The Mall at Wellington Green

Transcription

1 The Mall at Wellington Green Wellington, (West Palm Beach) Florida

2 Beautiful, Mediterranean style superregional center in Palm Beach County Multi-phase redevelopment underway PALM BEACH GARDENS, FL Adding new-to-market dining, entertainment and unique retail WEST PALM BEACH, FL Diverse market of affluent and middleclass residents, professionals and visitors BOCA RATON, FL 10 MILES Wellington, (West Palm Beach) Florida

3 Enclosed two-level super-regional mall The Beauty & The Beeeef Burger Bar and Lemongrass, opening soon A new upscale Paragon Theater with Cask & Shaker Bar and Kitchen Mix of popular anchors serves economically diverse community Property Description MAJOR ROADS US Highway 441 (Route 7) and Forest Hill Boulevard (Route 882) total sf 1,270,000 # of stores 150 # of parking 7,600 center description anchors key tenants Enclosed, two-level center Nordstrom, Macy s, JCPenney, Dillard s, Paragon Theater, and City Furniture/Ashley Apple, Banana Republic, Brighton Collectibles, Chico s, Swarovski, Tommy Bahama, Pandora, Lush Cosmetics, and L Occitane en Provence THE CENTER THE MARKET STARWOOD

4 Redevelopment Highlights A 10-screen Paragon Theater with a Cask & Shaker Craft Bar and Kitchen, now open Kreations Boutique, bringing multiple fashion jewelry lines together under one roof Other new stores include Body & Sole Spa, Windsor, Francesca s Collection, Apricot Lane and Carter s/ Osh Kosh Additional dining, services, and fashion coming soon THE CENTER THE MARKET STARWOOD

5 is a beautiful blend of Mediterranean style and local architectural traditions, a popular destination for families. PalmBeachFl.com THE CENTER THE MARKET STARWOOD

6 Mix of better, fast fashion, unique-to-market and in-demand specialty tenants Zoning regulations limit new commercial development near the mall Surrounded by approximately 15,000 new homes A Growing Vision for South Florida Excellent visibility and daily access to well over 100,000 vehicles Region s economy bolstered by 143,000-plus seasonal residents Convenient parking with 7,600 spaces THE CENTER THE MARKET STARWOOD

7 THE CENTER THE MARKET STARWOOD

8 Unprecedented residential growth More than 40 companies headquartered in the region Economy dominated by tourism, construction and agriculture An international destination for equestrian enthusiasts New Residents, New Homes Densely populated trade area with 1M people 28,000 new households projected by 2023 Within 3 miles: 31% population growth % of households have children under 18 1 in 2 households earn $100, % home ownership THE CENTER THE MARKET STARWOOD

9 706 JUPITER Distance to Competition 710 PALM BEACH GARDENS The Gardens Mall Boynton Beach Mall Driving 16 mi, 23 min City Place Driving 13 mi, 19 min Florida s Turnpike 67,000 AADT Palm Beach Outlets Driving 12 mi, 17 min BELLE GLADE 98 WEST PALM Highway 98/Southern Blvd Palm Beach Outlets BEACH 69,500 AADT ROYAL PALM BEACH City Place Forest Hill Blvd PALM BEACH INT L AIRPORT The Gardens Mall Driving 21 mi, 29 min Town Center At Boca Raton Driving 24 mi, 27 min 45,500 AADT LAKE WORTH Lake Worth Road 37,500 AADT ,500 AADT Boynton Beach Mall DELRAY BEACH Legend Primary Trade Area Secondary Trade Area Competition 3 MILES Town Center at Boca Raton I-95 BOCA RATON Access Roads (AADT= annual average daily traffic) THE CENTER THE MARKET STARWOOD

10 Pratt & Whitney (Jupiter) Sikorsky Aircraft (Jupiter) U.S. Sugar Corporation (Clewiston) 98 WELLINGTON Walgreens Distribution Center (Jupiter) ROYAL PALM BEACH A. Duda & Sons Florida Career College Keiser University South University West Palm Beach South Florida Water Mgmt. District Palm Beach State College Florida Crystals (HQ) Palm Beach Atlantic University PALM BEACH INT L AIRPORT I-95 WEST PALM BEACH LAKE WORTH Area Attractions West Palm Beach Florida s Gold Coast International Polo Club Palm Beach Palm Beach International Equestrian Center Houston Astros and Washington Nationals new spring training complex Florida Marlins and St. Louis Cardinals spring training at Roger Dean Stadium Colleges Palm Beach State College South University West Palm Beach Palm Beach Atlantic University Keiser University Florida Career College Combined Enrollment 73,400 3 MILES 441 Thomas Produce Co (HQ) (Boca Raton) LANTANA AIRPORT Bethesda Health (Boynton Beach) Legend Primary Trade Area Secondary Trade Area Colleges Key Employers THE CENTER THE MARKET STARWOOD

11 Demographics PTA 1 STA 2 TTA 3 US Avg Population 2018 estimate 304, ,766 1,031, projection 328, ,103 1,105,637 Population growth double the US (7.2% vs. 3.5%) Population By Race % growth % 6.7% 7.2% 3.5% White 69% 67% 67% 70% Black 19% 21% 20% 13% Asian 4% 3% 3% 6% Hispanic Ethnicity 28% 24% 25% 18% Surrounded by highincome households ($138,100 average within 1 mile) Median Age % age % 11% 11% 14% % age 25 to 44 24% 24% 24% 26% % age 45 to 64 28% 25% 26% 26% Multicultural, familyoriented market with topranked school system Households 2018 estimate 107, , , projection 114, , , households with kids under 18 37% 27% 30% 34% Average Household Income 2018 estimate $92,607 $86,046 $87,776 $86,278 % earning $75, % 39% 41% 40% 2023 projection $103,441 $96,981 $98,691 $95,107 Education % college educated 63% 61% 61% 59% 1-MILE 3-MILE 5-MILE 10-MILE Business & Employment business establishments 722 3,215 7,392 24,692 daytime employment 7,290 27,543 65, ,942 1 Primary Trade Area 2 Secondary Trade Area 3 Total Trade Area THE CENTER THE MARKET STARWOOD

12 Starwood Retail Partners 5th largest manager of regional malls in the US 30 malls and lifestyle centers, with locations in 11 of the top 20 DMAs 100 million+ combined annual visits $84,600 trade area average household income California Metreon Northridge Mall Parkway Plaza Plaza West Covina Solano Town Center Colorado Belmar Connecticut Blue Back Square Florida Westland Mall Georgia The Collection at Forsyth Illinois The Arboretum of South Barrington Chicago Ridge Mall Louis Joliet Mall The Promenade Bolingbrook Indiana Southlake Mall Kentucky Hamburg Pavilion Michigan Fairlane Town Center The Mall at Partridge Creek Montana Rimrock Mall Nebraska Gateway Mall North Carolina Northlake Mall Ohio Belden Village Mall Franklin Park Mall Great Northern Mall SouthPark Mall Texas The Shops at Willow Bend Virginia MacArthur Center Stony Point Fashion Park Washington Capital Mall Kitsap Mall Charles Cristella / Director, Leasing / / ccristella@starwoodretail.com Bill Cikalo / Director, Big Box Leasing & Development / / bcikalo@starwoodretail.com Tim Martin / Director, National Restaurant and Entertainment Leasing East / / tmartin@starwoodretail.com Sources: The Nielsen Company (3/27/18), State Department of Transportation, State and Local Economic Development Resources 05/16/18 Starwood Retail Partners 1 East Wacker Drive Suite 3600 Chicago, IL THE CENTER THE MARKET STARWOOD