Statewide changes in population and economics create new opportunities for builders and tenants.
Florida's tourism campaign states, "When you need it bad, we've got it good." While the phrase probably was not coined specifically for retailers, the chain stores are responding as though it were.
With an average of 1,000 new residents every day and more than 43 million tourists expected to visit this year, Florida presents retailers and developers with rapidly growing demand for services and space. Category-killers, grocery and drug chains, as well as entertainment concepts, are moving south to find their place in the sun.
Goodfor builders Retailers' attraction to Florida is reflected in the growing number of development opportunities, says Dale Scott, vice president for Orlando, Fla.-based Keene Construction Co. He notes that Keene tries to limit home-state construction to 50 percent of the company's business; however, current demand is so great that Scott estimates "about 70 percent [of Keene's 1997 business] will be in Florida."
Scott predicts that Florida will experience an influx of urban entertainment centers, featuring theaters, restaurants and entertainment-related retail. "We are constructing several of these developments around the state," he notes. "I think they are going to be the power centers of the latter half of the 1990s."
Today, however, the primary focus of Florida's retail development is the grocery-anchored neighborhood center, says John Joyce, a regional partner for Charlotte, N.C.-based Faison. "The neighborhood shopping center, typically 65,000 to 80,000 sq. ft., with a major grocer, meets the needs of the individual community," he explains.
Joyce adds that the power center, although alive and well, may be losing some of its luster in the eyes of developers. "The retail power centers have about run their course," he says. "About every intersection that could support a power center already has one, either completed or under development. It may be a few years before population growth catches up and we see a new wave of this type of development."
The slowdown in power center development has not stopped big-box chains from expanding. Many retailers are going into freestanding locations, where drug store chains, in particular, have found that sales increase 30 percent to 40 percent, says Mark Sneed, regional leasing director in the Tampa, Fla., office of Atlanta-based CNM Associates.
Southeast Florida Southeast Florida, comprising the Miami, Fort Lauderdale and West Palm Beach-Boca Raton metropolitan statistical areas (MSAs), is a densely populated, high-income region, making it one of the state's most attractive retail targets. Combined, the three cities represent almost 4.4 million people; and, according to the U.S. Department of Commerce, West Palm Beach's 1996 per capita income ($33,518) was the highest in Florida, while Fort Lauderdale ($24,706) and Miami ($20,014) ranked in the top 20.
Miami (Dade County) is growing by about 50,000 people every year, says Stephen Bittel, president of Miami-based Terranova Corp. He adds that, despite some recent store closings, "Dade is one of the most understored markets in the country."
According to Bittel, Dade County's ratio of retail space per person is 11.7 to 1. The national ratio is 19 to 1, while the ratio in Broward and Palm Beach counties is 21 to 1. Retail vacancies are at a five-year low -- just under 7 percent -- for the area, and rents range from $8 per sq. ft. to $30 per sq. ft. for in-line space and from $5 per sq. ft. to $20 per sq. ft. for anchor space.
The strength of Southeast Florida's market also is its weakness, says Bittel. There is a limited supply of land available for new.
Nevertheless, retailers are making their way into the market, he notes. LA Fitness, Busy Body Fitness, and Beverages & More! are expanding in the three-county area, and Walgreens and Eckerd are moving their battle into freestanding locations.
Both Publix and Winn-Dixie are developing in-fill locations to serve the last round of residential development being completed in the western edge of Dade County, Bittel says. He notes that 2,000 single-family homes and about 1,000 apartment units were added to the market in 1996, and the same is expected this year.
Later this year, Dade County will become the new home of the military's U.S. Southern Command headquarters, which will relocate 1,000 personnel from Panama. The Miami Herald reports that, in the early 1990s, the facility was pumping $480 million into the Panamanian economy. It estimates that the new location will host 10,000 visitors per year.
