ELKHART - A Los Angeles-based real estate investment group has announced plans for a major mixed-used development in Elkhart. Triyar/Cannon Co. says the $50 million Concord Towne Center includes the redevelopment of the current Concord Mall.

The project includes retail, dining, hotel, multi-family and entertainment. The group says the redevelopment of the mall into an open-air, contemporary project is the "key component" to the overall development.

Developers say the Concord Towne Center will be built in phases. Once completed, the project is expected to generate $150 to $200 million each year to the city and the Michiana region. 

Concord Mall opened in 1972. Its currently anchor tenants, J.C. Penney's, Carson's and Hobby Lobby will remain as part of the redevelopment. Developers say the project will better reflect the current trends in retail.

Triyar/Cannon Co. is working with Indiana-based commercial brokerage firm ConsortiumCRE, which will serve as a consultant, advisor and leasing representative.