The retailer will occupy 105,000 sf at the 260,000-sf Gateway Centre. CDI declined to release JC Penney's lease rate. Jim Brady, managing partner of CDI, tells GlobeSt.com the developer is in negotiations with another potential anchor tenant but he cannot disclose the soft goods retailer at this time.
CDI anticipates beginning development on the shopping center 24 miles southeast of Nashville in the next few months, he says, with an expected grand opening in September 2009. JC Penney is also slated to open its doors in fall 2009. Development costs for Gateway Centre will exceed $30 million, Brady tells GlobeSt.com.
No other retailers have put pen to paper yet on a lease, but Brady adds CDI is finishing up negotiations with two more retailers totaling 11,000 sf. He cannot release the names until the leases are signed.
"We expect great opportunities for retailers at our center in Smyrna, a growing community with great economic growth and continuing rise in population," Brady says. Gateway Centre is located at Sam Ridley Parkway and Wolverine Drive. CDI has tapped local architect H. Michael Hindman to work on the center.
CDI has developments in Tennessee and Florida and is actively seeking locations for additional big box retail development throughout the Southeast.
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