Notre Dame and Kite Realty Group announce the addition of Trader Joe’s at Eddy Street Commons

Rhea-AI Summary

The University of Notre Dame, in partnership with Kite Realty Group Trust (NYSE: KRG), announced a new Trader Joe’s grocery store will open in Eddy Street Commons, South Bend. This marks a significant addition to the mixed-use development, fulfilling community desires for a specialty grocer. Trader Joe’s will anchor the southern end of Eddy Street Commons, which has seen significant investment over the years, totaling nearly $300 million. Construction is underway, with an opening date to be announced. The partnership aims to enhance community convenience and lifestyle.

Positive

• Trader Joe's will provide a sought-after specialty grocery option.
• The new store is part of the $300 million investment in the Eddy Street Commons development.
• Eddy Street Commons is an established mixed-use area that has contributed to local growth.

Negative

• None.

SOUTH BEND, Ind., Oct. 05, 2020 (GLOBE NEWSWIRE) -- The University of Notre Dame and Kite Realty Group Trust announced today that Trader Joe’s will open a new grocery store in South Bend, a half-mile south of the University campus at the Notre Dame-inspired Eddy Street Commons.

“Ever since Notre Dame’s leadership and our partners in the Northeast Neighborhood began to envision a lively retail, residential and restaurant district adjacent to campus, the hope was that a grocery store would be an anchor business,” University Executive Vice President Shannon Cullinan said. “This vision has been realized with Trader Joe’s, a truly iconic brand in America. We are confident that this key addition to Eddy Street Commons will be a wonderful resource in many ways for both the campus and broader communities.”

Notre Dame has partnered with Kite Realty Group Trust (NYSE: KRG) of Indianapolis for 15 years to create Eddy Street Commons (ESC), a mixed-use, new-urbanist, pedestrian-oriented development that extends for three blocks south of the campus.

“We are thrilled about the impending arrival of Trader Joe’s and what it will mean for the community,” said Tom McGowan, President and Chief Operating Officer of Kite Realty Group. “Over the past 15 years, Eddy Street Commons has grown with South Bend and the University, and the arrival of Trader Joe’s is a crowning addition to the neighborhood and development. We want to thank Trader Joe’s, the City of South Bend, and Notre Dame for making this partnership a reality.”

Phase I of Eddy Street Commons, extending from Angela Boulevard to Napoleon Street, opened in late 2009 and includes 170,000 square feet of retail, restaurant and office space, 266 apartments, 123 condominiums, 78 row/townhouses, Fairfield Inn & Suites and Embassy Suites hotels, and a parking garage. Phase II, from Napoleon to Howard Street, features new quarters for the Robinson Community Learning Center, an educational initiative of the University in partnership with the Northeast Neighborhood; approximately 450 apartment units; 8,500 square feet of restaurant space; a dog park and additional green space. The two phases combined represent a nearly $300 million investment in the Northeast Neighborhood.

Trader Joe’s will anchor the south end of Eddy Street Commons and provide what focus groups over the years have said was most desired in the development — a small-format, specialty grocer, and specifically Trader Joe’s. Construction of the new grocery store is underway with an opening date to be announced in the future.

“Kite Realty Group has been a wonderful partner since 2005, developing Eddy Street Commons in a manner consistent with the University’s vision to revitalize the Northeast Neighborhood and at the same time create a ‘college town’ adjacent to our campus,” Cullinan said. “We are deeply grateful to the Kite team for their tireless efforts in helping us bring Trader Joe’s to the region.”

Other components of the Northeast Neighborhood revitalization plan include the Notre Dame Avenue Housing Program and the Triangle housing development.

Cullinan also expressed his appreciation to South Bend leaders who over the years have worked closely with the University and Kite on ESC plans and their implementation.

“Mayors Luecke, Buttigieg and Mueller, as well as other city officials, have been incredibly helpful in bringing this attractive and functional development to fruition,” Cullinan said. “Eddy Street Commons would not have been possible without their guidance and partnership.

“Likewise, the insight, support and leadership provided by Notre Dame Trustees, advisory council members and others have been indispensable.”

Opening its first store in 1967, Trader Joe’s is headquartered in Monrovia, California, and has opened more than 500 stores in 42 states and Washington, D.C. Its products include gourmet, organic and vegetarian foods, domestic and imported wine and beer, as well as everyday basics.

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 neighborhood, community, 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.

Safe Harbor

Certain statements in this document that are not historical fact may constitute 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. 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 light of low or negative growth in the U.S. economy as well as economic uncertainty; the risk that KRG may not be able to successfully complete the planned dispositions on favorable terms – or at all; financing risks, including the availability of, and costs associated with, sources of liquidity; KRG’s ability to refinance, or extend the maturity dates of, its 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 or bankruptcies; the competitive environment in which KRG operates; acquisition, disposition, development and joint venture risks; property ownership and management risks; KRG’s ability to maintain its status as a real estate investment trust for federal income tax purposes; potential environmental and other liabilities; impairment in the value of real estate property KRG owns; the actual and perceived impact of e-commerce on the value of shopping center assets; risks related to the geographical concentration of KRG’s properties in Florida, Indiana, Texas, Nevada, and North Carolina; insurance costs and coverage; risks associated with cybersecurity attacks and the loss of confidential information and other business interruptions; and other factors affecting the real estate industry generally. KRG refers you to the documents filed by KRG from time to time with the SEC, specifically the section titled “Risk Factors” in KRG’s and the Operating Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which discuss these and other factors that could adversely affect KRG’s results. KRG 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

FAQ

What is the significance of Trader Joe's opening at Kite Realty Group Trust's Eddy Street Commons?

Trader Joe's opening is significant as it fulfills community demand for a specialty grocery store and enhances the retail landscape of Eddy Street Commons.

When will Trader Joe's open at Eddy Street Commons?

The opening date for Trader Joe's at Eddy Street Commons has not yet been announced.

How much has been invested in Eddy Street Commons by Kite Realty Group Trust?

Nearly $300 million has been invested in the Eddy Street Commons development, which includes various retail and residential facilities.

What other features does the Eddy Street Commons development include?

Eddy Street Commons includes retail, restaurant, residential spaces, apartments, and hotels.

What is Kite Realty Group Trust's stock symbol?

Kite Realty Group Trust is publicly traded under the stock symbol KRG.