North of Miami, in Fort Lauderdale (Broward County), retail vacancy is around 16 percent, up from 14 percent last year. According to The Sterling Cos., Palm Beach, the increase can be attributed to 23 anchor closings in the past year, most of which were due to big-box consolidation.
The vacancy rates have not deterred development, however. "Strong areas will get stronger and weak locations weaker," explains Bittel. "We anticipate increasing levels of vacancy."
Bittel says seven retail centers comprising 900,000 sq. ft. are currently under construction in Broward County. Another 12, which could add 1 million sq. ft. to the market, have been proposed.
Further north in West Palm Beach (Palm Beach County), the retail vacancy rate was 6 percent at the end of 1996, according to The Sterling Cos. The year-end total marked a decline from 8 percent, despite the loss of seven anchor stores and the addition of only three to the market. Absorption was 651,000 sq. ft. last year.
The Sterling Cos. reports that, since 1995, six shopping centers have been built in Palm Beach County. Discount stores filled 40 percent of the space, while home improvement and grocery/drug chains each took 20 percent.
There is more room for residential development in Palm Beach County, and grocery chains are scrambling to fill the need, says Bittel. Publix has sites under development in Boca Raton and Jupiter; Winn-Dixie has proposed centers in Boynton Beach and North West Palm Beach; and Albertsons has two proposed sites in the northern part of Palm Beach County, near Palm Beach Gardens. Target also has proposed a store for Palm Beach Gardens, as well as for Lake Worth.
Southwest Florida Southwest Florida includes five MSAs -- Naples, Tampa-St. Peters-burg-Clearwater; Sarasota-Bradenton; Punta Gorda and Fort Myers-Cape Coral -- representing more than 3.4 million people. Per capita income is highest in Collier (Naples, $30,906), Sarasota ($30,205) and Pinellas (St. Petersburg, $24,796) counties.
In the Tampa Bay market, first-quarter 1997 vacancy rates were almost 11 percent, according to Colliers Arnold, Tampa. A breakdown of the figure by property type indicated that regional malls had a 9.6 vacancy rate, while power centers and neighborhood centers stood at 12.6 percent and 13.5 percent, respectively.
Jim Dunphy, retail specialist for Colliers Arnold, says 191,600 sq. ft. of new construction was added to the market in 1996 with the majority being grocery store expansion. Publix, the market leader, Winn-Dixie and Albertsons are expanding in in-fill locations, adds Sneed. Kash 'N Karry, recently purchased by Food Lion, also has announced an expansion effort.
As in other portions of Florida, drug chains Eckerd and Walgreens wage their battle for market share. Eckerd, based in nearby Largo, Fla., controls the Tampa Bay market, and it joins Walgreens in moving to freestanding sites.
Dunphy says some of the most competitive retail battles pit Jumbo Sports against Sports Authority; CompUSA against Circuit City and HomePlace against Bed Bath & Beyond. Bed Bath & Beyond is a recent addition to the market, as are Best Buy, Old Navy Clothing Co. and Hollywood Video.
According to Dunphy, Tampa Bay retail rents range from $8 per sq. ft. to $14 per sq. ft. for new big-box space near shopping malls. Big-box space in secondary markets is renting for $4 per sq. ft. to $6 per sq. ft., and small space is priced at $12 per sq. ft. to $14 per sq. ft.
The Tampa Bay area is changing from a tourist-oriented economy to a service-based economy, with the addition of medical and technology companies. Dunphy adds that telemarketing companies have been filling some former retail space.
South of Tampa, in the Sarasota-Bradenton MSA, vacancy rates have dropped to 10 percent from 17 percent two years ago. Mall vacancy tops 21 percent but that number is skewed by high vacancy at Sarasota's Gulfgate Mall which is probably going to be transformed into a big-box development, says Tom Richardson, president of Sarasota-based Commercial and Industrial Properties Inc.
