The 45-year-old Cherokee Plaza lost a grocery-store anchor soon after the purchase. Since then, Tri-Land has worked with the city to obtain a $3.5 million TIF to help bring in a new Walgreens, as well as adding a 17,000-sf Paul Mitchell Salon and adding more out-lots to the center, says Hugh Robinson, EVP with Tri-Land. He says the grocery building has been demolished, and the site will be redone by summer 2009.
"The occupancy right now is slightly less than 50%, but we anticipate that with six months of completion that we will be stabilized at the property, at 90% to 95% occupied," Robinson tells GlobeSt.com "This is a Main and Main location, at 95th Street and Antioch, one of the major arteries in the city and very densely populated with middle-families."
Similar redevelopments are going on at the four other centers, Robinson says. A renovation of the 49,000-sf Devonshire Village in Olathe, KS should be complete by the fourth quarter, he says. A TIF was just approved for the 208,000-sf Brywood Shopping Center in Kansas City, KS, with "a Price Chopper Supermarket expanding there, and a yet-to-be-identified 80,000-sf anchor tenant going in for the second phase," Robinson says.
Work at the 175,000-sf Ten Quivira Shopping Center in Shawnee, KS isn't as extensive, but over at the 84,000-sf Blue Springs Market in Blue Springs, Robinson says he's seeking another TIF. "We hope to have it approved in the fourth quarter," he says. "We're working with a former Kmart center, we're going to subdivide it into smaller boxes. We've got a couple of prospective tenants." The Blue Springs center is shadow-anchored by a Hy-Vee Supermarket that is also going through an expansion.
Robinson says getting a TIF approved in a community is today an essential component in the redevelopment of a center. "You've got all the costs, the competition for tenants, and the capital that the property will see once it's improved, a TIF is now a critical component in the cost of delivery," he says. "It's no longer just patching up the parking lot and painting the front façade."
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