The Mexico office of Hines broke ground recently on its first retail project in Mexico, called City Center Pitic, located in Hermosillo. The Wal-Mart-anchored neighborhood shopping center will be comprised of approximately 60 stores. City Center Pitic is funded through HCM Holdings LP, a joint venture between Hines and the California Public Employees' Retirement System (CalPERS).
City Center Pitic will offer 7,360 m² of retail space for lease, segmented in boutiques, restaurants and services. The project will feature an open-air, storefront design that blends into the Sonoran desert landscape. Designed by the Mexican-based architecture firm Oikonos, City Center Pitic is slated for completion in September 2007.
With 750,000 inhabitants, Hermosillo is the capital of the State of Sonora, which shares a common border with Arizona, just 250 miles south of Phoenix. City Center Pitic is situated in the fast-growing up-town area of the city. Target tenants represent an assortment of restaurants, banks, mobile phone stores, dry cleaners, boutiques, jewelers and other retail offerings that complement Wal-Mart.
"Hermosillo and Hines are a great match," said Pierre Arriz, general manager of Hines Mexico. "The city is extremely entrepreneurial and is growing fast."
Hines Project Director Alejandro Espinosa commented, "City Center will create a new destination in Hermosillo. The center's diverse mixture of retailers will generate a dynamic blend of client traffic. This is our first 100-percent retail project in Mexico, and part of a more ambitious countrywide program, which includes two additional shopping centers being developed under the same City Center brand."