Activity at Sarasota's SouthGate Mall has been more positive, Richardson notes. For example, Saks Fifth Avenue has replaced a Publix grocery store at the center, thereby attracting AnnTaylor and sparking peripheral development.
Richardson says Barnes & Noble, Best Buy, Target, Walgreens and Wal-Mart are among the most active retailers in the Sarasota-Bradenton market. Since 1995, Wal-Mart alone has opened four superstore concepts in the MSA.
Fort Myers and Naples round out the southwest region of the state, and, not surprisingly, grocery stores are at the forefront of the area's development news. Albertsons has plans for three stores in Fort Myers, two in Naples and one in Bonita Springs.
John Mounce, leasing associate in the Fort Myers office of Colliers Arnold, notes that Naples was at or near the top of national statistics reflecting per capita home starts during the first quarter of 1997. Residential growth will undoubtedly spell more grocery expansion, he predicts.
In Naples, only three power centers have been developed in the last three years, Mounce says. Major anchors for those projects have included OfficeMax, Ross, Service Merchandise, Pier 1 Imports, Target, Bed Bath & Beyond, and Sports Authority.
Overall, Mounce observes much of the retail development shifting south of Fort Myers. He cites Bonita Springs, located halfway between Fort Myers and Naples, as one of the region's, newest growth areas.
North central Florida North central Florida, comprising Orlando, Jacksonville, Gainesville, Ocala and Lakeland MSAs, has a population of more than 3.3 million people. Per capita income for the area ranges from $20,686 in Duval County (Jacksonville) to $16,628 in Marion County (Ocala).
The Sterling Cos. projects that Orlando's retail construction growth, which spiked at 9 percent in 1995, will remain in the 3 percent to 5 percent range for the rest of the decade. Despite the addition of two regional malls in the past two years, the area's vacancy rate was 5 percent in January (down from 9 percent in 1994) and is expected to decline further.
Soraya Corvington, research and marketing director for The Sterling Cos., predicts the tightening markets will result in 5 percent to 7 percent rent increases this year. Currently, rents range from a low of $7 per sq. ft. to $10 per sq. ft. in the Kissimmee-St. Cloud submarket to $20 per sq. ft. in the southwest Orlando submarket.
Sneed observes a movement toward entertainment retail in Florida, and he sees it beginning to take root in the Orlando area. "Restaurants tend to locate in Orlando first because they see it as a proving ground," he says. He adds that the area's new regional malls should spur general retail growth in peripheral centers.
Northeast of Orlando, Jacksonville has an 8 percent vacancy rate, up from 6 percent in 1994. According to The Sterling Cos., the increase is due primarily to the fallout of several chains (Pic 'N Save, Mervyn's and Lurias) that resulted in 15 big-box vacancies.
Overall, Jacksonville "is going through an economic renaissance," says Joyce, adding that various areas of the city are showing growth and improvement as a result. He explains that Florida's university system provides the Jacksonville area with an abundant, well-educated workforce and that many firms are taking advantage of available work force by opening back office operations in the city.
Retail development appears to be most active in the Avenues Mall, Orange Park and North Jacksonsville areas of the city, says Corvington. She notes that Barnes & Noble, Discovery Zone, Home Depot, Publix, Regal Cinemas and United Artists theaters all have expanded in the market since 1995.
According to Corvington, nine retail projects totaling 1.7 million sq. ft. are scheduled to come on line in Jacksonville next year. The additions will bring a small increase in vacancy and have little or no impact on rents, she says.
North central Florida's remaining MSAs -- Ocala and Gainesville -- are growing, but only at a slow pace to accommodate new neighborhood centers and freestanding discount stores, says Joyce. "The markets are not large enough for multiple locations by retailers," he notes.
Panhandle The Florida Panhandle, including the Tallahassee, Panama City, Fort Walton Beach and Pensacola MSAs, is less popular with national retailers than other parts of the state, simply because of lower population figures. According to the Florida Department of Labor, 1996 population for the area was fewer than 1 million people. Therefore, even strong percentage increases do not factor out to numbers that could support retail expansion at the pace exhibited in other areas of the state.
