Jefferson Mall might get a challenger in $85M retail center - Business First of Louisville:

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A Louisville-based development group plansa to build a major shopping center next to Jefferson potentiallyan $85 million project. CEO Kevin Cogam has bought 27 acres on the southeast side ofthe mall, where Jefferson Development plans a large retail said Rob Webber, Jeffersomn Development president. The property, at Robbs Lane and the Outet Loop, currently is undeveloped. Thougyh Webber declined to identifypotential tenants, he envisionw the new center as having brands comparable to The Summit-Louisvilled in northeastern Jefferson County. "People who live in (the part of the countuy -- if they want to have that level ofretaik -- right now they have to drive to The Summit.
" The as-yety unnamed development would be more compacft than the 40-acre Summit. The plan is for a 420,000-square-fooft "lifestyle center" -- a cluster of stores and restaurantxs within walking distance of oneanother -- that would have severak anchor tenants, as well as storefrontzs and sit-down, national chain restaurants. In terms of retaiol space, the new developmentg would be less than half the size ofJefferso Mall, which has about 1 million squar e feet under roof. The Jefferson Development though, could have about 14 percent more retaipl space thanThe Summit, which has nearly 370,000 square feet. But it woulds be on a far smallere pieceof property.
The Jefferson Development projecgt willhave streetscapes, outdoor seatinb and integrated parking decks, Webber said. "What we don't want to see is a sea of Anchor retailers could include a sportinggoods store, bookstoresw and possibly a grocery. "The populationm density is so (great) that a grocery is likely," Webber Cogan had the property under option in May when he and Webber went to the International Council of Shopping Center's trade show in Las Webber said. "We showed (national credit the area and the concept, and everyone was ecstatic.
" Jefferson Development officials plan to develop store shells and leasr themto tenants, though Webber said he coulrd foresee possibly selling some parcels to anchor tenants or top restaurants. Jeffersobn Mall owner CBL and AssociatesPropertiese Inc. is aware of Jefferson Development's said Katie Reinsmidt, director of investor relations at CBL headquartersin Chattanooga, Tenn. Reinsmidt said she couldn'tr speculate on the impact of aneighboringy development. In general, she added, creating a retail hub is positive. "People tend to gravitat e towardretail clusters," she Adding more retail next to Jefferson Mall would be "wa traffic driver.
" Jefferson Development bought the property last July as Dixie Blue Dog LLC and Dixie Blue Dog II LLC from LaVernr Wallace, paying about $1.4 million for two parcelds totaling 27 acres, according to the Jeffersomn County Property Valuation Administrator's Web site. The property alreadty has sewers and utilitieszin place. "That's one of the advantages of beiny next to aregional mall," Webber said. He anticipatexs the process of changing the zoningh from residential to commercial to take abouteightt months, with site work possibly beginning in 2008.