Kite expected to revamp 116th and Rangeline development

Changes appear to be in the works for two of Kite Realty Group Trust’s properties in Carmel.

According to information shared during an earnings call Feb. 5, Kite is considering replacing The Corner retail strip, which sits on the southwest corner of 116th Street and Rangeline Road, with a mixed-use development.

The project would include retail and multi-family housing.

John Kite, CEO of the Indianapolis-based real estate investment trust, said during the earnings call that the company would be “de-leasing” and emptying out the development, which currently includes MacKenzie River Pizza, BMO Harris Bank, a clothing consignment shop and a candle store. It contains about 43,000 square feet.

In 2012, the company had intended to revamp the development along with investing in The Centre, which sits to the north of The Corner and now includes Walgreens, Earth Fare, Panera Bread and Verizon Wireless.

Kite is also planning to add a movie theater to Hamilton Crossing Centre, just to the east of U.S. 31 along Pennsylvania Street and Carmel Drive.

The retail center already includes Starbucks, Chase Bank, Max & Erma’s, Le Peep, Subway, Jason’s Deli, Toppers Pizza, Ossip and Yogurtz, to name a handful.

According to a property listing on Kite’s website, a 30,722-square-foot space is available at Hamilton Crossing Centre, along with several other smaller units.

Representatives with Kite did not respond to IBJ’s request for comment.