Siteplan sleuthing in Las Vegas

May 20, 2008
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ICSCHundreds of developers are circulating thousands of siteplans from more than 2 million square feet of exhibition space at the International Council of Shopping Centers convention in Las Vegas. The pitches include dozens of projects in central Indiana. Among them:
  • A siteplan from Kite Realty Group shows how the local developer plans to add more retail space to Rivers Edge, an Office Depot-anchored strip center it bought from Sourwine. The plans call for the center along 86th Street in Castleton to get a new 2,200-square-foot outlot at the eastern edge, a new bank where a sign now stands and possibly a new entrance at a stoplight shared with a new Lifestyle Family Fitness-anchored development across the street. (Check back tomorrow for new details on Kite's plan for Pan Am Plaza.)

  • Plans still are chugging along for an 80,000-square-foot indoor water park called Paradise Bay in Fishers. The project calls for a 244-room Wyndham Hotel, a retail town center and several outlots, all along State Road 37 just north of 131st Street. Steve Delaney of Sitehawk Retail is pitching restaurants and retailers on the plans. A car dealership is negotiating to take a big chunk along 37.
  • Locally based Mann Properties is pitching retailers on a new strip center northeast of Emerson and Thompson roads. They have a pending deal with Dunkin Donuts for an outlot of the center, which would sit behind a Blockbuster. The plans call for a total of about 100,000 square feet of new retail space.

  • A siteplan for Metropolis circulated by DeBartolo Development shows a "proposed Macy's" south of the mall's first phase, along with an unnamed hotel planned for above retail space. It does not yet show a proposed Bass Pro Shops.
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    • Ohhh exciting about Pan Am, quit teasing us Cory!
    • Is Cory rocking on the company dime in Vegas? Inquiring minds need to know.
    • It makes sense to think that Kite will do something very massive and phenomenal for Pan Am Plaza, since the Super Bowl is coming to town :)
    • Hey Cory, any rumblings out there about the proposed big development at 96th and Allisonville? I'm wondering if it didn't get caught up in the credit crunch, but haven't heard anything.
    • Fishers Gal,

      It is still progressing and they even bought some additional acreage from the Cemetary north of that site. It is still moving ahead and earth and site planning has begun. Look through some of the old blogs on this site and you will see Cory's update maybe about a month or two ago. Nothing else since then. I think they said they plan on doing the towers first with the mixed use, then developing the rest of the site.
    • The River Place development project is progressing well! The website was just launched last week. More information will be posted as it becomes available. Check back for details: www.riverplacedevelopment.com.
    • Just as an fyi, I hear Dunkin' is not going behind the Blockbuster, but rather to the South of Blockbuster along Emerson Ave.

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    1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

    2. If you only knew....

    3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

    4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

    5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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