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Retail Traffic

Midwest Mecca?

Midwestern retail markets have managed to avoid much of the overbuilding that is rampant in many coastal U.S. markets, and the region continues to be a magnet drawing investors, retailers and developers. “It seems to be holding up very strongly, and showing some growth over comparable periods,” says Bill Giouroukos, executive vice president of management and marketing in the new Chicago office of Los Angeles-based Westfield Corp.

He should know, since Westfield invaded the Midwest this year, pushing beyond its Missouri holdings by acquiring 12 regional malls in Illinois, Indiana, Ohio and Nebraska from Rodamco North America and The Richard E. Jacobs Group. Department store chain Nordstrom is also expanding in the area, opening its first St. Louis store after finding success with its foray into the Columbus market at Easton Town Center. Big-box retailers such as Wal-Mart, Lowe's and Target are right behind.

But all of this action is about exploiting underserved markets, not catering to new customers. Overall, the Midwest's population growth is as steady and slow as ever. Between 1990 and 2000, the population in Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, Ohio and Wisconsin gained 4.2 million people, or 7.2%, to bring the total to nearly 63 million, according to the U.S. Census Bureau. That compares with Florida's runaway growth rate of more than 33% for the same period and the U.S. national average of 13.1%.

Still, Midwestern population shifts spell opportunity for retailers. Rural residents, for example, are moving to metro areas and small cities such as Springfield, Mo., which saw its population grow by 61,000 or 23.3%, to nearly 326,000. These secondary markets are seeing more and more action, says Steve Stinnett, president of S.L. Stinnett Co. in Springfield. His firm is partnering with St. Louis-based TRiSTAR Business Communities to develop the $53 millon Sixty Five Marketplace, a 300,000-sq.-ft., mixed-use center in Ozark, Mo.

Some major markets, however, are showing signs of overbuilding.

In Columbus, Ohio and Indianapolis, some landlords are fearing vacancy jumps and rent drops after watching millions of square feet of new GLA spring up in recent years. Columbus' Northland Mall, for example, fell victim to new competitors that lured anchors away. Cigna, the lender that wound up controlling the mall, has it on the market and plans to close it soon.

Owners of older centers throughout the Midwest could face similar threats as big boxes eat up turf in most markets. Wal-Mart is leading the push with its aggressive supercenter grocery expansions, making local grocers queasy. Charles Krawitz, first vice president of real estate capital markets for LaSalle Bank in Chicago, says he ran away from a project in a small Wisconsin town when he learned that Wal-Mart was conducting traffic studies in the area. “I backed off,” he says. “If Super Wal-Mart opens, they'll likely destroy the three or four grocery stores in that market.”

Tremors in Columbus

The most dramatic tension in the region is in Columbus, which is approaching retail saturation. In spite of a population spike of 14.5% in the 1990s, Columbus already has more GLA per person — 25 sq. ft. — than any other major Midwestern city, according to Marcus & Millichap research. Construction peaked last year with 3 million sq. ft. of additional retail space after already adding some 2.4 million sq. ft. each year since 1998.

Polaris Fashion Place, a 1.5 million-sq.-ft. development, and the 750,000-sq.-ft. Easton Town Center expansion are two projects that have put pressure on older centers such as Northland Mall. These new developments bring the first Nordstrom, Saks Fifth Avenue, Lord & Taylor and Great Indoors stores to the market. Big names have in turn attracted a number of new specialty shops, and as of late summer, Crate & Barrel was the last of the behemoths still considering its Columbus location options.

This new wave of development is coming in just as consumer confidence is taking hits and people are cutting the frequency and volume of their shopping excursions. “The consumers are going to vote with their pocketbooks to decide who lives and who dies,” says Doug Leeds, vice president of leasing for Columbus-based Continental Realty. “When you bring that much retail online, other projects are going to suffer.”

And the suffering has already begun. First quarter 2002 data show vacancy rates nearing 10% with asking rents remaining flat at $12 per sq. ft. The vacancies, however, are not evenly distributed. While older regionals are seeing high vacancies, well-located, in-fill unanchored strip centers are fully occupied with tenants unwilling to cough up the steeper rents being asked at newer properties, according to Marcus & Millichap research.

