Tennessee-based GBT Realty Corp. plans to invest $35 million to continue the build-out of the Jeffersonville Town Center, located on Veterans Parkway just off Interstate 65.
Development along the Jeffersonville side of Veterans Parkway has been considerably slower than the bustling Clarksville side, which has a myriad of stores and restaurants lining the thoroughfare. Some attributed the delay to the fact that the Jeffersonville side of the road wasn’t completed until months after developers were moving dirt on the Clarksville side.
Development finally is underway, however, and is about to get a big boost from GBT Realty’s investment.
In a news release, GBT Realty announced that in December, it plans to buy 24.7 acres in Jeffersonville for phase two of the Jeffersonville Town Center.
“The Louisville MSA continues to be a hotbed for retail expansion and new-to-market tenants with its dynamic, diversified economy that regularly outperforms other major U.S. cities in job and income growth,” George Tomlin, president and CEO of GBT Realty, said in the release.
The mixed-use development already includes a Boombozz Craft Pizza & Taphouse, Comfy Cow, Krispy Kreme Doughnuts, Culver’s, Heine Brothers Coffee, Marathon gas station, Tire Discounters, L&N Federal Credit Union, and offices for Accent Marketing Services LLC and Edward Jones. Home improvement store Menards, an anchor tenant, is set to open this fall.
The new development will sit along Town Center Boulevard, behind the building where Boombozz is located. It will include a 240,000-square-foot retail center, with two anchor tenants. One will fill a 55,000-square-foot space, while the other will be 63,000 square feet, according to the release.
The development also will include two junior anchor tenants and 55,000 square feet of smaller spaces for local and regional business.
GBT Realty declined to release the name of any tenants and expects to make tenant announcements late this year or in early 2016.
“We are in final negotiations and passing paper with several major national retailers,” Fraser Schaufele, vice president of leasing for GBT Realty, said in the release. “At this pace, we expect to have the center 90 percent pre-leased by the time we break ground in December.”
The development is expected to open in spring 2017.
The company is partnering with Floyds Knobs-based real estate and construction firm The Koetter Group on the project.
Floyds Knobs-based real estate agency 7D Commercial Real Estate connected The Koetter Group and GBT Realty. 7D CEO Ryan Pennington said his company had worked with GBT Realty in the past and already was working with The Koetter Group on the Jeffersonville Town Center project.
A partnership with GBT Realty helps the project attract national and high-quality tenants.
“This center will be everything we wanted,” Pennington said. “GBT Realty certainly helps bring that all to fruition.”
GBT Realty is the company responsible for building Middletown Commons, on Shelbyville Road off Interstate 265, and Jefferson Commons, on Outer Loop next to Jefferson Mall. Combined, those projects equaled a more than $100 million investment.
The company since has sold Jefferson Commons to American Realty Capital, a GBT Realty representative confirmed.