"We're currently evaluating development opportunities for this property," said chief operating officer Thomas K. McGowan, in charge of development for Kite Realty Group Trust, during the company's recent earnings conference call. This year's development program is likely to be tilted heavily into the second half of the year, company officials say, with completions taking about 10 months.

McGowan said the land next to the 99,100-sf center could accommodate a big-box retail operation, though not a SuperTarget concept. "It really ties back to the type of store," he said. "There are big boxes it would fit well with."

The property comes with tax increment financing in place, putting Kite Realty Group Trust in line to receive $1.5 million over the next 10 to 12 years, said chief executive officer and president John A. Kite. Kite said Dominick's 2004 sales numbers are not available, but added, "The store's been trending up significantly." The store has been in operation for two years, he noted.