Despite high vacancies, investors are still shopping for properties in Columbus. Twenty-nine shopping center sales occurred in Columbus in the first half of 2002, which is lighter than last year's pace but heavier than the late 1990s, says Jonathan Lee, regional manager of Ohio for Marcus & Millichap. Northland Mall, which sits on 84 acres of a densely populated area, may offer the biggest opportunity. “That's probably going to be the biggest story in retail in the near-term in Columbus,” Lee says. “You don't find a lot of 84-acre parcels within the city.”

In Cincinnati, developers appear to be taking steps to avoid duplicating the Columbus situation. Though the city reached near-record levels of new retail completions in 2001, many planned centers, including The Rouse Co.'s proposed 785,000-sq.-ft. Cincinnati Center in suburban Deerfield, are now on hold until the economy revives. According to Grubb & Ellis estimates, Cincinnati's vacancy rate will rise to 7.4% in 2002 from 6.9% in 2001. Average asking rents are also expected to rise slightly, from $12.50 in 2001 to $13 in 2002.

Slowing growth

Meanwhile, construction is continuing in most major Midwestern markets, with Chicago among the most active. Its healthy 11.6% growth in population during the 1990s raised its total to about 8.3 million people. Chicagoland also added more than 4 million sq. ft. of new retail GLA in each of the past three years, according to Marcus & Millichap.

In 2002, new construction is expected to drop to roughly 3 million sq. ft., though it will still likely drive vacancies up over the 2001 figure of 11%. In addition to new construction, the closing of 15 Kmart stores is emptying more than 1 million sq. ft. Together, those factors are expected to slow the rate of rent growth. Chicago asking rents averaged $16.50 in 2001, according to CB Richard Ellis, and are predicted to reach $16.93 by year's end.

Big-boxers and grocery chains, unscathed by the recession, continue to take new space in Chicago. Kroger is introducing 15 new stores. Menard's, a regional home improvement player based in Eau Claire, Wis., is revamping several of its stores into a larger formats to fend off Lowe's and Home Depot. Walgreen's continues to expand in Chicago, and throughout the Midwest. The drugstore chain is popular among investors, particularly buyers looking for property as part of a 1031 exchange, according to LaSalle Bank's Krawitz.

The Detroit area also has experienced a slew of new retail construction, with 3 million sq. ft. or more added to the market in each of the past three years, according to Marcus & Millichap. But the rate of new additions is expected to drop by 50% this year, decreasing the pressure on rising vacancies and falling rents. Grubb & Ellis expects Detroit vacancies to reach 8.2% this year, while asking rents will fall slightly to $15.30 per sq. ft.

Leasing activity has remained strong, according to Eric Olson, principal of Olson Retail Group in Detroit. Particularly active are Macomb, Oakland and Livingston counties, where this fall Troy, Mich.-based Robert B. Aikens & Associates is scheduled to open the $90-million, 375,000-sq.-ft. Village of Rochester Hills lifestyle center. Also on tap, Newport Beach, Calif.-based PLC Commercial is scheduled to complete the first phase of its $115 million, 737,000-sq.-ft. Fountain Walk.

Those three counties added 226,620 residents during the 1990s, accounting for 80% of Detroit's population growth, which in 2000 stood at nearly 5.5 million. Rather than many new retailers coming to the market, Olson sees existing stores such as A.J. Wright (a division of TJX Corp.) hunting for new sites and dominating leasing activity.

The long-running effort to attract restaurants, stores and entertainment venues to downtown Detroit is getting a lift with the opening of Ford Field football stadium, but Olson says much more housing is needed before the district becomes viable for retailers. Still, he sees the beginnings of residential redevelopments taking place along the Jefferson Avenue corridor out of downtown toward the Gross Pointe areas on Lake St. Clair. Jefferson Village, a planned-unit development a couple of miles outside of downtown, includes homes and a 140,000-sq.-ft. shopping center that is about 60% leased. “A lot of things are being planned for that corridor,” Olson says, “with a strong emphasis on rooftops.”

