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 290 • SHOPPING CENTER BUSINESS • May 2016 Great Lakes Capital is developing GrandView in Mishawaka. "We usually get bypassed for St. Mat- thews in Louisville, which is considered the retail bull's-eye for the market, but when you look at stores and restaurants that have multiple locations including southern Indiana, southern Indiana is ei- ther number one or number two in terms of store volume." The main focus, however, is on the 240,000-square-foot power center that is scheduled to start construction in the coming months and be delivered by the spring of 2017. While specific retailers are not yet being named, Pennington said he wants to continue to bring new retailers to the market, though he is expecting some relocations and second store units at the power center. Tire Discounters, which opened in 2010, and Menards, which opened last fall, are both new-to-market retailers. "In terms of the Louisville market and southern Indiana, never in my career have I been a part of a community that has as many economic drivers going for it right now as southern Indiana does," says Pennington. Pennington cites the new 6,000-acre River Ridge Commerce Center as a ma- jor driver for growth. The industrial park is currently 10 percent developed and is expected to nearly double Jeffersonville's population by the time it's fully devel- oped. In addition, two new bridges and a highway extension and interchange will enhance connectivity to the Louisville metro area. GRANDVIEW MISHAWAKA Located immediately to the east of South Bend is Mishawaka and the 46-acre site of Great Lakes Capital's $100 million GrandView development. "The new GrandView project will add additional strength to the University Park Mall trade area, which is already a pro- lific trade area capturing approximately 650,000 consumers in northern Indi- ana and southwestern Michigan," says French. "GrandView is targeting upscale retailers looking to take advantage of the tremendous demographics and strong reputation of the trade area." The 50-acre project will boast 180,000 square feet of upscale retail space as well as residential, office and hospitality com- ponents once the project is finished in 2020. Phase I of GrandView, expected to be complete by the end of 2017, will include GrandView Flats & Townhomes, a 200- unit apartment community. The first resi- dences will be available by the end of this spring. The GrandView project is being completed in four phases. Retailers are not yet being named, but the proposed tenant mix will contain re- tailers specializing in women's clothing and accessories, home décor and furnish- ings, designer shoes and quality outdoor gear and clothing. A coffee shop, gour- met market and restaurants specializing in Italian, Mexican and Chinese cuisines are also being targeted. THE BRIDGES CARMEL Ryan Gershman likes to refer to The Bridges as "the classic infill development." The 250,000-square-foot retail center is located on 65 acres in Carmel, a fast-grow- ing suburban edge city on the north side of Indianapolis. "The Bridges is a highly walkable multi- use development with additional phases including multifamily and office yet to come," says Gershman. "It's quickly be- coming the place to live, work and play on the west side of Carmel." Approved by the city in 2011, the proj- ect has already seen the delivery of a CVS, Jimmy John's, Coalition Pizza, Morellis Cleaners and McDonald's. Last October the project welcomed its anchor tenant, Market District, a 120,000-square-foot fresh format grocery store by Giant Eagle offering a variety of ethnic cuisines. The Bridges has landed nine new ten- ants that are scheduled to open shop this summer. National chains coming to the center include Starbucks Coffee, Potbelly Sandwich, Great Clips, Regions Bank and Pet Valu. Tenants new to the area include lo- cally owned Italian restaurant Convivio, California-based Mexican eatery Los Ar- royos, Posh Nails and Shred415. The Los Arroyos and Shred 415 stores are the re- tailers' first locations in Indiana. "The location was really a no-brainer in terms of the quality of the real estate," says Gershman. "The west side of Carmel was underserved and the new U.S. 31 is also broadening the trade area." SCB The Bridges is a 250,000-square-foot center being developed in Carmel.

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