January 7, 2011 - Phillips Edison & Company announced today the groundbreaking for its newest retail development project. Anchored by the market's first TJ Maxx and Michaels, the 89,000-square-foot project will be the second phase of the mixed-use Parkside development in Frankfort, Kentucky.
“This new construction is a truly remarkable accomplishment in today's retail real estate environment. Despite a nationwide halt in development for over two years, we are bringing a stellar collection of national retailers into a new market," said Scott Mitchell, Vice President of the Phillips Edison's Strategic Investment Fund (S.I.F.).
Scheduled for completion this fall, the new project will also include the market's first Maurices, Dress Barn and Aspen Dental, as well as a new location for Sprint Wireless.
Located at I-64 and U.S. 60 in Frankfort, Parkside is a 51-acre joint venture of Phillips Edison's Strategic Investment Fund and local developers Pat Madden and Jerry Woodall. The mixed-use project already features the state capital's only Kohl's department store plus Starbucks, Dairy Queen, Cattleman's Roadhouse and Tire Discounters. Columbus, Ohio-based Lifestyle Communities recently completed construction of 300 upscale apartment units adjacent to the development's retail portion.
Phillips Edison's Strategic Investment Fund (S.I.F.) targets acquisition or joint venture opportunities with a focus on mixed-use, lifestyle or power centers that can benefit from the company's access to capital and its national operating platform. In 2009, S.I.F. acquired the 600,000-square-foot Bridgewater Falls development in Fairfield Township, Ohio, which had been a lender-owned asset. In November 2010, S.I.F. acquired Fort Smith Pavilion in Fort Smith, Arkansas, a power center anchored by Target, Bed Bath & Beyond, Best Buy, Old Navy and Michaels.
“The successful development of Phase II at Parkside exemplifies our strategy of seeking partnerships or acquisition opportunities where our development and leasing expertise can turn under-performing locations into market-dominant retail destinations," said David Birdsall, Senior Vice President of the Strategic Investment Fund.