/Riverdale/Hyattsville area the past ten years. Investors see that. That bodes well for the area in the future.

So, what does the potential purchase of PREIT by Macerich mean? Looking at Macerich's portfolio, it does own some pretty high-end properties. That could spell bad news for The Mall at Prince George's. Compared to Tysons Corner Center, even a redeveloped MAPG would be a B mall. Thus, they could decide to sell it off to an owner who may not have the vision that PREIT has for the mall.

Or, the good news may be that once the redevelopment is complete, Macerich sees the upside to owning the mall and may decide to invest even more into the mall to bring it up to par with its higher end properties as Hyattsville, for the most part, continues to gentrify.

Quote:
Some investors think Santa Monica, Calif.-based Macerich may bid for ownership of PREIT to achieve full control of the Center City mall project, to be called Fashion Outlets of Philadelphia when it is complete, analysts at the West Conshohocken financial firm said in a report last week.

In addition to control of PREIT's "crown jewel" - its stake in the Gallery project - an acquisition would give Macerich a bigger footprint in the Philadelphia and Washington markets, said the analysts, led by Floris van Dijkum.

PREIT owns Cherry Hill and Willow Grove Park Malls among others locally, as well as the Mall at Prince Georges and Springfield Town Center near Washington.
Partner on Gallery revamp could bid for PREIT, report says

Quote:
A remerchandising program, highlighted by the recent H&M transaction, will attract the high-income, fashion-oriented customers that have flocked to the area. Additional opportunities to add fast casual restaurants along the exterior of the mall will add to the density of the property and increase mall traffic.
http://seekingalpha.com/article/3976...uxury-discount

And finally, speaking of new tenants, PREIT has mentioned as part of its redevelopment of MAPG, it intends to add an entertainment component to the mall such as bowling and something for kids. Well, looking at its current retail portfolio, that could mean one of two potential bowling/entertainment retailers.

The first is what I think will be added to the mall. If has a family focus. Though, with all the current bowling/entertainment venues out there such as D&B, etc. this one seems kind of like D&B's little brother? It looks sort of like almost a rec center in decor. Lots of bold bright cartoonish colors. It is called Round1 Entertainment.

Round One Entertainment Inc. | Round1 Is A State-of-the-art Entertainment Company Offering Fun The Whole Family Can Enjoy.



The second and probably the least likely selection is Lucky Strike which can be found downtown at Gallery Place. Lucky Strike is definitely geared more towards adults, and practically wealthy adults it seems. Not going to happen in an up-and-coming gentrifying neighborhood. For reference, there used to be a Lucky Strike in Bethesda.

Lucky Strike – Bowling, Parties, and Delicious Bar Food

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Old 06-29-2016, 10:36 AM
 
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Interesting, Macerich owns properties in Maryland and one in Tysons Corner, the newest and best property in Tysons I might add....
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Old 06-29-2016, 11:38 AM
 
662 posts, read 778,216 times
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I like Lucky Strike.
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