An enormous shopping center in Fremont may endure some main adjustments if the proprietor of the mall will get metropolis approval. The homeowners of the Fremont Hub procuring heart, which is residence to a Goal, CVS, Dealer Joe’s, Ross, and greater than two dozen different retailers, need to tear down a part of the procuring heart and change it with housing, a parking storage, and a brand new retail constructing. The busy out of doors mall sits on the bustling intersection of Fremont Boulevard and Mowry Avenue and is owned by actual property funding agency Kimco Realty Corp.
Fremont Hub Purchasing Middle. | Map Courtesy: Kimco Realty
If all goes as deliberate Kimco would rip down a big part on the northeast nook of the mall that measures 70,000 sq. toes. Instead, Kimco would add “314 residences, 27,000 sq. toes of recent retail area, and a 442-spot parking storage,” in accordance with an software submitted to town of Fremont obtained by the San Francisco Business Times. The constructing that might be demolished presently homes a CVS retailer, a Staples retailer, and some different smaller retailers and eating places.
The CVS retailer to be demolished. | Picture Credit score: Google Maps
Kimco desires to get the development work performed in two phases. Part one would heart across the development of a brand new constructing that’s roughly 13,000 sq. toes. CVS would transfer its operations into that constructing. As soon as that transfer is full, Kimco would begin section two which might be the demolition of the present 70,000-square-foot constructing and the elevating of a brand new seven-story condominium construction that might function simply over 14,000 sq. toes of retail area on the bottom flooring. Part two would additionally embrace the completion of the accompanying parking storage.
Part chosen for demolition. | Picture Credit score: Google Maps
Plans to revamp the Fremont Hub have been pitched by Kimco in 2018 however the unique plans included an underground parking space that had room for greater than 700 automobiles. In line with Kimco’s web site, the procuring heart already has 2,665 surface-level parking areas to accommodate its 504,000 sq. toes of retail area. Kimco can also be actively searching for new retailers. The SF Enterprise Instances experiences that the Fremont Hub presently has a 21.6% emptiness charge. Earlier than the pandemic that charge was simply 7.3%. The leasing page on the mall’s web site reveals that the procuring heart has 19 retail areas which might be empty, starting from 39,000 sq. toes to 445 sq. toes.
The present renovation plans have been submitted to town of Fremont on June sixteenth and nonetheless have a protracted solution to go. Up to now, there are not any timelines launched for potential metropolis approval.
