Aurora Capital Associates has an idea to drive more shoppers to the Meatpacking District — literally. And there’s a twist. The real estate investment firm is exploring how the district could reimburse shoppers’ rideshare if they spend a certain amount of money. It’s a modern version of the old practice of reimbursing parking-garage fees based on mall receipts, with a new element: data-sharing. The neighborhood’s Business Improvement District, property owners and perhaps a corporate sponsor
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A $1 billion plan to expand Sunset Park’s Industry City complex was met with fierce opposition by local residents this week as the owner wades through a fraught approval process. Industry City is pushing for a rezoning of the 35-acre complex to allow for more retail, academic space and offices at the Third Avenue site in Brooklyn. The landlord launched the seven-month land-use review process in October, and it is to be voted on by
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After more than five years of development, and much fanfare and nail-biting along the way, Brookfield Properties’ SoNo Collection opened in October in Norwalk, Connecticut. To say that a mall launch in 2019 is unusual would be quite the understatement. SoNo’s opening defies current market wisdom regarding the precarious nature of the retail sector. Malls are shrinking their footprints, and it’s been a record-breaking year for store closings, according to U.S. retail tracker Coresight Research.
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