In Indianapolis, expansions led by Target, Wal-Mart, Menard's, Home Depot, Lowe's, Sam's Club and Costco have added some 6 million sq. ft. of new space to the market over the past three years, and an additional 1 million sq. ft is expected to be completed in 2002, according to Marcus & Millichap. Indianapolis is also a market that doesn't anticipate any Kmart closings — the retailer finished redeveloping five properties into super centers about the same time it declared bankruptcy, says Bill French, vice president of retail sales and leasing for Colliers Turley Martin Tucker.

While 7 million sq. ft. is a bundle to sustain, French doesn't think Indianapolis' retail market is saturated, despite flattening rents and temporarily rising vacancies. Grubb & Ellis predicts vacancy rates will rise to 11.9% in 2002 compared to only 7% in 2001. Average asking rents are also expected to dip slightly from $13 a foot in 2001 to $12.90 in 2002.

In spite of this news, French says the market continues to grow: Indianapolis' added 227,000 people in the 1990s to bring its total population to 1.6 million in 2000, and nearly 79,000 of those moved into Hamilton County, the 29th-fastest-growing county in the United States during that period. Second, new construction is about to cease. “A lot of the construction is in the final stages,” he says, “and we don't see a lot coming out of the ground.”

Building states

The major markets in Iowa, Kansas, Minnesota, Missouri, Nebraska and Wisconsin also have added millions of square feet of new retail space over the past few years. While several markets are slowing down, others are continuing on a torrid pace and attracting new retailers.

Nordstrom, for example, opened its first Missouri store in Westfield Shoppingtown West County in Des Peres, a St. Louis suburb. Westfield acquired the former 563,000-sq.-ft. center several years ago but recently completed a $232 million redevelopment to transform it into a 1.2 million-sq.-ft. regional mall. In addition to Nordstrom, new market entrants locating in the mall include Galyan's Trading Co., Coldwater Creek and Adrienne Vittadini, while Famous-Barr and Lord & Taylor have established regional flagship operations there. St. Louis vacancy rates are holding steady at 7%, according to CB Richard Ellis, with average asking rents estimated to reach $15.75 this year.

Across the state in the Kansas City area, retail development is continuing. Population in the metropolitan area, which includes 11 counties in Missouri and Kansas, grew 12.2% in the 1990s to 1.8 million in 2000. About 70% of that growth came in the fast-growing suburban areas of Cass County, Mo., and Johnson County, Kan.

In all, 1.2 million sq. ft. of retail space was coming onstream at the beginning of the year, according to Kansas City, Mo.-based R.H. Johnson Co. And developers have some 3.5 million sq. ft. on the drawing board or in early stages of development, including the 1 million-sq.-ft. Zona Rosa mixed-use development by Columbus-based Steiner + Associates. The project is the redevelopment of Bannister Mall, anchored by a new 144,000-sq.-ft. Bass Pro Shops, and the 1.5 million-sq.-ft. Village West entertainment and retail project (see sidebar p.50).

First-quarter 2002 vacancy rates averaged 10.2% in the area, according to CB Richard Ellis, while second-quarter 2002 asking rents averaged $16 per sq. ft. Filling vacancies, though, is an issue, says Bill Shackelford, retail leasing representative with Leawood, Kan.-based Copaken White & Blitt. “There are definitely some retailers out there making deals,” he says, “but it doesn't seem as busy as it used to be.”

Big-box operators have been included to expand in Kansas City. Target was scheduled to open two new infill stores this fall at a former Montgomery Ward's location in Ward Parkway Center in Kansas City, Mo., and at a long-vacant strip center in Mission, Kan.

New construction also is continuing in the growing Minneapolis-St. Paul market, which added nearly 500,000 new residents for a 17% growth rate during the 1990s. The market added almost 3 million sq. ft. of retail space between first-quarter 2001 and second-quarter 2002, according to CB Richard Ellis, while more than 2.4 million sq. ft. is under construction and planned for delivery by next year. Discounters and warehouse clubs such as Wal-Mart, Target, Costco, Sam's Club, Home Depot and Menard's all have added new stores.

