Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced today that the company has executed leases with three national retailers for its Broadway Plaza development located at West 230th Street and Broadway in the Bronx, New York.
TJ Maxx will occupy approximately 24,000 square feet and The Sports Authority will occupy approximately 30,000 square feet on the second level of the shopping center. Aldi's will anchor the first level, occupying approximately 18,000 square feet. The center is under construction and is expected to open in the fall of 2014.
"We are thrilled with the response national tenants have had to this project. Broadway Plaza will help anchor what is already a thriving retail corridor and we look forward to its opening a year from now," said Jeff Olson, CEO. "This development project reflects our strategy to invest in urban infill areas where the demand for quality retail services far exceeds the supply."
Broadway Plaza will have 115,000 square feet of gross leasable area, 140 parking spaces and a landscaped pedestrian plaza, and is being constructed on a former parking lot previously owned by New York City. The company was selected by the New York City Economic Development Corporation in the spring of 2012, after a competitive process, to purchase and develop the site.
ABOUT EQUITY ONE, INC.
As of September 30, 2013, our consolidated property portfolio comprised 144 properties, including 121 retail properties and seven non-retail properties totaling approximately 15.3 million square feet of gross leasable area, or GLA, 10 development or redevelopment properties with approximately 1.7 million square feet of GLA upon completion, and six land parcels. As of September 30, 2013, our core portfolio was 92.4% leased and included national, regional and local tenants. Additionally, we had joint venture interests in 18 retail properties and two office buildings totaling approximately 3.4 million square feet of GLA. For more information, please access the Equity One website at www.equityone.net.
FORWARD LOOKING STATEMENTS
Certain matters discussed by Equity One in this press release constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “might,” “would,” “expect,” “anticipate,” “estimate,” “could,” “should,” “believe,” “intend,” “project,” “forecast,” “target,” “plan,” or “continue” or the negative of these words or other variations or comparable terminology. Although Equity One believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include volatility in the capital markets and changes in borrowing rates; changes in macro-economic conditions and the demand for retail space in the states in which Equity One owns properties; the continuing financial success of Equity One’s current and prospective tenants; the risks that Equity One may not be able to proceed with or obtain necessary approvals for development or redevelopment projects or that it may take more time to complete such projects or incur costs greater than anticipated; the availability of properties for acquisition; the timing, extent and ultimate proceeds realized from asset dispositions; the extent to which continuing supply constraints occur in geographic markets where Equity One owns properties; the success of its efforts to lease up vacant space; the effects of natural and other disasters; the ability of Equity One to successfully integrate the operations and systems of acquired companies and properties; changes in Equity One’s credit ratings; and other risks, which are described in Equity One’s filings with the Securities and Exchange Commission.
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