Inland Real Estate Corporation Announces Redevelopment of Joliet Commons with Addition of DICK’S Sporting Goods and DSW
Inland Real Estate Corporation (NYSE:IRC) is pleased to announce the redevelopment of Joliet Commons, a power center in Joliet, Ill., with the addition of a new 65,000-square-foot building for national retailers DICK’S Sporting Goods and DSW to be constructed this spring. The redevelopment will increase the total gross leasable area (GLA) of the property by over 30,000 square feet, generate increased traffic to the shopping center and bring two new national retailers to the Joliet market.
“The redevelopment of Joliet Commons is an example of our commitment to continuously seek opportunities to enhance asset value by adding best-in-class retailers that promote shopping synergies and drive consumer traffic,” said Scott Carr, executive vice president and chief investment officer for Inland Real Estate Corporation. “The addition of DICK’S and DSW further strengthens the center’s position as a top shopping destination within the greater Joliet regional submarket and provides long-term benefits to the surrounding community.”
DICK’S Sporting Goods, a leading omni-channel sporting goods retailer, will bring an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories to serve the athletes and outdoor enthusiasts of the Joliet community. DSW Designer Shoe Warehouse is a leading branded footwear and accessories retailer with 431 stores nationwide.
To accommodate the new tenants, IRC will redevelop a former movie theater at the center into a brand new building for DICK’S Sporting Goods and DSW. With the addition of the new building, the total GLA of Joliet Commons will increase to 229,000 square feet. DICK’S Sporting Goods and DSW will join other national retailers at the center such as PetSmart, Old Navy, Party City and Famous Footwear. The solid tenant mix of national and regional retailers makes the center a central shopping hub within the city of Joliet, which has been identified as one of the fastest growing cities in Illinois.
“This major redevelopment project is an exciting addition to the already thriving business climate along the I-55/Route 30 corridor, and throughout all of Joliet,” said City of Joliet Mayor Tom Giarrante. “I look forward to the jobs and sales tax revenue both DICK’S Sporting Goods and DSW will bring.”
Anticipated timeline includes:
- February/March 2015 – Demolition of former theater
- April 2015 – Ground breaking & construction begins
- Fall 2015 – Completion & opening
About Inland Real Estate Corporation
Inland Real Estate Corporation is a self-advised and self-managed publicly traded real estate investment trust (REIT) focused on owning and operating open-air neighborhood, community and power shopping centers located in well-established markets primarily in the Central United States. As of September 30, 2014, the Company owned interests in 136 investment properties, including 31 owned through its unconsolidated joint ventures, with aggregate leasable space of approximately 15 million square feet. Additional information on Inland Real Estate Corporation is available at www.inlandrealestate.com. To connect with Inland Real Estate Corporation via LinkedIn, visit http://www.linkedin.com/company/inland-real-estate-corporation, or via Twitter at www.twitter.com/IRC_REIT.
Sorry. No data so far.