(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)
LEE'S SUMMIT, MO-RED Development executives plan to build a $175-million, 605,000-sf open-air lifestyle center in this Kansas City, MO suburb, slated for a ground breaking in about a year and a 2008 opening. The yet-to-be named development will be built near SummitWoods Crossing, a 785,000-sf power center here anchored by Lowe's, Target and others.
The center will be similar to the 600,000-sf Village Pointe, a Main Street-style lifestyle center in Omaha, Dan Lowe, a RED development partner, tells GSR. But RED officials are planning two department stores for the Lee's Summit center, whereas Village Pointe only has one. "We've never done a deal with two department-store anchors," Lowe says.
Other tenants planned for the development include home furnishing stores, men's and women's fashion retailers, upscale specialty shops and restaurants. Lowe says the tenants in the Lee's Summit center will be similar to upscale tenants in other RED lifestyle developments. Some of the retailers found in other RED centers include Anthropologie, California Pizza Kitchen and Pottery Barn.
RED executives plan to ask the City of Lee's Summit for public financing assistance for the project. SummitWoods, which opened in 2001, was funded in part by tax increment financing provided by the city.
SummitWoods is one of three Kansas City-area centers built by RED; two others were sold by the company. RED has two other centers under development in the area, the 805,000-sf Legends at Village West, in Kansas City, KS; and a yet-to-be-named 160,000-sf center in Leawood, KS.
RED, co-based in Kansas City, MO and Scottsdale, AZ, has developed 11 centers in the Midwest and Southwest and retained ownership of seven. The company has 16 projects either under construction or in the development phase.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
