SPECIAL REPORT: LAND DEVELOPMENT
The Great Wolf Lodge near Dallas/Fort Worth International Airport. Elsewhere, Edmonton International Airport (EIA) in Alberta, Canada,
occupies a signifi cant property of over 7,000 acres, of which an approximate one-third is not required for the current or future airside system or terminal, and therefore is available for commercial development. Accordingly, EIA is breaking the traditional piecemeal approach to
airport lands commercial development by becoming actively involved in the preparation of integrated development and servicing strategies for these strategic lands. In addition to an aggressive terminal expansion involving a dramatic
new offi ce tower with a control tower above woven into the terminal building, EIA is planning the development of a 400-acre tract of its Highway Commercial lands, spanning between two highway interchanges. MXD Development Strategists and Stantec are assisting EIA in
preparing the Commercial Development Strategy to establish this property as a regional commercial destination at the gateway to EIA and the Northern Alberta Petroleum and Energy Region. This project enjoys one kilometre of frontage along the QE2 Highway Canamex Corridor, which connects the region with the USA and Mexico for the movement of goods, information and people. EIA is taking a proactive role in the zoning and servicing of this
property to attract international development and tenant interest and to foster new economic sectors for the region. The development will involve destination retail, entertainment, hotel, meeting space, offi ce and commercial park activities. “EIA’s Master Plan and Development Strategy provides a prescriptive
road map to ensure that development today does not preclude future aeronautical options and commercial development opportunities” enthuses Myron Keehn, EIA’s Vice president of commercial development. “On an on-going basis, EIA consults its stakeholders and the commercial development community to leverage the airport’s role as the primary economic catalyst for the region.” A specifi c emphasis of EIA’s highway commercial project will be to foster
sustainability and leverage opportunities for renewable energy, a key theme for the project. By measuring its risks to rewards, EIA has recognised there is considerable short and long-term revenue potential by becoming a more active participant in the planning, marketing, development and management of its non-airside commercial lands.
50 AIRPORT WORLD/FEBRUARY-MARCH 2011 Major shopping centre developers, investors and operators have also taken
a keen interest in destination retail development near airports. In 2008, for example, the Al-Hokair Group opened the 261,000 square metre Mall of Arabia adjacent to King Abdulaziz International Airport, in Jeddah, Saudi Arabia. Located along the major interchange that directs traffi c towards this
airport’s main terminal building, the Mall of Arabia is currently the fi rst development encountered when arriving to or leaving the airport. Like Grapevine Mills at DFW, the prime location of the Mall of Arabia is situated at the geographic and fast-developing centre of the Jeddah metropolitan region. Anchored by Hyper Panda Supermarket, Debenhams and Marks &
Spencer, the Mall of Arabia has become one of the most popular destinations for the citizens of Jeddah, as well as for many of the tourists who use the airport as a gateway to Mecca and Medina to perform the Hajj pilgrimage. Similarly, Chelsea Japan Co is planning a 200,000 square meter shopping
mall near Narita International Airport, which is 60 kilometres east of Tokyo. The mall, which is planned to open in 2013, will be targeting the increasing number of Chinese tourists that have been travelling to Japan since the easement of Japanese immigration visa requirements. Destination retail development on and around airport lands has come a
long way from the obligatory fast food restaurants and fuel stations. Airports are fast becoming active participants in the development of
destination retail facilities on land not required for aviation use. In so doing, the most progressive airport authorities are recognising the signifi cant non-aeronautical revenues that can fl ow from destination retail development on their lands. As well, airport authorities’ unique ability to facilitate ‘made-to-suit’ zoning,
service and contribute land, ground lease, leverage their strong credit position, access competitive fi nancing and willingness to become development partners has become very attractive for commercial developers, retailers and investors. Accordingly, the development of destination retail development on
airport lands is a signifi cant contributor to airports’ roles as gateways, catalysts and hubs for regional economic development.
AW
About the authors Chris LeTourneur is president & CEO of Vancouver based MXD Development Strategists, where Andrew Fayn is a market analyst. They can be contacted at
chris@mxddevelopment.com and
www.mxddevelopment.com.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80