At the same time, citing economic conditions and nearby retail development, Columbia, Md.-based The Rouse Co. scrapped another project — an enclosed regional mall at the intersection of Interstate 94 and the planned extension of Highway 610 in Maple Grove.

Nearby, however, a joint venture between Minneapolis-based Opus Northwest and Kansas City, Mo.-based RED Development has broken ground on The Shoppes at Arbor Hills, a 410,000-sq.-ft. lifestyle center with 180,000 sq. ft. of tenants signed, including Abercrombie & Fitch, Pottery Barn and AnnTaylor.

Overall vacancy rates in the Twin Cities are expected to drop slightly to 5.62% in 2002 from 5.9% in 2001, according to CB Richard Ellis, while average asking rents in the market will drop slightly to $17.32 per sq. ft. from $17.57 in 2001.

In suburban Madison, Wisc., RED Development also has started construction on Greenway Station, a 420,000-sq.-ft. lifestyle center that is the first of its kind in the city, and will bring new tenants and concepts such as Chico's and AnnTaylor Loft, as well as Macaroni Grill and Big Bowl, to the area.

In the 1990s, Madison's population grew 16% to 427,000, and residents saw power and strip center growth along its east side, says Rob Zache, president of Central Place Real Estate in Middleton. “Madison is a classic case of all the things retailers are looking for — a growth of homes, office parks and good traffic systems,” he says. “In addition, there's been no new major development [the likes of Greenway Station] in the city for 20 years.”

Potential renovations and tenant repositioning also are expected in older centers, including Chattanooga-based CBL & Associates Properties' purchase of East Towne and West Towne malls in Madison last year.

To the east in the state's major market of Milwaukee, which has a population of about 1.5 million, signs of repositioning are emerging, too. Despite little construction in recent years, vacancies continue to rise while rents hold flat. In suburban Brookfield, for example, city leaders and architecture firm RTKL Associates of Dallas have drafted a renovation plan for the 1.2 million-sq.-ft. Brookfield Square mall with the hope that owner CBL is receptive.

In Omaha, Neb., about 652,000 sq. ft. was under construction at the beginning of the year and more than 1 million sq. ft. is in the planning or early development stages, according to Omaha-based Lund Co. The city's population of nearly 720,000 in 2000, which increased 12.1% during the 1990s, is seeing retailers that heretofore have bypassed the Omaha market because of too little space available, says Richard Secor Jr., senior vice president of Lund Co. “Now they're beginning to find vacant space as new concepts and superstores steal market share and close competitors, or they're finding space in newly constructed shopping centers,” he says.

Lund Co. reports Omaha's vacancy rate was 4% in first quarter 2002, while the average asking rent for the market was $13 in the second quarter.

Next door in Iowa, the capital city of Des Moines anticipates similar growth. The city had a population of 456,000 in 2000 — a gain of 16.1% during the 1990s. And though only some 225,000 sq. ft. of new retail space came online in the first half of 2002, this month General Growth Properties is scheduled to break ground on Jordan Creek Town Center — a $200 million, 1.2 million-sq.-ft. regional mall in West Des Moines. Anchors include Scheels All Sports, Dillards and Famous-Barr.

Leasing brokers say the mall will bring new retailers to other venues in the market. “Des Moines is going to be expanding very rapidly,” says Stephen Brower, president of Brower Real Estate Services, who is leasing the 600,000-sq.-ft. Westglen Town Center in West Des Moines, a mixed-use development modeled after Country Club Plaza in Kansas City, Mo. “There's a whole band of new retailers looking at our market.”

