OVERLAND PARK, Kan., June 16, 2009 — Westchester, Ill.-based Tri-land Properties, Inc. announced today that construction will begin on the redevelopment of Cherokee South Plaza in late July. Tri-Land Vice President Hugh Robinson made the announcement.
“We are thrilled to be starting this great redevelopment project,” said Robinson. “Financing retail projects in this environment has been all but impossible over the last 12 months. The fact that our financing is now in place is a direct reflection on the quality of this project and the strength of this market.”
Tri-Land’s redevelopment of the 118,000-square-foot center includes the complete demolition of the former Cherokee South Sun Fresh, the construction of three new buildings and the addition of many new retail tenants. The improved Cherokee South Plaza will include outdoor patios, tree-lined walkways, sidewalk planters and public spaces for neighborhood use.
A 15,000-square-foot stand-alone Walgreens is already under construction and will serve as an anchor for Cherokee South Plaza. Walgreens is slated for an October 2009 opening.
The project is scheduled for December 2009 completion.
Tri-Land Properties, Inc. owns and manages more than 2.8 million square feet of commercial retail space, located in the Midwest, Mid-Atlantic and Southeastern regions of the country. The Westchester, Ill-based firm is a full-service, real estate development/redevelopment company focused on successful acquisition, development, renovation and management of community centers ranging in size from 100,000 square feet to 750,000 square feet. Tri-Land specializes in transforming distressed and undervalued properties into dynamic commercial centers with increased value that generate steady consumer traffic and provide substantial investor returns.