LOUISVILLE—GBT Realty Corporation recently purchased more than 13 acres to develop the $20 million Woodland Commons, a community retail center just south of Louisville in Elizabethtown. The company has completed nearly 50% of the site work and plans to launch vertical construction by October 1 on the 126,000-square foot development. Tenants have already agreed to lease 90% of the property, which GBT acquired from Woodland Partnership in July. The terms of the deal were not disclosed.
“The strength of Kentucky's economy and its successful rebound from the recession made for the ideal region for us to stake our development pursuits and identify opportunities for our retail partners,” says George Tomlin, president and chief executive officer of GBT. “And Elizabethtown is booming with its strong industrial base of 75 industries located within city limits coupled by a trade area of nearly 240,000 residents with an average household income of $56,000.”
Hobby Lobby and Academy Sports + Outdoors, each taking about 60,000-square-feet, have agreed to anchor the shopping center which sits at the intersection of Ring Rd. and Woodland Dr., a significant retail hub that includes retailers such as Home Depot, Belk, Sears, JCPenney, Target and Lowes Home Improvement. An additional 8,800-square-feet of small shop space is available. The site also includes one outparcel, for which GBT Realty is currently negotiating with a fast casual restaurant. The company expects to complete the center by spring 2015.
The development team includes Haines Gipson and Associates Engineers, MJM Architects, Kelsey Construction and TD Farrell Construction.
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