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8-K
WASHINGTON PRIME GROUP INC. filed this Form 8-K on 07/26/2018
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REDEVELOPMENT PROJECTS
 
 
 
 
 
 
 
 
Washington Prime Group Inc.
 
 
 
 
 
 
 
 
As of June 30, 2018
 
 
 
 
 
 
 
 
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Projects under construction or approved for construction with an estimated investment of $5 million or more
 
Property Name
 
City
 
St
 
Opportunity
 
Ownership
%
 
Estimated
Total Costs (1)(3)
 
Estimated
Project Yield
(1) (2)
 
WPG Costs Incurred
to Date (3)
 
Estimated
Completion (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cottonwood Mall
 
Albuquerque
 
NM
 
Replace former Macy's store with new retailers to add home furnishings and other retail concepts including Hobby Lobby
 
100%
 
$20,000 - $22,000
 
6% - 7%
 
$
9,959

 
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fairfield Town Center
 
Houston
 
TX
 
Final phase of development to add 130,000 SF to add a theater, value fashion apparel as well as big box and small shop stores.
 
100%
 
$26,000 - $30,000
 
7% - 8%
 
$
379

 
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Great Lakes Mall
 
Mentor
 
OH
 
Replacing former Dillard's store with Round 1 as well as additional dining options such as Outback Steakhouse. In addition, an outparcel building will be redeveloped to add a new Hobby Lobby store.
 
100%
 
$14,000 - $16,000
 
7% - 9%
 
$
7,447

 
2018 Q4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Markland Mall
 
Kokomo
 
IN
 
Replace former Sears and MC Sports stores with ALDI, Gravity, Petsmart, Party City, Ross Dress for Less and other retail, dining, and entertainment uses
 
100%
 
$16,000 - $18,000
 
8% - 9%
 
$
5,938

 
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Northwoods Mall
 
Peoria
 
IL
 
Replace former Macy's store with Round 1, The Room Place as well as additional retail, dining and entertainment uses
 
100%
 
$21,000 - $23,000
 
8% - 9%
 
$
11,630

 
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Oklahoma Properties (Classen Curve)
 
Oklahoma City
 
OK
 
Add 28,000-32,000 additional square feet with new multi-tenant buildings to add some first to market retail
 
51%
 
$5,100 - $6,600
(4
)
12% - 13%
 
$
3,636

(4
)
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pearlridge Center
 
Aiea
 
HI
 
Redevelop downtown section of property, add new outparcels, new dining and retailers, and a new Down to Earth grocery store
 
51%
 
$16,000 - $18,000
(4
)
6% - 8%
 
$
12,576

(4
)
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scottsdale Quarter (5)
 
Scottsdale
 
AZ
 
Ground-level retail in existing residential building; Retail and office tenants in mixed-use building; New residential and retail development on middle parcel.
 
51%
 
$59,800 - $69,800
(4
)
7% - 8%
 
$
45,382

(4
)
2018/2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Estimated total costs, project yield, and completion are subject to adjustment as a result of changes (some of which are not under the direct control of the company) that are inherent in the development process.
 
(2) The project yield excludes any NOI benefit to the property that is indirectly related to the redevelopment, although each project does benefit other aspects of the property. The yield includes near-term renewals.
 
(3) Project costs exclude the allocation of internal costs such as labor, interest, and taxes.
 
(4) Amounts shown represent 51% of the project spend.
 
(5) The new residential and retail units planned for development in the middle parcel have a completion date of 2018/2019.

SUPPLEMENTAL INFORMATION | 16

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