INDIANAPOLIS, July 19 /PRNewswire-FirstCall/ -- Kite Realty Group Trust
(NYSE: KRG) announced today the planned development of a Marysville,
Washington (Seattle MSA) shopping center through a joint venture with White-
Leasure Development Company, based in Boise, Idaho. The development project,
to be known as Gateway Shopping Center, is a proposed 255,000 square foot
community shopping center. The center will include two shadow anchors, an
88,000 square foot Kohl's Department Store and a 93,000 square foot Winco
Foods, a growing supermarket chain in the Western United States. When fully
developed, the center would also include a 30,000 square foot junior box
adjacent to Kohl's, up to 45,000 square feet of small shops, and five outlots.
The joint venture has acquired acreage for the junior box and three
outlots. Estimated total project cost for this first phase of the joint
venture's portion of the center will be approximately $8.5 million. The joint
venture is currently negotiating with a national retailer for the junior box
space and is seeking tenants for the outlots. In addition, an affiliate of
the joint venture will perform site work for Kohl's under a separate
agreement.
Winco Foods is in the process of finalizing the site plan for its building
pad and parking and, upon completion, the joint venture will have the right to
acquire Winco's surplus property. This surplus property is anticipated to be
sufficient to support two additional outlots and approximately 45,000 square
feet of small shops. Estimated total project cost for this second phase of
the joint venture's portion of the center will be approximately $9.5 million.
John A. Kite, President and Chief Executive Officer of Kite Realty Group,
stated, "The development of Gateway Shopping Center further strengthens our
presence in targeted markets in the Pacific Northwest, particularly in
Washington state, and will serve as a platform for future opportunities in the
region. We are pleased to add this quality project to our growing development
pipeline. Partnering with local players to give us access to valuable
investment opportunities and to permit us to mitigate our development risk
continues to be an important part of our development strategy. We look
forward to a long and mutually beneficial relationship with White-Leasure
Development Company."
Larry Leasure, Chairman of the Board and CEO of White-Leasure Development
Company, stated, "White-Leasure Development Company has become one of the more
experienced and successful development companies in the Western United States,
developing retail shopping centers throughout the West, including Washington,
Oregon, California, and Idaho. We look forward to building a relationship
with Kite Realty Group."
Kite Realty Group Trust is a full-service, vertically integrated real
estate investment trust focused primarily on the development, construction,
acquisition, ownership and operation of high quality neighborhood and
community shopping centers in selected growth markets in the United States.
Kite Realty Group owns interests in 41 operating properties totaling 5.8
million square feet and 11 properties under development that are projected to
total 2.0 million square feet.
Safe Harbor
Certain statements in this document that are not historical fact may
constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause the actual results of the Company to differ materially from historical
results or from any results expressed or implied by such forward-looking
statements, including without limitation: national and local economic,
business, real estate and other market conditions; the competitive environment
in which the Company operates; financing risks; property management risks; the
level and volatility of interest rates; financial stability of tenants; the
Company's ability to maintain its status as a REIT for federal income tax
purposes; acquisition, disposition, development and joint venture risks;
potential environmental and other liabilities; and other factors affecting the
real estate industry generally. The Company refers you to the documents filed
by the Company from time to time with the Securities and Exchange Commission,
which discuss these and other factors that could adversely affect the
Company's results.
Contact Information: Investors/Media:
Kite Realty Group TrustStephanie Carrington / Jason RandoDan Sink, Chief Financial Officer The Ruth Group
(317) 577-5609 (646) 536-7017/7025
dsink@kiterealty.comscarrington@theruthgroup.comjrando@theruthgroup.com
SOURCE Kite Realty Group Trust
-0- 07/19/2005
/CONTACT: Dan Sink, Chief Financial Officer of Kite Realty Group Trust,
+1-317-577-5609, or dsink@kiterealty.com; or Stephanie Carrington,
+1-646-536-7017, or scarrington@theruthgroup.com, or Jason Rando,
+1-646-536-7025, or jrando@theruthgroup.com, both of The Ruth Group/
(KRG)
CO: Kite Realty Group Trust; White-Leasure Development Company; Winco Foods
ST: Indiana, Idaho, Washington
IN: RLT FIN
SU: JVN RLE
JB
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7895 07/19/200508:30 EDThttp://www.prnewswire.com