Midwest markets by the numbers

99 00 01 02*
10.2 10.4 11.1 11.5 Vacancy rate (%)
15.28 16.20 16.60 16.93 Annual asking rent ($)
4,135 4,511 4,417 3,389 Total retail completions (sq. ft.-000s)
1.2 1.4 -0.4 -0.9 Employment growth (%)
4.1 4.2 5.3 6.2 Unemployment rate (%)
99 00 01 02*
7.6 6.4 6.9 7.4 Vacancy rate (%)
12.21 12.52 12.65 12.83 Annual asking rent ($)
1,333 1,574 2,859 1,183 Total retail completions (sq. ft.-000s)
1.7 1.3 -0.5 -0.5 Employment growth (%)
3.5 3.5 3.7 4.4 Unemployment rate (%)
99 00 01 02*
7.9 6.4 6.9 7.4 Vacancy rate (%)
12.21 12.52 12.65 12.83 Annual asking rent ($)
2,403 2,606 2,990 1,200 Total retail completions (sq. ft.-000s)
3.0 2.7 0.2 -0.6 Employment growth (%)
2.6 2.5 2.8 3.5 Unemployment rate (%)
99 00 01 02*
6.2 5.7 7.4 8.2 Vacancy rate (%)
14.90 15.26 15.39 15.50 Annual asking rent ($)
2,994 3,591 3,189 1,660 Total retail completions (sq. ft.-000s)
2.0 2.2 -0.8 -1.0 Employment growth (%)
3.5 3.2 4.8 6.0 Unemployment rate (%)
99 00 01 02*
8.9 10.2 10.7 11.7 Vacancy rate (%)
12.59 12.92 12.92 12.98 Annual asking rent ($)
1,432 1,957 2,370 1,374 Total retail completions (sq. ft.-000s)
2.8 2.5 -0.7 -0.7 Employment growth (%)
2.4 2.5 2.9 4.3 Unemployment rate (%)
Minneapolis/St. Paul
99 00 01 02*
7.1 6.5 7.3 8.2 Vacancy rate (%)
15.02 15.44 15.77 15.85 Annual asking rent ($)
2,300 1,874 2,156 1,890 Total retail completions (sq. ft.-000s)
2.6 2.7 0.0 -0.8 Employment growth (%)
2.2 2.6 3.1 3.9 Unemployment rate (%)
Source: Marcus & Millichap.
* forecast

Midwest demographic snapshot

The 10 state region has 63 million residents. Population growth in the 1990s ranged from 4.7% to 12.4%, somewhat lower than the nationwide figure of 13.1%. But the home ownership rate in the Midwest is on average higher than the nationwide figure of 66.2%, and median household incomes in the 10 states are above the national median income of $37,005.


  • Total population (2001): 12.5 million
  • Population percent change 1990-2000: 8.6%
  • Home ownership rate 2000: 67.3%
  • Median household income 1997: $41,179
  • Unemployment rate July 2002: 6.7%


  • Total population (2001): 6.1 million
  • Population percent change 1990-2000: 9.7%
  • Home ownership rate 2000: 71.4%
  • Median household income 1997: $37,909
  • Unemployment rate July 2002: 5.1%


  • Total population (2001): 2.9 million
  • Population percent change 1990-2000: 5.4%
  • Home ownership rate 2000: 72.3%
  • Median household income 1997: $35,427
  • Unemployment rate July 2002: 4.0%


  • Total population (2001): 2.7 million
  • Population percent change 1990-2000: 8.5%
  • Home ownership rate 2000: 67.3%
  • Median household income 1997: $36,488
  • Unemployment rate July 2002: 4.6%


  • Total population (2001): 10 million
  • Population percent change 1990-2000: 6.9%
  • Home ownership rate 2000: 73.8%
  • Median household income 1997: $38,883
  • Unemployment rate July 2002: 5.2%


  • Total population (2001): 5 million
  • Population percent change 1990-2000: 12.4%
  • Home ownership rate 2000: 74.6%
  • Median household income 1997: $41,591
  • Unemployment rate July 2002: 4.3%


  • Total population (2001): 5.6 million
  • Population percent change 1990-2000: 9.3%
  • Home ownership rate 2000: 70.3%
  • Median household income 1997: $34,502
  • Unemployment rate July 2002: 5.2%


