|Polk County Enterprise - Local News
Stories Added - September 2010
Copyright 2010 - Polk County Publishing Company
Developers say plaza will be nearly complete Dec. 1
Polk County Enterprise
LIVINGSTON — An Evansville, Ind. company is in the early stages of an aggressive construction schedule on the property adjacent to Wal-Mart in the 1600 block of West Church. Senior Project Manager Greg Dunwoody of U.S. Industries Group said the 29,000 square foot shopping plaza will be 75 to 80 percent occupied when the building is complete. The majority of the project will be complete by Dec. 1, Dunwoody said Friday. Tenants will include Dollar Tree, Sally’s Beauty Supply, Cato’s and a Verizon store. Two other tenants are lined up, Dunwoody said, but are not ready to make their plans public. Dunwoody added that the occupancy rate is “basically unheard of. Usually if you have 45 or 50 percent, that’s great,” he said. “It’s a new world as far as construction goes.” Stricter requirements from lenders are encouraging developers to have tenants committed to the property before they fund a loan. “Two or three years ago you could go have zero occupancy with six investors that want to go in and that would be OK,” Dunwoody added. The construction time line for the project was originally slated to begin last year, but concerns about the economy and the housing slump caused developers to pull back. Now that initial construction work has begun, U.S. Industries is hoping to meet the original completion date. Individual tenants have not yet submitted plans for building permits.