Planning is also underway for age-directed housing on a 10-acre site and office condominiums on a 10-acre site, he says. The developer is partnering with Cobblestone, based in the Chicagoland area, for the office condominiums and age-directed housing, he says. The number of units and specifics for both projects are still being decided. "We are still trying to work out sf," he says. The age-directed housing will be for-sale units geared for people who have lived in the community and want to downsize, he says. "The people are left in a large home that they really do not need," he says.

The open air shopping center will also undergo an addition for a Village Road Show, an upscale movie cinema. When the roughly 50,000-sf addition is completed, the center will have a total of approximately 750,000 sf, Ferstman says. The $200 million open-air shopping center received LEED certification earlier this year, as previously reported by GlobeSt.com.

The shopping center is 93% occupied, including the anchors, and 86% occupied excluding the anchors, Ferstman says. Retailers include Bass Pro Shops, coach, H&M, Yankee Candle, Sunglasses Hut and Macy's. The asking lease rate is between $34 and $44 per sf, net.

The center also has approximately 40,000 sf of office space with about 12,000 sf currently occupied, he says. The asking lease rate is $30 per sf net.