Kingsdale in contract to local developers

Two Columbus developers announced Friday that they are in contract to purchase the Kingsdale Shopping Center from Florida-based Regency Centers LP.

Continental Real Estate Companies CEO Frank Kass and development partner Mark Catalano of Upper Arlington said they plan to redevelop the aging, vacancy-plagued property with mixed use. They plan to begin construction immediately after closing on the deal, which they expect to happen in the first quarter of 2009.

They expect the project to open in early 2010.

According to a news release, the plan calls for a new, much larger Giant Eagle, increased in size from 56,000 square feet to 97,000 square feet, along with 100,000 square feet of retail and restaurants, fitness center and Class A "office/medical" space.

Kass said the developers "clearly understand the importance of this location" to the city and added that they want it to "become a true focal point for Upper Arlington."

"We hope to submit for approval very soon," Catalano said in the announcement. "This project will not only enhance the quality of life in this great community, it will also serve as a strong economic engine.

"As a local taxpayer, I can certainly appreciate the economic value."