High-end retail development near Towne Center in early planning stages
Preliminary plans are in the works for a new retail center on Corporate Boulevard near Towne Center.
Real estate broker George Kurz of Kurz and Hebert Commercial Real Estate is advertising space for lease in a new development that would be called Corporate Point. The shopping center would contain 30,000-square feet of restaurant and retail space and be located on a 3.5-acre tract of undeveloped land located between The Reserve condominium complex at Towne Center and the MidSouth Bank branch at 6919 Corporate Blvd.
Kurz declines to identify the developer with whom he is working, but public records show the property is owned by Summa Professional Office Corp. LLC. Dr. J. Michael Burdine is the principal behind Summa Professional Office Corp. and is a seasoned investor in the local real estate market.
Plans for Corporate Point come at a time when the traditional retail market is softening, particularly for big box stores, malls and large shopping centers. Kohl’s recently announced plans to sublease 25,000 square feet of its 70,000-square-foot store in Siegen Lane Marketplace; and, Macy’s is converting 16,000 square feet of its Mall of Louisiana location into a discount store, to name just two recent examples.
Despite that trend, Kurz believes there is sufficient demand for new, high-end retail centers with smaller spaces. The success of such developments, however, depends on securing the right tenant mix for the neighborhood.
“We are looking for the quality retail tenants that are complementary,” he says. “I don’t want to put a lot of less-than-exciting people together who aren’t going to succeed.”
There are no immediate plans to develop the center, and no plans have yet been filed with the Planning Commission. Rather, Kurz says the project will move forward once he’s found the right tenants for the space.
“We’re working on the design, but we don’t have a time frame,” he says.