The University of Notre Dame and Kite Realty Group Trust have entered into a formal agreement to pursue the development of the Eddy Street Commons on some 30 acres currently owned by the University.
The agreement gives the Indianapolis-based group the exclusive right to prepare and implement a plan for the development of a mixed-use project located south of theEddy StreetandAngela Boulevardintersection.
The company is pursuing a plan that combines a retail center, a full-service hotel with business conference facilities, office space, and a blend of condominiums, townhouses, and apartments. The development is expected to total more than 500,000 square feet as it extends south fromEdison RoadtoHoward Street.
The agreement opens the door for renewed planning and design that will culminate in a planned unit development proposal to be made to the city, according to Greg Hakanen, Notre Dames director of asset management and real estate.
Kite Realty Group Trust already is known inSouth Bendfor developingErskineVillageon the grounds of the former Scottsdale Mall on the citys south side.
Thomas K. McGowan, Kites executive vice president and chief operating officer, said:Kite Realty Group is extremely pleased to have been chosen by Notre Dame as the preferred developer for this very important gateway project. This is a wonderful opportunity for us to develop a project of this magnitude that will simultaneously serve asan extension of the University and an addition to the community.
This development is the first phase of a larger redevelopment proposed by the University and other groups for the area south of the campus. Additional components could include a technology park, single family homes and additional retail and services.
John Affleck-Graves, Notre Dames executive vice president, said that, when it is complete, the developmentwill revitalize the neighborhood at the Universitys front doorand provide modern housing and commercial businesses within easy walking distance of campus, filling a decades-long void.
This development,he added,is an integral part of Notre Dames continued commitment to attracting the best talent and contributing to the community.The University and the Board of Trustees are pleased to have teamed with a seasoned developer in Kite Realty Group, and we are eager to continue working with Kite to guide these plans from concept to reality.
Kite is engaged in the ownership, operation, management, leasing, acquisition, construction, expansion and development of high quality neighborhood and community shopping centers in selected growth markets in theUnited States.The company owns interests in a portfolio of operating retail properties, retail properties under development, operating commercial properties, a related parking garage, and parcels of land that may be used for future development of retail or commercial properties.
InIndiana, the group has developed several properties inIndianapolis, Fishers andCarmel. It also has developed Whitehall Pike inBloomington,Beacon HillShopping CenterinCrown PointandRedBankCommonsinEvansville. InIllinois, it has developed projects inChicago,NapervilleandSouth Elgin.