In the region's two largest MSAs -- Pensacola and Tallahassee -- job growth rose 24 percent and 35 percent, respectively, from 1988 to 1997, says Susan Taylor, an economist for Charlotte, N.C.-based NationsBank. However, per capita personal income was well below the national ($21,696) and state ($21,665) averages in every Panhandle county. Tallahassee's Leon County recorded the highest total at $19,909.
The area's economy is driven primarily by four military installations (including Eglin Air Force Base, the largest in the world), the state government, two universities and a 12,000 student community college, all in Tallahassee. "You are talking about steady but slow growth in salaries and population [but] nothing that jumps out at retailers," says Neil Jones, vice president for Seltzer Management Group, Panama City, Fla. Some employment is derived from the area's deep water ports, he adds, noting that "the rest of the economy is pretty much tourist-based."
Like the region's economic growth, retail expansion is slow, with big-box tenants entering the market in freestanding locations. For example, Home Depot has optioned freestanding store sites in Panama City and Fort Walton Beach to compete with Lowe's Superstores (120,000 sq. ft.) in both markets.
Target also has opened a freestanding location in Fort Walton Beach; OfficeMax has a store under construction in Panama City; and Tallahassee has welcomed Target, Wal-Mart Superstore, Circuit City, Barnes & Noble, and a 20-screen AMC theater to its retail lineup.
In addition to the population totals that restrict retail growth in the Panhandle, Tallahassee has the additional limitation of site availability. "In the past, local officials have had a reluctance to construct new road systems, and, as a result, good retail locations are limited," says Henree Martin, president of locally based Developers Realty. However, she adds, "that is about to change. I expect a greatof retail growth over the next decade."
The grocery and drug store wars appear to be less competitive in the Panhandle than they do in the rest of Florida. Winn-Dixie recently undertook an expansion program that has solidified its position as the grocery leader in the Pensacola, Fort Walton Beach and Panama City markets. Publix has only two stores in the western panhandle, while Albertsons, Bruno's and Food World round out the competition.
"Winn-Dixie was in a bit of a lull for a few years and lost some of its marketshare to other chains, but now it is making a major push that gives [the chain] full control of the market," says Jones. Tallahassee is the only Panhandle area where Winn-Dixie does not dominate, adds Martin. "Tallahassee is definitely a Publix market," she says.
In the drug store arena in Tallahassee, the market share is divided pretty evenly between Walgreens and Eckerd. West of Tallahassee, however, Walgreens has not entered the market, making Eckerd (which has taken ownership of existing Big "B" Drugs) the area's dominant drug chain.
A growth market Florida's retail forecast appears to be sunny, says Frank Herring, managing partner for Faison Orlando. Impressive population and employment statistics, combined with the expected growth in high-tech manufacturing, assembly, transportation and distribution industries, make the state a coveted draw for shopping center developers and tenants alike.
Joyce predicts that, as residential building increases to accommodate the growing population, neighborhood centers and freestanding drug stores are likely to dominate Florida's retail development in the coming year.
Although he is not specific about the types of retailers to expect in the state, Herring is confident that Florida will feel the effects of what he sees as an overall strengthening in the industry. "Retailing giants are stronger now, more sophisticated, and in a better position to evaluate the potential for expansion and to effect such expansion within regional growth markets such as Florida," he says.
Miami-based Aventura Commons Associates is building Aventura Commons in Aventura. The 267,000 sq. ft. shopping center will feature Target, Best Buy, PetsMart and Whole Foods when it opens in spring 1998.
