WESTFIELD, IN-Pine Tree Commercial Realty has proposed plans to the village council for a new 430,000-sf lifestyle center on 64 acres, on the northeast corner of US Highway 31 and E. 161st Street. The project will cost $83 million to put together, says a company spokeswoman.

Lantern Commons is slated to have two fashion department stores, at 100,000 sf each, as anchors. There will also be up to four mid-sized national or regional retailers and several outlots for freestanding restaurants and business tenants, such as banks. There will also be space for up to 30 boutique shops, and some potential office space.

The spokeswoman tells GlobeSt.com that no tenants can be announced yet. “They’re right now in negotiations,” she says. She says the company does not want to put in fast-food restaurants or big-box stores such as Wal-Mart or Target.

The project is supposed to have a walk-able, Main Street-feel, with fountains, gazebos, streetlamps, tree-lined walkways, foot bridges over streams, planters, public art, a clock tower and more. New York City-based GreenburgFarrow has been hired as the architect. Bill French with Colliers Turley Martin Tucker will handle the leasing of the project.

Lee Pearson, SVP, said in a statement that the company hopes to break ground in the summer 2008. “Then we’ll have the stores opening in the fall of 2009,” he said. The company is now going through the process with the village, which coincidentally will be changing over to a city in January. The Village Board or City Council will ultimately have to approve the project.

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