RE:81% Retail Space Leased at HR's New River LandingI think its the 40% office that is hurting the stock price.. They are diversified, and the shares should be higher, but I would like them to be more residential, I know it takes time, but selling off some of their office space might be a good idea. D.un, Sot, and others might be interested. Look at their holdings on their website, there is a map of where they have properties, Calgary is a big one for them, and given that Calgary is over 30% vacany right now, thats probably holding the stock back..
RetiredCEO wrote: HR's New River Landing Project Update. 81% Retail Space Leased! Link Below.
Retail remains strong through the pandemic.
https://chainstoreage.com/developer-south-floridas-getting-stronger-every-day
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2nd Article Below:
https://www.sun-sentinel.com/coronavirus/fl-ne-coronavirus-sofla-retail-overhaul-20210101-u2v3w7cjxjhorjz7zsllkcvx4y-story.html
Along the Miami River west of Brickell Avenue in Miami, the River Landing Shops & Residences occupies more than 8 acres in a complex that is poised to welcome nearly a half dozen retail tenants between now and mid-2021. They include an Ulta Beauty, Ficelle Boulangerie & Patisserie, Sapphire Prive Med Spa, Pediatric Dental Center, and Aspen Dental. A new Planet Fitness just opened its doors.
They’ll be joining a Publix, Ross Dress for Less, Hobby Lobby, Burlington Stores, Five Below, Chase Bank, Old Navy and AT&T, which opened earlier this fall. A Chick-Fil-A and a T.J. Maxx are also scheduled to open in the first quarter of 2021.
Andrew B. Hellinger, a principal of URBAN-X Group, a real estate development and advisory firm that oversees the River Landing development, said it’s becoming a magnet for people from both inside and outside Miami.
“I got a phone call last week from a lady asking if we were open and was looking for something to do,” Hellinger said. “If the shops were open, she was going to shop. She was from West Kendall. We get a lot of people coming out just to check out the property. They walk up the various floors of the project and take selfies. It’s exactly what we had hoped would happen — that residents of the county would come and hang out.
“We know they’re shopping because our retailers are reporting strong activity in their stores,” he added.
Between people’s desire to escape their homes after being cooped up and the sheer nature of South Florida’s consumer-based economy, Hellinger believes a retail revival is inevitable.
“I think there’s pent-up demand,” he said. “South Florida is a consumer market. We buy stuff. People are constantly changing what they wear and how they look. Retailers get that now.”