Atlanta-based Baita International Inc. is renovating Regency Plaza in Jacksonville. The two-phase renovation includes upgrading the fascia and parking lot, the addition of a sign tower, and roofline changes. A 30,000 sq. ft. OfficeMax opened in May in phase I, and T.J. Maxx will relocate to a larger space in October in phase II. In Boynton Beach, Baita and Boca Raton-based Boynton Commons Corp. are building Boynton Commons. The 219,931 sq. ft. power center will include Barnes & Noble; Bed Bath & Beyond; Old Navy Clothing Co.; PetsMart and Sports Authority when it opens in spring 1998.
Chattanooga, Tenn.-based CBL & Associates Properties Inc. will begin construction on Sand Lake Commons in Orlando. The 600,000 sq. ft. power center will feature Wal-Mart when it opens in fall 1998.
Columbus, Ohio-based Don M. Casto Organization is redeveloping Winter Park Mall in Winter Park. According to Fort Lauderdale, Fla.-based Dorsky Hodgson + Partners, the project's architect, most of the existing mall will be demolished in October. The new 500,000 sq. ft., mixed-use project will be organized on a street grid and feature retail and office components. The pedestrian-oriented Main Street will remain anchored by Dillard's. Regal Theater, Borders Books & Music, and Village Market will join the anchor roster.
Greenville, S.C.-based Centennial American Properties is the owner of two planned projects. In Ponte Vedra, construction is scheduled to begin this October for Ponte Vedra Plaza. The 54,000 sq. ft. shopping center is expected to open in September 1998. In Jacksonville, the 56,880 sq. ft. Harris Teeter At Mandarin shopping center is scheduled to open in July 1998. Both projects will be anchored by Harris Teeter grocery stores.
Miami-based Courtelis Co. is building two projects. In Naples, construction is scheduled to begin next year on Floridian Town Center. Tenants have not been announced at the 300,000 sq. ft. center. In Coral Springs, a November opening is planned for Magnolia Shoppes. The 200,151 sq. ft. community center will feature a 16-screen Regal Cinema theater complex and Albertsons supermarket when it opens this summer.
Atlanta-based Cousins MarketCenters held a November grand opening for Colonial Plaza in Orlando. In an 18-month project, the former Colonial Plaza Mall was de-malled and redeveloped to create the 493,000 sq. ft. power center, which features Linens 'N Things, Barnes & Noble, Old Navy Clothing Co., Circuit City, SteinMart and Marshalls.
In Port St. Lucie, construction has begun on The Marketplace At Port St. Lucie, a development of West Hartford, Conn.-based Devcon Enterprises Inc. Tenants at the 155,559 sq. ft. power center will include Winn-Dixie, Wal-Mart, Dollar Tree and Mail Boxes Etc.
Chagrin Falls, Ohio-based Developers Diversified Realty Corp. is building Oviedo Park Crossing in Oviedo. The 210,000 sq. ft. power center will feature HomePlace, OfficeMax and Ross Dress For Less when it opens in spring 1998.
New York-based ERE Yarmouth is expanding the newly renovated Southgate Plaza in Sarasota. The 430,000 sq. ft., enclosed specialty center, which is anchored by Burdines, Dillard's and Saks Fifth Avenue, will grow to 448,000 sq. ft. this fall with the addition of 18,000 sq. ft. of small shop space. The mall's interior was renovated last year with new ceiling trusses, custom chandeliers and teak furniture.
Orlando, Fla.-based Faison Orlando is planning to build 400 Park Avenue South, a 81,000 sq. ft., mixed-use center in downtown Winter Park. No tenants have been announced for the project, which will feature 24,500 sq. ft. of retail GLA and 56,500 of office space when it is complete. A fall 1998 groundbreaking is expected.
The company also is building three Publix-anchored centers: Halifax Village Plaza (75,000 sq. ft.) in Ormond Beach; Parkway Plaza (75,000 sq. ft.) in Orlando; and Jupiter Farms Village (80,000 sq. ft.) in Jupiter. The projects are scheduled to be completed by the beginning of next year.
