Kite Realty Group Trust Announces Transformational Redevelopment at Glendale Town Center
Kite Realty Group Trust (NYSE: KRG) has announced an extensive redevelopment of Glendale Town Center in Indianapolis. The project will introduce over 50,000 square feet of retail space featuring stores like Ross Dress for Less and Old Navy, while also enhancing the surrounding community with new residential units. A partnership with Milhaus aims to bring 267 modern apartments, complete with amenities such as a fitness studio and pool. Expected to be completed in 2021, this initiative underscores KRG's commitment to maximizing asset value and improving visitor experiences.
- Introduction of over 50,000 square feet of retail space including popular brands.
- Partnership with Milhaus to develop 267-unit residential community, AYR.
- Enhancements to community with new bike lanes and green spaces.
- None.
INDIANAPOLIS, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Kite Realty Group Trust (NYSE: KRG) has formally announced the next phase in the evolution of Glendale Town Center in Indianapolis, Indiana. Through an innovative, multi-faceted redevelopment that includes new retail, multi-family, outlot, and neighborhood improvement components, KRG will transform the community center to improve the visitor experience and maximize value of the asset.
“We are proud of the important role Glendale Town Center has historically played in the city of Indianapolis,” said Tom McGowan, President and COO of Kite Realty Group. “From its beginnings in 1958 as the city’s first traditional enclosed mall, to its conversion into an open-air center in 2007, to the exciting transformation happening today – Glendale shows that great real estate will continue to evolve and provide value to the surrounding community. We would like to thank Mayor Hogsett, the City-County Council, and the Metropolitan Development Commission for their support in bringing this project to life.”
Over 50,000 square feet of a former Macy’s retail space will be redesigned to welcome Ross Dress for Less, Old Navy, Five Below, and other new retailers to the shopping center. Target, Lowe’s, and Staples will remain mainstay offerings at Glendale, with Target having recently completed a redesign of its store. In addition, the center has received approval for new, attractively placed outlots along Keystone Avenue and 62nd Street for restaurant and retail use.
On the east side of the property, an under-utilized parking field will be transformed into a modern residential community. KRG has partnered with Milhaus, a national award-winning developer, to create AYR, a vibrant, 267-unit residential apartment project. AYR will offer residents a 24-hour fitness studio, pool, entertainment deck, dog park, and select live-work units.
The Glendale Town Center enhancement will also provide significant community benefits. In addition to the retail and living spaces, new bike lanes will be created along Rural St. to improve safety and accessibility. In addition, a public art component will be included on the grounds and existing parking areas will be transformed to green spaces for the neighborhood to enjoy.
Glendale Town Center’s redevelopment is expected to reach completion in 2021.
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to retailers in desirable markets through our portfolio of community, neighborhood, and lifestyle centers. Using operational, development, and redevelopment expertise, we continuously optimize our portfolio to maximize value and return to our shareholders. For more information, please visit our website at kiterealty.com.
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Safe Harbor
This release, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements, financial or otherwise, expressed or implied by the forward-looking statements.
Currently, one of the most significant factors that could cause actual outcomes to differ materially from the forward-looking statements is the potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on the financial condition, result of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets. The effects of COVID-19 have caused many of the Company’s tenants to close stores, reduce hours or significantly limit service, making it difficult for them to meet their obligations, and therefore will significantly impact the Company for the foreseeable future. The extent to which the COVID-19 pandemic impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, and possible short-term and long-term effects of the pandemic on consumer behavior, among others. Moreover, investors are cautioned to interpret many of the risks identified under the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.
Additional risks, uncertainties and other factors that might cause such differences, some of which could be material, include but are not limited to: national and local economic, business, real estate and other market conditions, particularly in connection with low or negative growth in the U.S. economy as well as economic uncertainty; financing risks, including the availability of, and costs associated with, sources of liquidity; the Company’s ability to refinance, or extend the maturity dates of, the Company’s indebtedness; the level and volatility of interest rates; the financial stability of tenants, including their ability to pay rent and the risk of tenant insolvency and bankruptcy; the competitive environment in which the Company operates; acquisition, disposition, development and joint venture risks; property ownership and management risks; the Company’s ability to maintain the Company’s status as a real estate investment trust for U.S. federal income tax purposes; potential environmental and other liabilities; impairment in the value of real estate property the Company owns; the actual and perceived impact of e-commerce on the value of shopping center assets; risks related to the geographical concentration of the Company’s properties in Florida, Indiana, Texas, Nevada and North Carolina; civil unrest, acts of terrorism or war, acts of God, climate change, epidemics, pandemics (including COVID-19), natural disasters and severe weather conditions such as hurricanes, tropical storms, tornadoes, earthquakes, droughts, floods and fires that may result in underinsured or uninsured losses; changes in laws and government regulations; governmental orders affecting the use of the Company’s properties or the ability of its tenants to operate; insurance costs and coverage; risks associated with cybersecurity attacks and the loss of confidential information and other business disruptions; other factors affecting the real estate industry generally; and other risks identified in reports the Company files with the Securities and Exchange Commission (“the SEC”) or in other documents that it publicly disseminates, including, in particular, the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and in the Company’s quarterly reports on Form 10-Q. The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
Contact Information:
Kite Realty Group Trust
Bryan McCarthy, SVP, Marketing & Communications
(317) 713-5692
bmccarthy@kiterealty.com
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