  • Total population (2001): 1.7 million
  • Population percent change 1990-2000: 8.4%
  • Home ownership rate 2000: 67.4%
  • Median household income 1997: $35,337
  • Unemployment rate July 2002: 3.6%


  • Total population (2001): 11.4 million
  • Population percent change 1990-2000: 4.7%
  • Home ownership rate 2000: 69.1%
  • Median household income 1997: $36,029
  • Unemployment rate July 2002: 5.7%


  • Total population (2001): 5.4 million
  • Population percent change 1990-2000: 9.6%
  • Home ownership rate 2000: 68.4%
  • Median household income 1997: $39,800
  • Unemployment rate July 2002: 4.7%

Sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis

The big Kansas bet

Kansas City's racetrack stimulates a much-needed retail infusion.

At a time when many retailers are chasing upscale demographics, Kansas City, Kan., is banking on its diverse, hard-scrabble, blue-collar community to pull the state out of the cellar of U.S. tourism rankings.

The city found itself at the center of a storm of tourists following the opening of the Kansas Speedway two years ago. City officials are now intent on bolstering the city's newfound celebrity by developing Village West, a 400-acre, $340 million retail and entertainment district adjacent to the racetrack at the crossroads of Interstates 70 and 435.

Not only do local and state officials anticipate Village West improving the state's tourism fortunes, but they're banking on badly-needed new tax revenue in a community long-plagued by a retreat of population and business.

Even with only one store open, officials like their chances this early in the race. It helps that the store happens to be a 188,000-sq.-ft. Cabela's, an outdoor sports outfitter that draws millions to its handful of Midwest locations. Cabela's, based in Sidney, Neb., drew 140,000 shoppers its first four days when it opened in August. “Village West has certainly met if not exceeded our expectations,” says Don Denny, a spokesman for the Unified Government of Wyandotte County and Kansas City, Kan., “and we've exceeded our expectations in terms of the stores we're attracting.”

Another big destination that draws millions, Berkshire Hathaway's Nebraska Furniture Mart, will open its 580,000-sq.-ft. operation next year. In June, Madison, Wis.-based Great Lakes Cos. broke ground on its $51.5 million Great Wolf Lodge, a 281-suite resort and indoor water park. Kansas City, Mo.-based RED Development, which controls 75 of the 400 acres with an option for 40 more, recently began constructing a $115 million, 600,000-sq.-ft. indoor/outdoor shopping center that will mix value and upscale tenants. This fall, Wichita-based Warren Theatres will begin construction of its 12-screen movie theater, and Applebee's is putting in a 200-seat restaurant.

Originally dubbed the Tourism District, Village West has been in the works for about five years, following Daytona, Fla.-based International Speedway Corp.'s (ISC) decision to build a 75,000-seat, 2.5-mile track on the western edge of Kansas City, Kan. Keying on an opportunity to create an economic hot rod that would attract visitors from around the region and provide jobs and amenities for residents, Unified Government officials took control of 400 nearby acres. Kansas City, Mo.-based Zimmer Cos. was hired as master developer of the tract, and Kansas lawmakers authorized $145 million in STAR bonds to finance the project. STAR bonds use state sales tax generated within a development to help pay for it.

In early September, officials added minor league baseball to Village West when Minnesota's Duluth-Superior Dukes Baseball Club, which plays in the independent Northern League, announced it would build a $12 million, 4,500-seat baseball stadium on about 40 acres and begin playing next spring.
— Joe Gose


