Kimco Realty Corporation is looking to make some changes to one of its Bay Area shopping centers. According to an application submitted to the City of Fremont in June, the New York-based real estate investment and development company is planning to redevelop a portion of the Fremont Hub with more than 300 residential units.
The project would redevelop a current CVS and Staples building – located at 4020 Fremont Hub – with a 314-unit apartment building above 15,170 square feet of retail space. In addition, a second two-story building would include 13,000 square feet of retail.
While still in the preliminary stages, not much information has been announced regarding the project. Currently, the Fremont Hub is a 504,000 square foot regional shopping center located on the corner of Fremont Boulevard and Mowry Avenue Other tenants at the mall include Party City, Old Navy, Ross, Marshalls, Target and more.
The project site is located just south of Fremont’s Central District and is also within close proximity to other nearby retail amenities. Additionally, the shopping center is a short commute from several freeways, including State Route 84 and Interstate 880.
The Fremont Hub is not the only shopping center owned by Kimco Realty in the Bay Area. According to previous reporting from The Registry, the company also acquired the nearby Brookvale Shopping Center at 35720 Fremont Boulevard in Fremont. The acquisition was part of a larger acquisition in which the company acquired the remaining 85 percent interest in the Anaheim Plaza in Anaheim and the Brookvale Shopping Center for $134.0 million.
Kimco Realty has been around since 1991 and invests in retail assets across North America.
Currently, the company owns interest in 533 shopping centers and mixed-use assets in the United States, or approximately 92 million square feet of leasable space.