Panera could leave Merchants’ Square

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The Merchants’ Square shopping center soon could lose another tenant, according to one prominent source.

Mayor Jim Brainard last week confirmed a rumor Panera Bread intends to leave its location in Merchants’ Square and relocate to the proposed redevelopment of The Centre – the shopping center near the Range Line Road-116th Street intersection that previously housed a CVS Pharmacy.

Prior to Brainard’s comments, calls were placed to both Panera’s corporate office and Ramco-Gershenson, the leasing company for Merchants’ Square. Representatives from both organizations said they were unaware of the Carmel location’s plans to relocate.

Kite Realty Group has plans to partially redevelop the shopping center sitting on a little more than 8 acres. According to its request for a development standards variance, KRG is proposing to demolish and remove a portion of the shopping center while building a new anchor store in place of the old CVS.

The request also states “the existing bank building will be demolished and a new bank will be constructed in a new location to the west on 116th Street” and “a new stand-alone building will be constructed in place of the existing bank building at the intersection of Range Line Road and 116th Street.” A new multi-tenant retail building also would be constructed along Range Line Road.

If Panera were to leave the shopping center, it would be the year’s second notable departure of a business from Merchants’ Square. Carrabba’s closed its Carmel location in January.

 

Matthew Williams contributed to this report.

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