Monday, June 4, 2007

Several years ahead of its time?

A developer is proposing to build a lifestyle (I think?) center with 500k sf of retail, a hotel, 15 outparcels and 22 acres of senior housing about two miles from my house. Groundbreaking is to take place on June 22.

This is a great idea -- in about 2014. The infrastructure, population, demographics and tenants are lacking. The necessary exit on I-57 to make this work will not be built until 2011 or 2012 at the earliest, I'm told. The senior part might be the best part of it of all; good idea. The mobile home park across the street, combined with the heavy medical office uses going in this corridor are negatives but can be overlooked. After all, the park may go someday and I think this can be a prime corner.

The story says that there was hoopla about this at ICSC, but (a) none of my sources there told me about it and (b) almost everything at ICSC is looked upon with enthusiasm.

Of course, I really hope I am wrong. I'd like to see that much good retail near my house, although I also want to see some four or six lane highways first, and some of the existing vacant retail spots in town filled in.

All in all, if this is a long-term play, then I applaud the developer. If this is something they really expect done and reasonably leased up by late 2008, then I just don't see it happening.