(For more retail coverage, click GlobeSt.com/RETAIL.)
AURORA, CO-Oak Brook, IL-based Inland Real Estate Development, LLC and Chicago-based Daly Group purchased and will co-develop a 600,000-sf power shopping center on 68 acres of vacant land next to the E-470 toll road in Northeast Aurora. The center, with a completed value in today's dollars of $60 million to $70 million, will be called the Marketplace at Jewell Commons. It will be built on the northwest corner of East Jewell Avenue and Gun Club Road.
This marks the largest retail development built by Inland Real Estate Development, a subsidiary of the Inland Real Estate Group of Cos. But Matthew Fiascone, senior vice president of Inland Real Estate Development, tells GlobeSt.com that in the past it typically bought existing centers. "This will be the largest we've ever done from the ground up," he tells GlobeSt.com. He notes that Inland has done quite a few deals with the Daly Group, which brought them to the site.
He tells GlobeSt.com that the site sits in the path of one of the fastest growing corridors in the Denver area. The closest retail development to the site is Southlands, which is about six miles away.
"Aurora's population is on a pace to exceed the population of Denver, and this is a prime location for our retailers to serve the rapidly expanding needs of a suburb that will soon become a major metropolitan city in its own right," Fiascone says. He says the development will be more of a regional power center than a lifestyle center. However, a portion of it will have a New Urbanism-style town center that is more pedestrian friendly that the typical big-box power centers.
In addition to more than 430,000 sf of in-line tenants at the outdoor shopping center, the Marketplace at Jewell Commons will include 17 acres of out-lots for separate retail pads and more than 2,000 spaces for parking. Construction on the center is expected to begin in 2007. Fiascone tells GlobeSt.com that while no tenants have signed yet, he expects a major anchor tenant to be announced before year's end.
Financing for this project was arranged through Inland Mortgage Corp. The leasing will be spearheaded by the Daly Group. The Inland Real Estate Group of Cos. is comprised of independent real estate investment and financial companies doing business nationwide. Inland-sponsored companies have more than 100 million sf under management and managed assets of more than $16.5 billion.
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