Kite Realty Group Trust remains mum on its plans for the Rivers Edge shopping center just east
of Clearwater Crossing, even in an application for rezoning filed this month. Kite wants to switch the zoning to C4 from C3,
a subtle change that may nonetheless hint at their plans for the 110,000-square-foot, Office Depot-anchored strip center.
The new zoning would allow outdoor seating and an anchor retailer over 60,000 square feet. One store in particular in that
size range still may be looking for a home in that hot retail corridor: Whole Foods. The store originally was proposed for
86th and Haverstick roads, then was moved to Premier Properties' Venu and now is in limbo. A leasing partner on the Rivers
Edge center, Bryan Chandler of Eclipse Real Estate, also represents Whole Foods.
And just when you thought Indy needed more cafés:
Bonjour Cafe & Bakery opened this morning at 24th and Meridian streets in front of the library services center.
Higher Grounds Coffee House opens this week in 50 S. Meridian St., the building where Ball State has its Indianapolis Center.
McDonald's is opening its first local McCafe Thursday morning at 96th and Meridian streets.
Panera Bread Company is opening is opening a new bakery-café on 86th Street in Trader's Point on Monday, Aug. 11.
Back to Top
IBJ Conversations
23 Comments
Add Comment
http://propertylines.ibj.com/blogshell.asp?p=888
Tony - Premiere Properties went bankrupt, anything they would have done with the location is no longer on the table. I'm not sure if the property has been purchased through the auction or not.
And not just in Indy, but anywhere. Even when the market was good
the demand for suburban high rise living, especially at the prices you'd have
to charge to cover a 25 story concrete and steel building would be unreasonable
No bank would underwrite the proforma!
Julie- what the broker has is called dual agency (also called limited agency, or
a me and me.) I can assure you that Kite / Whole Foods are wholly aware
(pun intended) of his fiduciary limitations. This is not that uncommon. It only
becomes a problem when the broker is unscrupulous and seeks to prevent other
tenants from leasing the site by trying to put his own client there. There will be no
double commission in reality either, because he will eventually lease the space,
and Whole Foods will eventually go somewhere.
By the way, this is a great value add, infill play by Kite. I know you all will debate
what infill means (it doesn't have to be in the urban core to be infill)
but just know that this investor thinks they'll do fine here.
*Putting on my flame-retardant panties now.*
To Fishers gal: I think Fishers is a great idea. Draw the Geist, Carmel, Castleton and north side crowd.
Honestly, it's just that the bottlenect is so bad around Keystone/86th area. And can you imagine trying to go grocery shopping during the holiday season? No thanks.