LOUISVILLE—GBT Realty Corporation recentlypurchased more than 13 acres to develop the $20 million WoodlandCommons, a community retail center just south of Louisville inElizabethtown. The company has completed nearly 50% of the sitework and plans to launch vertical construction by October 1 on the126,000-square foot development. Tenants have already agreed tolease 90% of the property, which GBT acquired from WoodlandPartnership in July. The terms of the deal were notdisclosed.

|

“The strength of Kentucky's economy and its successful reboundfrom the recession made for the ideal region for us to stake ourdevelopment pursuits and identify opportunities for our retailpartners,” says George Tomlin, president and chiefexecutive officer of GBT. “And Elizabethtown is booming with itsstrong industrial base of 75 industries located within city limitscoupled by a trade area of nearly 240,000 residents with an averagehousehold income of $56,000.”

|

Hobby Lobby and Academy Sports +Outdoors, each taking about 60,000-square-feet, haveagreed to anchor the shopping center which sits at the intersectionof Ring Rd. and Woodland Dr., a significant retail hub thatincludes retailers such as Home Depot,Belk, Sears,JCPenney, Target andLowes Home Improvement. An additional8,800-square-feet of small shop space is available. The site alsoincludes one outparcel, for which GBT Realty is currentlynegotiating with a fast casual restaurant. The company expects tocomplete the center by spring 2015.

|

The development team includes Haines Gipson andAssociates Engineers, MJM Architects,Kelsey Construction and TD FarrellConstruction.

|

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.