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Redevelopment Set For Super K-Mart Site

NAPERVILLE, IL-Indianapolis-based Kite Realty Group Trust pays $9.5 for 21.6 acres on Route 59, which includes a partially-built Super K-Mart. It plans a 170,000-sf center anchored by Marsh Supermarket, which is expected to cost $30 million.

By Mark Ruda | Updated on April 06, 2005

NAPERVILLE, IL-Kite Realty Group Trust’s third acquisition in the suburban Chicago market will involve taking a partially-built Super K-Mart on Route 59 and converting it to a 170,000-sf center anchored by Marsh Supermarket. The project is expected to cost Indianapolis-based Kite Realty Group, which paid $9.5 million for the 21.6-acre site, $30 million.

The 70,000-sf Marsh Supermarket is expected to open later this summer, while construction on the remaining 100,000 sf of retail space will begin shortly thereafter. It is Kite Realty Group’s second development project this year, along with the $20-million Tarpon Springs Plaza in Naples, FL.

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