Mark Levin, retail investment specialist with the center's leasing firm, Kansas City-based Block & Co. Inc., tells GlobeSt.com that there has been much interest in the project. Declining from estimating a prelease occupancy, Levin says there will be more to tell after the annual International Council of Shopping Centers' dealmaking event in Las Vegas next week. There, Levin says, the company is meeting with a national book seller, a fashion retailer and a sporting goods company, among others.
Levin assures that tenants selected for Tuscany Village will not compete with the adjacent power center North Village Shops; a retail development anchored by Best Buy, Border's, Michael's, Bed, Beth & Beyond, Old Navy, Kohl's, Dress Barn, Target, Pier 1 and a Sam's Club. Rather, early commitments for Tuscany Village have come from a major department store, a big-box fashion retailer, a hotel group, several restaurant concepts and multiple smaller in-line users, Levin says.
"We're aiming for a more of a lifestyle-type center with a lot green space, walking and gathering areas and a larger genre of fashion retailers who are not in the market currently," Levin says.
The northern section of St. Joseph, on the Buchanan and Andrews County line, has a trade area population of more than 172,000. With multiple housing developments in the immediate vicinity either planned or under way, Levin says the area is "exploding." The county and state have undertaken several upgrades to project's the intersection, and late last year, the City of St. Joseph approved a $21-million tax increment financing plan for the retail center.
Levin tells GlobeSt.com that inline shops will lease at $24 per sf triple net, with prices dipping for larger users. The project will also include a freestanding pavilion at the main entrance that will be reserved for a cluster of restaurant users. In addition to Levin, leasing for Tuscany Village will be spearheaded by Block & Co.'s David Block, principal, and John Cobb, investment specialist.
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