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Kite Realty Eyes $400M Pipeline

INDIANAPOLIS-Four projects aggregating 1.2 million sf line up behind the 1.6 million sf the company has underway.

By Marita Thomas | Updated on November 07, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

INDIANAPOLIS-With 11 retail projects aggregating 1.6 million sf in its current development pipeline, Kite Realty Group Trust unveils a “visible shadow pipeline” of four additional projects with a total of more than 1.2 million sf. The estimated cost for all 15 is approximately $400 million.

Of the 11 underway, all scheduled to open by next year’s first quarter, locally based Kite expects to own about 588,000 sf, with the remaining owned by anchors. During a third-quarter conference call, Tom McGowan, EVP of development and COO, said approximately 70% of the Kite-owned portion of these properties is leased or in various stages of lease negotiations.

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