Plans call for a shopping center of about 133,000 square feet of retail space, with such chain-store tenants as Marshalls, Ross Dress for Less, Michaels, PetSmart and Shoe Carnival, with store openings anticipated in the spring of 2016.
The center’s remaining available space and three out-lot parcels are currently being marketed to complementary retail and restaurant users, according to a statement from the Inland Real Estate Corporation, a real estate investment trust that owns and operates shopping centers mostly in Central U.S.
The property benefits from high traffic volumes, with vehicles per day totaling 160,000 on I-55 and 41,400 on Pulaski Road. The shopping center will draw from a population base of 217,083 with average household incomes of $67,458 within a three-mile radius, according to an Inland statement.
Some $7.9 million in Tax Increment Financing (TIF) funds are being used to sweeten the deal for developers.
Bringing the fallow parcel from rubble to ribbon cutting has been more than a challenge, according to 14th Ward Alderman Edward M. Burke, widely acknowledged as a champion of the site's re-development. Burke told the assembled audience of about two dozen business, government and civic leaders that the project had "been on life support" several times in recent years.
Burke was praised by several key figures at the ceremony as "stalwart," a "motivator" and the "impetus" for the deal getting done.
Archer Heights Civic Association President Thomas S. Baliga praised the development and said he hopes it can serve as a catalyst for other eyesore sites in the neighborhood to start moving forward, most notably the old Miami Bowl site near Archer and Pulaski.
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Not looking forward to the increased traffic in the area. It is already a nightmare during both rush hours every day.
ReplyDeleteVery Exciting!
ReplyDeleteAnyone know whats going on at 47th and Cicero ( the old J&J Fish) ?
ReplyDeleteI heard rumors that they want to put another Loan shark store ( payday loans, etc)
I hope not