Work recently began on the reconstruction of Kentlands Market Square in Gaithersburg, Md. to revitalize it into an open-air town center. Kimco acquired the shopping center in 2016 for $95M, according to GlobeSt.com. After $22M in redevelopment expenditures, the updated Market Square will convey an updated feel, featuring wood, stone and brick facades, with metal accent.
Kimco Kentlands Market Square totals 250,000 square feet and is anchored by a Whole Foods market, located in an affluent Montgomery County neighborhood, northwest of the nation’s capital.
The new, cozier look will produce converted space totaling 23,000 square feet, leasable to retailers of all sizes, reports the Gaithersburg Office of Economic Development in its newsletter. A new paseo will attract outdoor dining spaces along the pedestrian corridor connecting Market Street and the eastern surface parking lot. In 2017, Kimco announced it had leased space to Cinépolis USA to build and operate a 540-seat auditorium-style theater. The renovated spaces and the new, state-of-the-art movie theater, should further add to the marketability of the center to prospective retailers and restaurants.
The 34,000 square-foot movie theater is upscale, featuring leather recliners, gourmet food options, beer wine and spirits, and a luxe lobby lounge and seat waiter service. The Kentlands Market Square Cinépolis USA is expected to open in 2019. The movie chain has 19 locations, currently, with at least one auditorium in development.
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