The 70,000-sf Marsh Supermarket is expected to open later this summer, while construction on the remaining 100,000 sf of retail space will begin shortly thereafter. It is Kite Realty Group's second development project this year, along with the $20-million Tarpon Springs Plaza in Naples, FL.
"The Naperville area is a particularly affluent community that has been experiencing rapid growth in recent years," says president and chief executive officer John A. Kite. Average household income in Naperville is above $115,000, and the three-mile trade area grew 23% in the past five years.
Earlier this year, Kite Realty Group paid $18.3 million for Fox Lake Crossing in that northwest suburb, which included the existing 99,100-sf retail center and adjacent 16 acres. It also owns a 132,725-sf center in South Elgin.
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