LOUISVILLE—Economic activity is picking up in the Louisville metro area and this is helping touch off a good deal of retail development. GBT Realty Corp. a national real estate development company based in Brentwood, TN, has launched several projects here, and is now set to bring even more retail to the metro area. In partnership with The Koetter Group, a Floyd's Knob, IN-based real estate and construction firm, GBT plans to develop a $35 million regional retail center on 24.7 acres in Jeffersonville, IN, which GBT is under contract to purchase.
The company will begin site work immediately after closing the land acquisition in December and plans to open the development, located immediately across from Phase I Marketplace at Jeffersonville Town Center, in spring 2017.
“The Louisville MSA continues to be a hotbed for retail expansion and new-to-market tenants with its dynamic, diversified economy that regularly outperforms other major US cities in job and income growth,” says George Tomlin, president and chief executive officer of GBT. “The overwhelming, initial response to this retail opportunity isn't surprising given the recent completion and successful lease of our other three shopping centers in this region totaling 610,000 square feet– Jefferson Commons, Middletown Commons and Woodland Commons.”
Jeffersonville Town Center is located east of I-65 on Veterans Parkway at the intersection of Town Center Blvd. GBT plans to include two anchor tenants of 55,000 and 63,000 square feet along with two junior anchor tenants of 28,000 and 22,000 square feet flanked by another 30,000 square feet of small shop space. Two additional buildings feature 25,000 square feet of small shop space for local and regional retail, dining and service providers.
“We are in final negotiations and passing paper with several major national retailers,” says Fraser Schaufele, vice president of leasing for GBT. “At this pace we expect to have the center 90% pre-leased by the time we break ground in December.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