Project Name/City, State Developer-Manager/Headquarters Center Type Project Type Current GLA/(Planned Addition) Completion Date* Anchors
Oak Brook Center Oak Brook, Ill. The Rouse Co., Columbia, Md. M RN 2 million sq. ft. November 2002 Lord & Taylor, Marshall Field's, Nordstrom, Neiman-Marcus, Sears, Saks Fifth Avenue
Geneva Commons Chicago Jeffrey R. Anderson RE Chicago L N 420,000 sq. ft. Open Barnes & Noble, Galyans
The Shoppes at Hickory Creek Mokena, Ill. Schramko Real Estate Hinsdale, Ill. P N 255,000 sq. ft. 2003 TBA
Brickyard Mall Chicago Mid-America Asset Mgmt. Oakbrook Terrace, Ill. M RD 878,360 sq. ft. TBA TBA
Deer Park Town Center Deer Park, Ill. Poag & McEwen Memphis, Tenn. L E 500,000 sq. ft. March 2003 Pottery Barn, Banana Republic, Chico's, Eddie Bauer Home
Stony Creek Noblesville, Ind. Duke Realty Corp. Indianapolis, IN P N 380,000 sq. ft. (+ 6 outlots) Fall 2003 TJ Maxx, Linens ‘N Things, Pier 1 Imports, Barnes & Noble, Shoe Carnival
Clay Terrace Carmel, Ind. Lauth Property Group Indianapolis MU N 520,000 sq. ft. Phase I Oct. 2003 TBA
Merchant's Pointe Carmel, Ind. The Linder Co. Indianapolis L N 90,000 sq. ft. Open Borders, Macaroni Grill
Pilgrim Place Shopping Center Plymouth, Ind. Chase Properties Ltd. Beachwood, Ohio S E 370,500 sq. ft. Summer 2003 JCPenney, Sears, Staples
Southport Commons Indianapolis Lauth Property Group Indianapolis P N 475,000 sq. ft. 2003 Super Target, Home Depot, Kohl's
Jordan Creek Town Center West Des Moines, Iowa General Growth Properties Chicago M/L N 2 million sq. ft. August 4 2004 Dillard's, Scheels All Sports, Famous-Barr
Edelweiss Village Shopping Center Gaylord, Mich. TBO Realty Auburn Hills, Mich. P N 450,000 sq. ft. February 2004 Wal-Mart Supercenter
Fountain Walk Novi, Mich. PLC Commercial Newport Beach, Calif. L N 737,000 sq. ft. Open The Great Indoors, Galyans, Van's Skatepark, Emagine Theater
Paint Creek Crossing Ypsilanti Township, Mich. Friedman Group Farmington Hills, Mich. N N 110,000 sq. ft. Spring 2003 Kroger
Village of Rochester Hills Rochester Hills, Mich. Robert B. Aikens & Assoc. Troy, Mich. L N 375,000 sq. ft. Open Parisian, Pottery Barn, AnnTaylor, Williams-Sonoma, Eddie Bauer
Eastwood Towne Center Lansing, Mich. Jeffrey R. Anderson RE Chicago L N 393,000 sq. ft. Open Dick's Sporting Goods, Pottery Barn P.F. Chang's, AnnTaylor Loft
Grandville Marketplace Grandville, Mich. JDN Realty Corp. Atlanta S N 361,525 sq. ft. Winter 2002 Lowe's, Gander Mountain, Linens ‘N Things, Circuit City
Novi Promenade Novi, Mich. Kaplan Co. Detroit P N 375,000 sq. ft. Fall 2002 Target
Tel-Twelve Shopping Center Southfield, Mich. Ramco-Gershenson Southfield, Mich. C E 700,000 sq. ft. April 2003 Lowe's
Riverdale Village Coon Rapids, Minn. Developers Diversified Cleveland P E 400,000 sq. ft. (+440,000 sq. ft.) Open Sears, Costco, Kohl's, Jo An, Linens ‘N Things
Hastings Market Place Hastings, Minn. North American Properties Cincinnati S N 92,000 sq. ft. January 2003 Cub Foods, Caribou Coffee, Ruby Tuesday
Southwest Station Eden Prairie, Minn. North American Properties Cincinnati MU N 65,000 sq. ft. April 2003 TBA
Zona Rosa Kansas City, Mo. Steiner + Associates Columbus, Ohio MU N 1 million sq. ft August 2003 Victoria's Secret, Abercrombie & Fitch, The Buckle, Dick's Sporting Goods
