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Kite Hopes to Build on Crossing Acquisition

FOX LAKE, IL-The 16 acres next to the 99,100-sf Fox Lake Crossing retail center at US Route 12 and Big Hollow Road could accommodate a big-box retail operation, or smaller project.

By Mark Ruda | Updated on February 22, 2005

FOX LAKE, IL-More construction could be coming as early as this year at US Route 12 and Big Hollow Road. In addition to paying $15.5-million for the Dominick’s-anchored Fox Lake Crossing, Indianapolis-based Kite Realty Group Trust picked up two outlots totaling 16 acres for another $2.8 million, which could be part of the company’s $50 million to $75 million in 2005 development starts.

“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.”

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