MIDDLE MARKET HIGHLIGHT, MAY 2007

Council Bluffs
Dan Marcec

Council Bluffs, Iowa, is situated on the Missouri River adjacent to Omaha, Nebraska, near interstates 80 and 29, providing it with a well-traveled location in the heart of the Midwest. Recently, two major developments have cropped up along the main interstate corridors, bringing in new retail to the market.

“Council Bluffs has targeted four business sectors for cluster development,” says Terry Bailey, director of business development for the Council Bluffs Area Chamber of Commerce. “Research revealed to economic developers [in the area] that food processing/packaging and bio-processing; logistics; advanced manufacturing; and information technology and business services should be targeted because of the market and locational advantages.”

Two particular corridors are seeing the majority of development in the Council Bluffs market. The Mid-America Center entertainment corridor, anchored by the Mid-America Center Arena and Convention Center, is situated near the crossroads of interstates 80 and 29. Two major developments in this corridor are the Bass Pro Shops Outdoor World sporting goods store and the Marketplace, a new retail development that is now under construction. Along the Highway 275 corridor, commercial development is occurring near I-29 in the Manawa area, where Metro Crossing, an expansive new retail center, is underway.

Kimco Realty Corporation is developing the 500,000-square-foot Metro Crossing in Council Bluffs, Iowa.

As mentioned, the Metro Crossing and Marketplace developments are the two most significant projects currently underway, and will add more than 820,000 square feet of retail space to the market. Metro Crossing, which is expected to begin opening stores in the fall, is an upscale shopping center encompassing more than 500,000 square feet and featuring 20 to 30 retailers. Kimco Realty Corporation is developing the project, which will be anchored by a Kohl’s department store. Marketplace, under construction by Magnum Development, is a new plaza-style retail project situated on the east side of South 24th Street between I-80 and 34th Avenue. In addition to 322,000 square feet of retail space, which will be anchored by a department store, Marketplace also will feature a 10-lot subdivision built on 49 acres. The project should be complete in March 2008.

In healthcare, the Alegent Health Mercy Hospital is undertaking a $27 million renovation that will increase capacity of its intensive care unit, upgrade operating rooms and improve the overall infrastructure. Breaking ground in spring of 2008, delivery of the renovated areas is expected in May 2009. “Demand being driven by an aging population, the changing face of healthcare, and the influx of patients from greater distances has prompted Mercy Hospital to move forward with the renovation,” Bailey says.


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