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Louisville, Ky. — GBT Realty Corp. has closed on the purchase of approximately 32 acres along Shelbyville Road at I-265 for the development of Middletown Commons in Louisville, Ky. Plans call for the first tenants to open in late 2014.
The mixed-use power center will include more than 225,000 sq. ft. of retail space and six outparcels ranging from 0.6 acres to 1.88 acres. According to GBT Realty, total development costs will likely exceed $50 million.
A major sports retailer will anchor the development. Additional signed tenants include Hobby Lobby, Liquor Barn, Rack Room Shoes, Ross Dress for Less, Chick-fil-A and Texas Roadhouse.
“We are 80% leased before starting construction, with a long list of additional tenants for the remaining spaces,” said Fraser Schaufele, VP of leasing and brokerage at GBT.
Construction will begin immediately. GBT will provide development, leasing, construction management and property management services. The development team includes MJM Architects and Gresham Smith and Partners as the project engineers. Louisville Paving & Construction will handle the site work. PNC Bank is providing construction financing.
Middletown Commons is one of two shopping centers GBT is developing in Louisville. The second is Jefferson Commons located on 27 acres next to the Jefferson Mall. Construction there is slated to begin in January.