The project will be part of a flurry of activity on the southern tier of Kent County as retailers swarm to key intersections along the new South Beltline highway, said Matt Williams, VP of the company's retail division. Speaking at Grubb & Ellis Paramount's 2004 Real Estate Forecast, Williams, said ground should be broken in the next few months on 350,000 sf of retail space at a site next to the new South Belt (M-6) and Kalamazoo Avenue SE for the planned shopping center.
It will be an unusual situation for Walker, MI-based Meijer Inc., since the shopping center will be shared with two competitors usually forced to other sites because of exclusivity clauses. "It is typical that we do have separate driveways," says John Zimmerman, a spokesman for Meijer. "But this is such a unique development where Gaines Township has worked hard to develop that commercial area as its only large commercial development."
The two remaining building sites at the center's location can accommodate an 88,000-sf building and a 124,000-sf building--large enough for a Target and Kohl's. Williams said after the meeting that Target and Kohl's have not finalized their agreements.
Also, Williams told the Real Estate Forecast audience that commercial growth continues to march south as retail space in the hot Grandville area is gobbled up. This area's explosive growth, low cost of living, an above-average median income and young population make West Michigan a hotbed for expanding national and retail chains. The median household income for the area is $51,287, and the median age is 33. The prime retail corridors--Alpine Avenue and Rivertown in the Grand Rapids area, US 31 in Holland and Sternberg Road in Muskegon--all have retail vacancy rates of less than 5%, according to Grubb & Ellis.
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