Build-out continues on Bonita Bay Plaza in Bonita Beach and Waterford Lakes Village in Orlando. Bonita Bay Plaza (200,000 sq. ft.) will be anchored by Albertsons and Waterford Lakes (90,000 sq. ft.) will be anchored by Winn-Dixie when they open early next year.
The construction of South Beach Cinema continues in Miami Beach. The mixed-use development by Miami-based Finestra Development Corp. will feature an 18-screen, 3,000-seat Regal Cinemas theater complex, restaurants and retail components. The project will total 250,000 sq. ft. when it opens in August 1998.
Construction will be completed in November on Saks Fifth Avenue at Waterside Shops At Pelican Bay in Naples. According to Dallas-based Institutional Realty Management L.L.C., the center's manager, Saks Fifth Avenue is being renovated and expanded from 30,000 sq. ft. to 45,000 sq. ft., bringing the mall's total GLA to 250,000 sq. ft.
Juster Development Co., Tarrytown, N.Y., recently completed the renovation and expansion of Office Depot Plaza in Bradenton. The facade and common areas of the shopping center were upgraded, and the project grew from 104,822 sq. ft. to 111,472 sq. ft. with the expansion of anchor Books-A-Million. Improvements to the center were completed last August.
September openings are planned for two projects from Boca Raton, Fla.-based Konover & Associates South Inc. In Jupiter, Konover is building 93,000 sq. ft. Admiral's Crossing, a Winn-Dixie-anchored shopping center. In West Palm Beach, construction continues on Lake Point Centre, a 130,000 sq. ft. project that will feature Winn-Dixie and Walgreens when completed next month.
MEPC American Properties, Dallas, is renovating and expanding Regency Square, a 1.4 million sq. ft. regional mall in Jacksonville. In phase I, which was completed this spring, exterior signage, lighting, landscaping and an upgraded security system were added. During phase II, which will begin this month, an eight-screen AMC Theatre complex outside the mall will be expanded to 24 screens; the theater component inside the mall will be razed to make way for an expanded food court; JCPenney will receive a facelift; and anchor Gayfer's will grow 60,000 sq. ft. to total 180,000 sq. ft. The second phase is expected to be completed by late next year.
This month, Minneapolis-based Madison Marquette Realty Services and New York-based Union Bank of Switzerland completed the expansion and renovation at Bell Tower Shops in Fort Meyers. The 250,000 sq. ft. mall grew to 324,000 sq. ft. with the addition of anchor Saks Fifth Avenue; retailers such as The Gap, Laura Ashley, Bath & Body Works, Victoria's Secret and AnnTaylor; and a 72,000 sq. ft. Cobb Theater complex. In addition, the interior was reconfigured on a "streetscape" grid. The redeveloped project, which also is anchored by Jacobson's, will celebrate its grand reopening this November.
Mechanicsville, Va.-based Menin Development Cos. Inc. is redeveloping and expanding the former Shoppes Of Jupiter to create Jupiter Place. The 175,000 sq. ft. shopping center in Jupiter includes a 14-screen Cobb Theater (which is adding four screens), Beall's and Staples. The center will grow to 200,000 sq. ft. to accommodate the expanded and improved theater, and the exterior will be renovated with a new facade and new landscaping, entrances and canopies. The project is expected to be completed by February 1998.
In Coconut Creek, the company is planning an expansion for Marketplace At Hillsboro. The 115,000 sq. ft. shopping center, which is anchored by Winn-Dixie, will grow to 145,000 sq. ft. when construction starts next summer. No tenants have been announced for the expansion.
The Mills Corp., Arlington, Va., is planning to expand Sawgrass Mills in Sunrise to coincide with the opening of the new Florida Panthers hockey arena across the street. The 2.3 million sq. ft. outlet mall will grow by 300,000 sq. ft. next fall with the addition of American Wilderness Experience, an interactive entertainment/retail/dining complex that will include a petting zoo, simulation theater and interactive exhibits, and the expansion of an 18-screen Cobb Theater to 25 screens. The project features Off 5th-Saks Fifth Avenue; Last Call! The Clearance Center from Neiman Marcus; and Nine West Outlet.
