Kimco Realty completes land sale in Florida to Spirit Airlines

Kimco Realty completes land sale in Florida to Spirit Airlines
Spirit Airlines' planned $250 million global headquarters at Kimco's Dania Pointe Signature Series mixed-use development Photo: Business Wire

Kimco Completes Land Sale and Ground Lease to Spirit Airlines for New $250 Million Global Headquarters at its Dania Pointe® Signature Series® Development

Kimco also signs leases with Urban Outfitters and Anthropologie as Dania Pointe Phases II and III Progress

Kimco Realty Corp., a real estate investment trust (REIT) headquartered in Jericho, N.Y, announced it has completed the sale to Spirit Airlines of approximately nine acres of land at its Dania Pointe mixed-use project in Dania Beach, Florida. A leading provider of value air travel, Spirit Airlines previously announced plans to develop a new global headquarters, investing up to $250 million for the creation of a corporate campus that will support more than 1,000 employees in up to 500,000 square feet of space. The airline has also executed a ground lease for an additional land parcel for the construction of a Spirit corporate training residence. Construction of the headquarters is expected to begin in 2021, with an anticipated transfer of employees in mid-2022.

“Spirit Airlines’ decision to move its global headquarters to Dania Pointe solidifies this location as the premier live, work, play destination in the Greater Fort Lauderdale area,” said Conor Flynn, Kimco’s Chief Executive Officer. “Dania Pointe’s unbeatable location near Fort Lauderdale-Hollywood International Airport and first-class amenities have attracted a great company, and the inherent synergies at this project will create a one-of-a-kind, thriving 24-hour environment.”

Adding to the project’s momentum, Kimco has recently signed leases with the popular lifestyle brands Urban Outfitters and Anthropologie, both slated to open at Dania Pointe in 2020 as part of the retail component of Phases II and III, now approximately 69% pre-leased.

Phases II and III will include the Spirit Airlines headquarters, an additional 417,000 square feet of mixed-use retail, dining and entertainment, along with ground leases for two Marriott hotels and 850 residential apartment units, of which the first 264 are now under construction. Additional Phase II and III tenants include Bowlero, Lucky Brand Jeans, Tommy Bahama, Cooper’s Hawk Winery & Restaurant, Firebirds Wood Fired Grill, Foot Locker, Lindbergh, Regal Cinema, Saito Japanese Steakhouse, and more. Phase II and III tenant openings began in the fourth quarter of this year and will continue through 2020.

Dania Pointe
Dania Pointe, Kimco’s 102-acre Signature Series mixed-use development in Dania Beach, Florida Photo: Business Wire

Phase I of the 102-acre Dania Pointe development opened in November of 2018, and consists of approximately 330,000 square feet of retail, now 96% leased to brands including TJ Maxx, Hobby Lobby, Ulta Beauty, BrandsMart, Five Below, Shoe Carnival, Starbucks, and YouFit Health Club.

READ ALSO : Spirit Airlines to build new global headquarters in Florida

Dania Pointe’s dominant, high-visibility location spans two exits and 1,600 feet of frontage along I-95, where traffic counts reach nearly 300,000 cars per day. Only one exit south on I-95 from the Fort Lauderdale-Hollywood International Airport and 10 minutes from the Port Everglades Cruise Port, the mixed-use center serves over 13 million domestic and international tourists visiting Broward County annually. Dania Pointe sits adjacent to Kimco’s Oakwood Plaza, an 899,000-square-foot open-air center anchored by Home Depot, BJs Wholesale, Burlington, Marshall’s, HomeGoods, and dozens of other national retailers.

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