Please reload

Ft. Lauderdale: Costco pulls out of Kimco's Dania Pointe



Kimco Realty and warehouse retailer Costco are cancelling plans to add a Costco store to the New Hyde Park, N.Y.-based REIT's Dania Pointe development near Fort Lauderdale, Fla. 


"Originally we actually had the Dania project as a power center line up," Kimco CEO Conor Flynn said on the company's fourth-quarter earnings call. "In Phase I, we had an executed lease in place with Costco and as part of that lease there were some framework on site-level cost contribution by both parties which we were trying to finalize," Flynn told investors. "At the same time, the demand from other junior anchors to be a part of Phase I really exceeded what we could accommodate with the Costco being in place," he added.


Flynn said Kimco was happy to let Costco out of the lease because replacing it with more junior anchors is not only more profitable but also more appropriate for Phase II of the development, which will include more uses.


The center's marketing materials call for 1 million square feet of retail and restaurants in addition to 200,000 square feet of offices, plus hotels, luxury apartments and public event space. Phase I was to open this fall, with Phase II planned for 2018.


Flynn said losing Costco hasn't hurt leasing efforts for the rest of the project. "Because of the location, the freeway visibility from I-95, the demand from the junior anchors really actually ticked up regardless of this Costco as a part of the development," Flynn said.




Share on Facebook
Share on Twitter
Please reload

Institutional investors slash CRE capital budget by 19%: Report

Ashford REIT invests in 'purification' tech to create allergy-free guestrooms

REIT to build $110M facility to house immigrants rounded up by Trump

Working in style: The corporate campus designed by Frank Lloyd Wright

Hard Rock unveils plans to revamp Trump's failed Atlantic City casino

Food tenants increasingly crucial for shopping centers: Report

Retailer Finer Fields aims to merge bricks and clicks

The Gents Place 'lifestyle club' muscling into new markets

Please reload


  • White Facebook Icon
  • White Twitter Icon
  • White Instagram Icon
More from Squarefootprint
Further reading



  • White Facebook Icon
  • White Twitter Icon
  • White Instagram Icon