Commercial Real Estate and Shopping Centers and Retail Development and Real estate deals and Retail and Real Estate & Retail

Rivers Edge spawns new retail center across 82nd Street

October 29, 2011

A local developer is betting more restaurants and retailers are interested in opening stores near Nordstrom Rack and The Container Store than Rivers Edge owner Kite Realty Group Inc. can accommodate.

Indianapolis-based Veritas Realty has put a 1.6-acre parcel across East 82nd Street from Rivers Edge under contract and is planning a 13,400-square-foot retail strip with five small-shop spaces. The vacant land next door to Lifestyle Family Fitness had been listed for sale for $1.7 million.

Veritas, which has not yet signed up any tenants, is asking for an aggressive $40 per square foot in rent. The center likely will house two or three restaurants, along with small retailers or service users, said Veritas principal Kyle Hughes, who is handling leasing of the center with Jamison Downs. The lead developer is Bill Stoops.

The goal is to break ground in mid-March and finish by June, but construction won’t start without commitments for at least 50 percent of the space.

A Jack in the Box restaurant had been proposed for a smaller parcel on the other side of Lifestyle Family Fitness, but neighborhood groups scuttled the plan over concerns about a drive-through.

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