Rivers Edge & crazy for cafes

August 5, 2008
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Rivers Edge Shopping CenterKite 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.
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  • That would be a good location for a Whole Foods. I wonder what will happen to the old Venue site now..........
  • I always thought it would be beneficial to add condos or apartments to the River's Edge property. I lived in one of the many apartment complexes near River's Edge, but it is difficult to walk/bike (and sometimes even to drive) from most of the apartments to the retail.
  • What about the Whole Foods at 86th and Westfield in Nora. Do those two shopping center service sufficiently different populations to justify having two stores so close to each other? Or, does that mean that the Nora location would be shuttered?
  • Regardless, I think that whole shopping center would really benefit from some capital reinvestment. Excited to see what happens there, even though I live downtown.
  • Okay, I really must have missed something. I figured something was up with Venu but I never saw anything on this site about it being dead or in limbo. I was gone on a 2 week vacation in June so maybe I missed it then.
  • Never mind. I found the story from back in March. I must have missed it some how.

    http://propertylines.ibj.com/blogshell.asp?p=888
  • Whole Foods will keep both locations open. There are a lot of people in the area with above average incomes. Have you ever counted how many Marsh stores go across 86th and 82nd streets?

    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.
  • I heard that Don's Guns is moving in.
  • I heard the Corrections Dept. is moving the parole office from 16th & Meridian to the Venu site.
  • I believe there has already been a McCafe in Broad Ripple for years now.
  • Office buildings currently at venu site are sold (at Auction).
  • Matt B. There WAS a McCafe in BR, but it failed. All that is left is the piano. Back to the regular McFat.
  • When is someone going to get smart and propose a 25-story condo tower over-looking one of the many lakes in this area? Keystone at the Xing is ripe for highrise living and I am positive it would go over very well up there.
  • Actually, there were people from Whole Foods in the Nora location a few weeks back asking where people would like to see the store. When asked if they meant an additional one, they said no, this one will be moving.
  • Whole Foods lists on their website whether a new store is a relocation or if it is a new location.......the new Indianapolis location is not listed as a relocation.
  • Does anyone but me think it's odd that this Bryan guy is representing both the empty space and Whole Foods? Does his clients know? Seems like a conflict to me. I'm just sayin'... I'd love to see a new Whole Foods but the traffic around there is horrible. I'd rather see it further north.
  • I think CoryW's idea is prefect. What a great location for that.
  • To Julie, further north! HAH, i'd rather see it along 86th Street or closer to downtown.
  • I agree........there is already a Whole Foods in Carmel.......
  • CoryW - 25 story condo tower? Not going to happen anytime soon
    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.
  • I would MUCH rather see a Whole Foods in Fishers (96th Street, anyone?) than in Clearwater, so close to the Nora location.

    *Putting on my flame-retardant panties now.*
  • To IndyInvestor: Guess I didn't understand the commercial real estate world. I just know that if I hired a realtor to sell my house, I'd be a bit suspicious if they presented opetions of homes that they had listed for my next purchase. However me and me is exactly what it sounds like. But yes, good for Kite for trying to do something with a vacant center.

    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.
  • I agree Whole Foods would be better if on the far east side of Castleton or nearer to Fishers! Rivers Edge needs help that's for sure!

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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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