Shopping Center Business

MAY 2016

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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INDIANA RETAIL 286 • SHOPPING CENTER BUSINESS • May 2016 K nown as The Crossroads of Amer- ica, Indiana is home of the Indy 500 and the stomping ground for the NFL's Indianapolis Colts. And increasingly it's becoming a magnet for a variety of retail development. "Strong disposable incomes and com- petitive income tax rates create a welcome environment for retailers to do business in Indiana," says Bill French, senior manag- ing director with Cushman & Wakefield. Add to the mix a low cost of living, rel- atively low real estate taxes plus available land, and it's easy to see why retailers are drawn to the state, adds French. What follows is a closer look at four retail developments coming on line in the Hoosier State. From the suburbs of Indianapolis to the northern banks of the Ohio River, these developments aim to be the go-to place for shoppers. GREENWOOD TOWN CENTER GREENWOOD Residents of Greenwood are hoping that the third time is a charm for a near- ly 100-acre plot of land to the east of Interstate 65 in suburban Indianapolis. Gershman Partners is spearheading a $90 million, 700,000-square-foot shopping center and entertainment district that will stand on a site where two previous projects failed to come to fruition. In 2009, Cabela's pulled the plug on a 120,000-square-foot store, and in 2014 GoodSports Enterprises Global aban- doned its plans for a $22 million sports complex. The new mammoth retail development by Gershman Partners will be located 13 miles southeast of the heart of Indianap- olis in Greenwood. The city is situated in Johnson County, the third fastest-grow- ing county in Indiana. Approximately 250,000 people reside within a 10-minute drive of the city center. Gershman plans to break ground on its development in spring 2017, and stores are scheduled to open in the spring of 2018. "Greenwood Town Center represents an opportunity to bring something unique to the market," says Ryan Gershman, prin- cipal at Gershman Partners. "With prime highway visibility and access to I-65 and a super-regional appeal, Greenwood Town Center will bring more of a full-service shopping, dining and entertainment venue." The developer hasn't yet disclosed the names of any retailers for the ambitious project. Consumers visiting the new Green- wood Town Center once it opens will also be able to shop at the recently developed Kroger Marketplace, Walmart Supercen- ter and Costco located on the west side of the I-65/County Line Road interchange. "The growth in Greenwood is moving east, and the Greenwood Town Center is very well positioned to capture the shift today and well into the future," says Gershman. JEFFERSONVILLE TOWN CENTER JEFFERSONVILLE Located just across the Ohio River from Louisville, Kentucky, is Jeffersonville, In- diana, a small city with a big vision to transform the area into the next regional shopping destination. Jeffersonville Town Center is a 153-acre project that took off in 2005, but then ran into headwinds. The development stalled during the Great Recession, but this sum- mer will welcome the groundbreaking of a new 240,000-square-foot power center with accompanying outparcels. The Koetter Group, a locally based real estate development and construction firm, is developing Phase II of the mixed- use Jeffersonville Town Center on about 25 acres. The architect is MJM Architects of Nashville, Tennessee. Bisected by Veterans Parkway, Jeffer- sonville Town Center is segmented into a north and south side. The north side has seen considerable development in the last six years with the completion of a Tire Dis- counters, Marathon gas station, Culvers, Krispy Kreme, Popeyes Louisiana Kitch- en and Menards. In addition, Mike's Car Wash purchased a plot of land in April to Indiana Sees Pent Up Demand Satisfed With New Projects Favorable market conditions give developers a green light to proceed with impactful retail projects. Christina Cannon Gershman Partners is developing Greenwood Town Center in suburban Indianapolis.

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