"The Boulevard is 80 percent preleased as construction begins, demonstrating the solid demand we continue to see in the marketplace, particularly from necessity, discount, health and beauty, and entertainment concepts, which we consider to be in the sweet spot of retail,” said Kimco COO David Jamieson in a prepared statement. “With a full roster of thriving national and regional brands already committed, it’s evident that investing in our portfolio through redevelopment is a clear path to organic growth and value-creation for our shareholders.”

Ground-level shops and restaurants will face a main-street plaza with sidewalks and outdoor dining. The second level accommodates larger anchor tenants and entertainment attractions, with multiple access points providing connectivity across the two levels.

Regional grocer ShopRite will occupy a 68,000-square-foot space at The Boulevard. Alamo Drafthouse will open a 46,000-square-foot cinema, its first location on Staten Island.

The project is located on Hylan Boulevard, a major commercial corridor that sees close to 50,000 motor vehicles per day and is easily accessible from all parts of the island. Densely populated Staten Island is New York City’s wealthiest outer borough, with a population of 156,000 within a three-mile radius and average household income of $97,000 yearly.

The Boulevard comes on the heels of three other redevelopment projects on Staten Island by Kimco; the company owns five properties in the borough in total, encompassing an aggregate 1 million square feet.

“The Boulevard will bring a host of benefits to the people of Staten Island,” said Joshua Weinkranz, Kimco’s president for the Northeast region. “Along with renewed economic activity and jobs, both construction and permanent, we’re providing this community with new and exciting retail and entertainment options, and a shopping and dining experience unlike any other on the island.”

New Hyde Park, N.Y.–based Kimco owns interests in more than 500 U.S. shopping centers, comprising 84 million square feet of leasable space concentrated primarily in the major metropolitan markets.