Kite Realty Group Trust Announces Transformational Redevelopment at Glendale Town Center

INDIANAPOLIS, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Kite Realty Group Trust (NYSE: KRG) has formally announced the next phase in the evolution of Glendale Town Center in Indianapolis, Indiana. Through an innovative, multi-faceted redevelopment that includes new retail, multi-family, outlot, and neighborhood improvement components, KRG will transform the community center to improve the visitor experience and maximize value of the asset.

“We are proud of the important role Glendale Town Center has historically played in the city of Indianapolis,” said Tom McGowan, President and COO of Kite Realty Group. “From its beginnings in 1958 as the city’s first traditional enclosed mall, to its conversion into an open-air center in 2007, to the exciting transformation happening today – Glendale shows that great real estate will continue to evolve and provide value to the surrounding community. We would like to thank Mayor Hogsett, the City-County Council, and the Metropolitan Development Commission for their support in bringing this project to life.”

Over 50,000 square feet of a former Macy’s retail space will be redesigned to welcome Ross Dress for Less, Old Navy, Five Below, and other new retailers to the shopping center. Target, Lowe’s, and Staples will remain mainstay offerings at Glendale, with Target having recently completed a redesign of its store. In addition, the center has received approval for new, attractively placed outlots along Keystone Avenue and 62^nd Street for restaurant and retail use.

On the east side of the property, an under-utilized parking field will be transformed into a modern residential community. KRG has partnered with Milhaus, a national award-winning developer, to create AYR, a vibrant, 267-unit residential apartment project. AYR will offer residents a 24-hour fitness studio, pool, entertainment deck, dog park, and select live-work units.

The Glendale Town Center enhancement will also provide significant community benefits. In addition to the retail and living spaces, new bike lanes will be created along Rural St. to improve safety and accessibility. In addition, a public art component will be included on the grounds and existing parking areas will be transformed to green spaces for the neighborhood to enjoy.

Glendale Town Center’s redevelopment is expected to reach completion in 2021.

About Kite Realty Group Trust

Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to retailers in desirable markets through our portfolio of community, neighborhood, and lifestyle centers. Using operational, development, and redevelopment expertise, we continuously optimize our portfolio to maximize value and return to our shareholders. For more information, please visit our website at kiterealty.com.