Construction continues on Miromar Outlets in the Naples/Fort Meyers area, a development of Montreal-based Miromar Development Co. The 275,000 sq. ft. phase I will open in spring 1998. The Mediterranean-style outlet and entertainment center will total 700,000 sq. ft. upon final build-out in 2000. It will feature retail GLA, a theater complex and restaurant components.
Morbitzer Group Inc., Maitland, Fla., is breaking ground this summer on Casselberry Exchange, a 148,000 sq. ft. center in Casselberry. Scheduled for completion in early 1998, the center will be anchored by Eckerd and Food Lion.
The company also is the leasing and management agent for Parkwood Plaza in Orlando. Originally built in the 1960s, the outdated 277,000 sq. ft. center is being redeveloped and modernized with a Caribbean theme. The project, which is anchored by Winn-Dixie, will be completed this month.
The Paradise Group, Safety Harbor, Fla., is building five Publix-anchored shopping centers: Coquina Plaza (91,120 sq. ft.) in West Broward County is expected to open next spring; Hollybrook Plaza (70,374 sq. ft.) in Wesley Chapel is scheduled to open this fall; Publix At Lake Forest (53,512 sq. ft.) in Sanford will open in fall 1998; and Forest Lakes Plaza (81,178 sq. ft.) in Kendall and Publix At Doral Isles (72,362 sq. ft.) in Miami are scheduled to open next winter.
The company also has completed construction on two Publix-anchored centers: Publix At The Meadows (75,526 sq. ft.) in Miami opened in July, and Paraiso Plaza (60,712 sq. ft.) in Hialeah opened in March.
In addition, renovation continues on Miracle Mile Plaza in Vero Beach. The 71,657 sq. ft. shopping center is being upgraded to accommodate Publix. The project is expected to be complete by the second quarter of 1998.
Jacksonville, Fla.-based Regency Realty Group is building two Winn-Dixie-anchored centers: South Monroe in Tallahassee and Palm Trail Plaza in Deerfield Beach. South Monroe (60,000 sq. ft.) will be completed by summer 1998, and Palm Trail Plaza (81,000 sq. ft.) is expected to open in spring 1998. The company also is expanding Ocean East Mall in Stuart. This winter, the 104,000 sq. ft. center will grow to 112,000 sq. ft.
The Rouse Co., Columbia, Md., is building Oviedo Marketplace in Orlando. The 350,000 sq. ft., enclosed regional mall will be anchored by Dillard's and Gayfer's when it opens next spring.
Lakewood Plaza in Spring Hill, a development of The Sembler Co., St. Petersburg, Fla., opened in April. The 185,000 sq. ft. shopping center is anchored by Publix and Target. The company also broke ground for River Crossings in New Port Richey. The 58,200 sq. ft. retail center will be anchored by Publix when it opens next spring.
