Commercial Real Estate Developer Purchases Shopping Center in Jeffersonville, IN
A developer has purchased a notable piece of property along 10th Street in Jeffersonville. Legacy Commercial Property, which according to a news release has other properties in the area, recently purchased the retail property formerly known as the Youngstown Shopping Center. This center will now be called Legacy Shoppes at Jeffersonville. The property is 180,000 square feet. Legacy Commercial Property Vice President Ben Hoogland said the company purchased the property in March 2024. He said Legacy, which is a family company, has a strategy of going into communities they believe in, buy underperforming buildings and assets, cleaning them up and then leasing them out.
He said the property was “worn down,” and that the original owner was out of state. He said this area is right in the center of the city between developments happening on the north and south side of the city. Jeffersonville Mayor Mike Moore said in a text message on Wednesday that he talked with the new owners a few months ago, and said that he made them aware of some city incentives.
“Sounds like they’ve got a very ambitious plan to re-create the Youngstown shopping center. At one time growing up in Jeff that was the thriving retail area for our city. My family’s restaurant was directly across the street,” Moore said. Hoogland said they began construction on a brand new facade for the building in January, and plan on finishing it around August. Existing tenants include Taco Bell and Sherwin-Williams.
The news release states that Legacy wants to attract “upscale tenants” to the property. Hoogland said they want to continue to be accommodating to the tenants that are already there, but he hopes the new facade will attract new energy and diversify the type of businesses that are there. “I fully believe this will bring really great life into this specific area,” he said. Since purchasing it, they have had two leases, bringing the vacancy percentage down to 33%. “Looking forward to seeing an old structure made beautiful again,” Moore said.
