$800M Dania Pointe Set to Open in Late 2018
Dania Pointe, an $800 million, open-air shopping and entertainment center, is expected to become a signature lifestyle destination by merging retail, residential, office and hotel uses on a 102-acre tract in Broward County.
The massive project along Interstate 95 in Dania Beach, Florida, south of Fort Lauderdale, is under construction and scheduled to open in time for the 2018 holiday shopping season, according to developer Kimco Realty Corp. of New York.
Tenants that have signed on to the project include electronics and appliance retailer BrandsMart USA, TJ Maxx, Hobby Lobby and Outback Steakhouse. At buildout, the center will have approximately 1 million square feet of retail space, but that’s only a part of the mix.
Dania Pointe eventually will have up to 500,000 square feet of office space, 1,000 luxury apartments and condominiums, and two hotels in a project designed to appeal to residents, workers and tourists.
“It shows you, in my opinion, the change in consumer behavior of the older generation and the newer generation,” said Robert Granda, director of retail investment sales for Franklin Street. “I’m 37 years old, and the way in which my parents experienced retail shopping centers is a lot different than the way I experience them. Millennials don’t want to be tied down to one impractical place. It’s more than just the act of going to purchase an item; it’s all about the experience.”
Giving the customer an experience helps these centers draw patrons who might otherwise stay home and shop online, Granda and other retail analysts explain.
Paul Puma, president of Kimco’s Southern region, said the company is close to announcing more deals at Dania Pointe, just east of the interstate at Stirling and Bryan Roads. The first phase will consist of 300,000 square feet of retail, a main street and open spaces. Kimco is building the project in partnership with South Florida firms Master Development and Real Estate Advisors.
Developers assembled the land over several years and knocked down a 100-foot tall wooden roller coaster that had become an eyesore since the ride closed back in 2011.
“The construction of Phase 1 retail is a significant step toward the realization of the innovative, live-work-play environment that we envision,” Puma said.
South Florida retail analyst Alan Bush said Dania Pointe has the potential to transform Broward in much the same way CityPlace changed West Palm Beach and Legacy Place and Downtown at the Gardens changed Palm Beach Gardens. Those three outdoor destination centers, all open more than a decade, are popular gathering spots in Palm Beach County, located to the immediate north of Broward.
Bush said the open-air design allows shoppers to drive up to their stores of choice.
“That takes you back to the old-time downtown shopping,” said Bush. “The most valuable commodity is time. People don’t want to be traipsing through a mall.”
Andrea Vigil, senior associate for retail at Cushman & Wakefield, said the nearest center that offers something similar to Dania Pointe is Sawgrass Mills, the largest outlet mall in the United States, but it’s in the western part of Broward.
Traditional shopping malls have lost their appeal because they tend to include the same lineups of retailers and offer little else that makes consumers want to stay for long periods, analysts say.
To remain competitive with newer centers as well as e-commerce retailers, some enclosed malls are bringing in food halls, panic rooms and other tenants that provide entertainment or experiences to shoppers.
“Malls are getting reinvented, but in a good way,” Vigil explains. “It was time.”
