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Redevelopment of Graceland Shopping Center Continues
Monday, November 22, 2004
Columbus, Ohio — Casto is currently executing their plans for the redevelopment of Graceland Shopping Center in Columbus, Ohio. The redevelopment was catalyzed by the recent opening of a new 110,000 square foot Kroger Marketplace, the first of the new concept store for Kroger east of Phoenix, and the announcement of a new 124,717 square foot Target that is currently on schedule to open July 1, 2005. Negotiations to fill the vacated Burlington Coat Factory anchor space are still in progress with two major retailers. 55,865 square feet of other new retail shops are also in the plans. The extensive redevelopment of the fifty-year old center includes new construction of a row of shops facing High Street and adjoining Target, new center signage, extensive landscaping, renovation of existing buildings and some demolition. The construction of a pedestrian-friendly walkway and two new 12,500 square foot buildings planned for the north side of the property will begin in January of 2005 following the demolition of the existing building. Casto's development plans have received overwhelming community support and unanimous approval from zoning officials. According to Clintonville Area Chamber of Commerce President Ernie Hartong, "Graceland is an integral part of the Clintonville community and we're very excited about the new additions to the center. We're sure theywill have a positive impact on all of Clintonville." Faced with an ever-changing and evolving retail environment, especially in areas outside the beltline, Casto has capitalized on the strengths of the center, i.e., its key location inside the beltline and its high and dense demographics, to kick-off this redevelopment. Partner Don M. Casto, III said, "Our relationships with retailers have been nurtured for many years and we resolutely sought those who recognize the value of neighborhood centers as convenient shopping alternatives for their customers. Consumers can expect to see a new aesthetic and vibrant collection of tenants, including the potential addition of several new eateries to the Clintonville area." There is overwhelming interest from national and regional retailers and restaurants that are looking to join the line-up of merchants at the center. New tenants are close to finalizing and executing their leases and will be announced as soon as this is completed. Casto, a fully integrated real estate organization since 1926, is a recognized leader in the ownership, management, acquisition and development of commercial shopping centers and multi-family residences, office buildings and corporate parks. Casto's growing portfolio residential units located primarily throughout the midwestern United States and southwest Florida.

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