The Real Deal New York

Kimco is making a $180M bet on retail in Staten Island. Here’s what they’re planning

REIT on Friday filed plans for two new buildings totaling 380K sf in New Dorp
By Eddie Small | July 28, 2017 03:55PM

Hylan Plaza

Kimco Realty, the organization behind a $180 million shopping center coming to Staten Island, filed plans on Friday to bring two new retail buildings to the borough at the site of the project.

A roughly 238,000-square-foot, two-story retail building would come to 2600 Hylan Boulevard, while a roughly 144,000-square-foot, two story building would come to 93 Mill Road, according to plans filed with the Department of Buildings. The locations are directly across from one another, and they would include a total of 1,466 parking spaces—852 at Hylan Boulevard and 614 at Mill Road.

The addresses for the new retail sites currently house five one-story buildings, according to the city.

The shopping center, which will be called The Boulevard and replace the Hylan Plaza, is expected to be 460,000 square feet overall and should be completed in 2019. Expected tenants include ShopRite, Alamo Drafthouse Cinemas, Modell’s, Mandee and GameStop. Tenants at Hylan Plaza have included Toys “R” Us, Dollar Tree and Sleepy’s.

Representatives from Kimco, a real estate investment trust based in New Hyde Park, did not respond to requests for comment.

Another shopping center, Empire Outlets, is expected to arrive on Staten Island in 2018 at 55 Richmond Terrace, and Amazon is also reportedly planning its first New York distribution center on the borough’s west shore. A 123,600-square-foot self-storage facility is on its way to the borough as well at 266 Wild Avenue.

Malls in particular have been hit hard by e-commerce and changing consumer habits. A report by Credit Suisse in June estimated that between 20 to 25 percent of malls across the country will close in the next five years.