NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--Kimco Realty Corp. (NYSE:KIM) today introduced plans for Mill Station – a new, open-air shopping destination at the former site of the Owings Mills Mall in Baltimore County, Maryland. Costco will anchor the 575,000-square-foot Kimco Signature Series development, which will feature national, regional and local retailers, a variety of dining options, ample parking, green space and pedestrian-friendly walkways. Construction is scheduled to commence in early 2018, with completion expected in early 2019.
“Mill Station will be a dynamic retail destination that breathes new life into the Owings Mills community,” said Conor Flynn, Kimco’s Chief Executive Officer. “Kimco is transforming this asset, delivering an impressive mix of national brands, local shops and dining options in a modern, open layout that better reflects the desires of local shoppers and the character of this area.”
The approximately $108-million, ground-up development will house up to 30 retailers and restaurants, linked by a network of walkways and connections to existing office and retail. Mill Station lies in close proximity to mass transit, and enjoys direct access to I-795, connecting Carroll County with Baltimore County. The shopping center will serve a population of 166,000 in the surrounding five-mile area, with an average household income of approximately $93,000.
Costco will open a 148,000-square-foot warehouse club at the shopping center, to include a deli, bakery, food court, garden center, optical department, photo center and a gas station. The Mill Station club will be the only Costco location within a 15-mile radius. Kimco is negotiating leases with several additional retailers to occupy a total of 350,000 square feet at the new center. Furthermore, the site’s existing AMC Theatre will be fully modernized, creating a state-of-the-art cinema experience.
“We are confident that Mill Station will be a lifestyle destination that the Owings Mills community will enjoy for years to come,” said Tom Simmons, President of Kimco’s Mid-Atlantic Region. “We’d like to thank the Owings Mills residents, area businesses and local officials, whose voices and opinions were heard and appreciated throughout the planning process.”
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of September 30, 2017, the company owned interests in 507 U.S. shopping centers comprising 84 million square feet of leasable space primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.