Earlier this week, Washington Prime Group Inc. (NYSE: WPG) revealed details of its latest redevelopment project. The 17 million dollar project is anchored by a few new open air tenants at the Markland Mall in Kokomo, Indiana. The project follows in suit with successful efforts from the company’s past. It also follows their plan of transforming conventional enclosed retail centers in a hybrid format, which is compromised of enclosed and open air formats. As a vital component of the planned 84,000-square-foot renovation, Washington Prime Group is in discussions with several potential tenants. It hopes to be able to announce new tenants in the near future.
The new spaces will be converted from former department store space. Anchor space, which was once occupied by Sears, offers high visibility. CEO and Director of Washington Prime Group, Lou Conforti, spoke about the group’s transformation progress. “To date, we have introduced a hybrid format at nearly 70% of our enclosed retail venues.”
While Washington Prime Group has yet to release names, they admit the new spaces could be used for entertainment, grocery and big box retail. The redeveloped spaces will also be able to accommodate new restaurants and add more diversity to the center’s tenancy. The project, which is expected to be completed in 2018, will add enough space for roughly ten new tenants. The Markland Mall just happens to be the only regional enclosed center within a forty mile radius.
It is widely considered to be a premier shopping destination for residents of Kokomo and other nearby cities. The town center is anchored by a Target store and is home to more than 40 retail, entertainment, and dining establishments. The mall is located on 1114 17th Street in Kokomo, Indiana. More details can be found at the mall’s official website at http://marklandmall.com.