Westfield Shoppingtown West County St. Louis Westfield Corp. Los Angeles M RD/E 563,000 sq. ft. (+637,000 sq. ft.) Open Nordstrom, Famous-Barr, JCPenney, Lord & Taylor
Sixty Five Marketplace Ozark, Mo. S.L. Stinnett/TriSTAR St. Louis MU N 150,000 sq. ft. 2003 Missouri Furniture, Pricecutter
The Boulevard-St. Louis St. Louis Pace Properties Inc. St. Louis MU N TBA 2004 TBA
Shoppes at Cross Keys Florissant, Mo. Sansone Group St. Louis S RD 315,325 sq. ft. Fall 2002 Schnuck's, Home Depot
Wentzville Crossroads Marketplace Wentzville, Mo. THF Realty St. Louis P N 200,000 sq. ft. Open Schnuck's Super Center, Home Depot
Primrose Market Place Springfield, Mo. Kimco Realty Corp. New Hyde Park, N.Y. P N 277,560 sq. ft. March 2003 Best Buy, JCPenney TJ Maxx, Builders Square
Streets of Perrysburg Toledo, Ohio Continental Real Estate Columbus, Ohio L N 220,000 sq. ft. TBA TBA
Streets of West Chester West Chester, Ohio Continental Real Estate Columbus, Ohio MU N 350,000 sq. ft. Summer 2003 To be announced
Market Square Cincinnati Steiner + Associates Columbus, Ohio MU N 1 million sq. ft. Fall 2003 Barnes & Noble, Galyans, Showcase Cinemas
Greene Town Center Dayton, Ohio Steiner + Associates Columbus, Ohio MU N 900,000 sq. ft. Spring 2004 Showcase Cinemas
Legacy Village Lyndhurst, Ohio First Interstate Properties Beachwood, Ohio L N 615,000 sq. ft. October 2003 Galyans, EXPO Design Center, The Cheesecake Factory, Crate & Barrel
The Crossings at Golden Link Macedonia, Ohio DeBartolo Property Group Pepper Pike, Ohio P N 81,000 sq. ft. April 2003 The Palm Restaurant Oceanaire Restaurant
Ridge Plaza Cincinnati Kimco Realty Corp. Los Angeles S RD 140,000 sq. ft. Complete Big Lots, Lowe's Circuit City
Streetsboro Crossing Streetsboro, Ohio Visconsi Cos. Ltd. Pepper Pike, Ohio S N 426,000 sq. ft. Open Tops Supermarket Lowe's
Graceland Columbus, Ohio Don M. Casto Organization Columbus, Ohio S RD/E 720,806 sq. ft. Complete Big Bear Plus, Burlington Coat Factory Sears Hardware
University Square Cleveland, Ohio Starwood Wasserman LLC Providence, R.I. C RD 621,254 sq. ft. Phase II Spring 2003 Target, Kaufmann's Tops Supermarket
Countryside Place Lebanon, Ohio Developers Diversified Beachwood, Ohio C E 130,000 sq. ft. Complete Wal-Mart
Belden Park Crossing Canton, Ohio Developers Diversified Beachwood, Ohio P E 604,493 sq. ft. Open Target
Valley View Mall LaCrosse, Wisc. Jones Lang LaSalle Atlanta M RN 944,004 sq. ft. Complete JCPenney, Marshall Field'sSears, Herberger's
Greenway Station Middleton, Wis. RED Development Kansas City, Mo. L N 420,000 sq. ft. Fall 2003 TBA
Southgate Marketplace Milwaukee JDN Realty Corp. Atlanta S RD 120,000 sq. ft. Winter 2002 Wal-Mart, Walgreens Movies 10
Center Type: S=Strip Center, N=Neighborhood Center, C=Community Center, E=Entertainment center M=Regional/Superregional Mall, P=Power Center, O=Outlet Center, L=Lifestyle Center, F=Fashion/Specialty Center, MU=Mixed-Use Development.
Project Type: N=New Project, E=Expansion, RN=Renovation (updating look, refacing, common area or amenities upgrade), RD=Redevelopment (demalling or remerchandising).
Completion Date*: Subject to change.
Existing/Planned GLA (Expansion GLA): GLA=Gross Leasable Area. TBA=To be announced/unavailable.
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