LANE4 Property Group has entered into a venture with the owners of the Mercato property — soon to be home to large mixed-use development — to develop a new regional shopping center in Lawrence, Kansas.
LANE4 will join forces with land owners and long-time Lawrence developers and property owners Duane and Steve Schwada and members of the Gene Fritzel family to develop a 600,000-square-foot retail, restaurant and entertainment center at the corner of K-10 and West 6th Street, directly south of the newly opened Rock Chalk Park.
The LANE4 team will be led by Lawrence resident Pat Peery, a 30-year veteran of the retail real estate industry. The Schwada and Fritzel families have roots in Lawrence dating back more than 100 years. Both have been involved in developing industrial, residential, retail, hotels and office buildings in Douglas County.
The regional shopping center is planned as part of a larger mixed-use development known as The Mercato. Plans for the retail center include about 250,000 square feet of anchor and entertainment space and up to 350,000 square feet of additional anchor stores, junior box, restaurants and shops.
The project will likely be completed in phases.
“This site is uniquely positioned to draw new retailers to Lawrence who are not currently in the market,” said Peery, senior vice president of LANE4. “Ultimately, we want to keep customers shopping in Lawrence, rather than giving away sales to Topeka, Village West and Johnson County.”
Tenants for the project have not been announced.
