Kimco to start redevelopment of Village on the Park center

Kimco Realty Corp. is undertaking an approximately $14.5 million redevelopment of its Village on the Park shopping center in Aurora. 

Redevelopment is in the works for Village on the Park.

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Kimco Realty Corp. is undertaking an approximately $14.5 million redevelopment of its Village on the Park shopping center in Aurora.

“As longtime owners of Village on the Park, we want nothing more than to see the center and the surrounding area thrive,” said Rick Turner, director of real estate at Kimco Realty. “The coming changes will not only breathe new life into the shopping center, but attract new businesses as well.”

The vacant southern portion of the Village on the Park, including 48,089 square feet south of Ross Dress for Less and the former Dora’s pad site, will be demolished. Kimco will then build 43,472 sf of new space.

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Work will get underway this fall with completion anticipated in summer 2019.

Kimco Realty recently signed a lease with Old Navy to occupy a 13,800-sf space in the new section as well as a 3,515-sf lease with America’s Best Contacts & Eyeglasses on the pad adjacent to TJ Maxx. America’s Best is expected to open later this year.

Occupied spaces to the north of Ross Dress for Less and the pad site containing U.S. Bank and Jersey Mike’s Subs will remain intact.

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Situated at the gateway of the Havana Retail District, Village on the Park is located at the intersections of Parker Road, Havana Street and Iliff Avenue. The 179,862-sf center was built in 1983 and Kimco Realty purchased it in 1998. It has previously seen redevelopment to the TJ Maxx/ Shoe Carnival building and the Glasstek building.

The final square footage and space available in the center remain fluid as leasing plans come together, according to Kimco. Occupancy, excluding redevelopment, was 98.9 percent as of June 30.

MCG Architecture is designing the redevelopment.

Kimco Realty is a New York based real estate investment trust that is one of North America’s largest publicly traded owners and operators of open-air shopping centers with a portfolio of 460 shopping centers comprising 79 million sf in the U.S.

Featured in CREJ’s September 19-October 2, 2018, issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and retail news in the Denver metro area plus all property types in Colorado Springs and Southern Colorado. She also covers the finance market as well as solicits bylines articles and is editor of the Health Care Properties Quarterly. Before joining…