Lane4 is partnering on a proposed Lawrence shopping center
06/26/2014 5:04 PM
06/26/2014 5:35 PM
Lane4 Property Group plans to co-develop a new regional shopping center in Lawrence that’s intended to take advantage of nearby residential growth and the newly opened Rock Chalk Park athletic complex.
The proposed 600,000-square-foot retail development would be at the corner of Kansas 10 and West Sixth Street directly south of Rock Chalk Park. The athletic complex opened in the spring and includes track, softball and soccer facilities for the University of Kansas.
The location also is near an area of Lawrence that has experienced substantial residential construction in recent years. The proposed shopping center also is expected to be part of a larger mixed-use development called The Mercato.
The retail development would include 250,000 square feet of anchor and entertainment space and 350,000 square feet of additional retail.
At this point, no tenants have been signed, but Pat Peery, senior vice president of Kansas City-based Lane4, said work will begin as soon as a major retailer agrees to participate.
“This site is uniquely positioned to draw new retailers to Lawrence who are not currently in the market,” Peery said. “Ultimately we want to keep customers shopping in Lawrence rather than giving away sales to Topeka, Village West and Johnson County.”
According to Lane4, the firm is joining Lawrence developers and property owners Duane and Steve Schwada and members of the Gene Fritzel family on the venture. The Schwada and Friztel families have deep roots in Lawrence and have developed industrial, residential, retail, hotels and office buildings in Douglas County.
“We believe the Mercato regional commercial center will complement the strengths of our downtown and provide balanced commercial growth between the west and south sides of our community,” Steve Schwada said in a statement.
Lane4 Property Group has been active recently in pursuing two major shopping center redevelopment plans. The firm was recently hired by the Unified Government of Wyandotte County and Kansas City, Kan., to help identify opportunities for the former Indian Springs Mall and also is partnering on the redevelopment of the former Metcalf South Shopping Center in Overland Park.
The firm also is finishing 39Rainbow, a $40 million mixed-use project across Rainbow Boulevard from the University of Kansas Medical Center. It also is developing a small retail center anchored by a Wal-Mart Neighborhood Market in the Argentine community of Kansas City, Kan.