Indianapolis-based Simon DeBartolo Group is renovating/ expanding six shopping centers: -- Gulf View Square (807,413 sq. ft.) in Port Richey, which is anchored by Burdines, Dillard's, JCPenney, Montgomery Ward and Sears, will receive an interior renovation in spring/summer 1998 with a new food court, flooring, ceiling treatments and additional skylights. -- Paddock Mall (568,832 sq. ft.) in Ocala, which is anchored by Belk-Lindsey, Burdines, JCPenney and Sears, also will complete a renovation project this fall, which will include a new food court. -- Melbourne Square (734,112 sq. ft.) in Melbourne, which is anchored by Belk-Lindsey, Burdines, Dillard's and JCPenney, will add a second Dillard's store as well as a 18-screen cinema complex, while undergoing a mallwide renovation program. -- Orange Park Mall (904,932 sq. ft.) in Jacksonville, which is anchored by Dillard's, Gayfer's, JCPenney and Sears, will expand to 961,932 sq. ft. this summer with the addition of a 24-screen AMC Theater complex, a new Rio Bravo restaurant and an expanded Gap. -- Palm Beach Mall (1.2 million sq. ft.) in West Palm Beach, which is anchored by Burdines, JCPenney, Lord & Taylor, and Sears, is in the final planning stages for a significant redevelopment, which will occur throughout 1998 and 1999. -- Tyrone Square (1.2 million sq. ft.) in St. Petersburg, which is anchored by Burdines, Dillard's, JCPenney and Sears, will be renovated and expanded in a two-phase project. Phase I, which is expected to be complete in April 1998, will bring the mall's GLA to 1.3 million sq. ft. with the addition of a food court, bookstore and restaurant. In phase II, which is scheduled to be completed in June 1998, the interior will be renovated with new flooring, a redesigned center court, and enhanced interior and exterior landscaping.
Simon DeBartolo also is building The Shops At Sunset Place in South Miami. When complete in September 1998, the 502,500 sq. ft. retail and entertainment complex will include NikeTown, Virgin Megastore, Barnes & Noble, IMAX Theater, and a 24-screen, AMC Theatre complex.
Coconut Grove, Fla.-based Steiner + Associates is redeveloping The Streets Of Mayfair in Coconut Grove. The $10 million project includes the addition of an open-air plaza, festoon lighting, and outdoor cafes and balconies. The center also will be turned "inside out," reorienting many of its tenants toward the street.
Entertainment-oriented tenants such as The Improv comedy club, Virtua Cafe and Sticky Fingers nightclub recently have been added to the tenant mix.
A grand reopening is scheduled for this fall. The project is owned by Miami-based Lennar Mayfair L.P.
Miami-based Taylor Development Co. is expected to break ground early next year on Brickell Commons in downtown Miami. Divaris Real Estate, Virginia Beach, Va., the center's manager and leasing agent, reports that the 350,000 sq. ft., three-level complex will feature an 83,000 sq. ft. multi-screen theater as well as retail and restaurant components. Dorsky Hodgson + Partners will serve as the project's architect.
In February, Miami-based Terranova Corp., the leasing and construction manager of No. 1 Marketplace, completed a $6 million renovation of the center, located in the inner city of North Miami. Improvements included a new facade and new landscaping, lighting and parking. The 110,000 sq. ft. project is anchored by Winn-Dixie, Family Dollar, Payless ShoeSource and FootLocker. The project is owned by New York-based BAP Seventh Avenue Inc.
The company also is manager and leasing agent for Palm Johnson Plaza, which is undergoing renovation. The exterior of the 90,000 sq. ft. center in Pembroke Pines will receive a facelift with a new stucco finish by the end of this year. Tenants include Winn-Dixie and Hair Cuttery.
Build-out continues on Lake Buena Vista Factory Stores in Lake Buena Vista, according to the center's leasing agent, Brooksville, Fla.-based Territo & Associates Inc. The 170,000 sq. ft. outlet center, which opened last October, features Famous Foot- wear, Vanity Fair and Adidas. Construction will begin at the end of this year for phase III, which will bring the center to 210,000 sq. ft. when it is complete. Future expansion phases that would add 300,000 sq. ft. to the center's GLA are planned for next year.
Territo & Associates also is the leasing and management agent for Daytona Beach Factory Stores, an 80-acre site under development in Dayton Beach. Construction is scheduled to begin by fall 1998 on the mixed-use project, which will feature 350,000 sq. ft. of retail GLA as well as hotel, entertainment and restaurant components when it is complete.
In Clearwater, the company is leasing agent for The Bay Area Outlet Mall, which will receive new carpeting, a new paint job and interior improvements to be completed this fall. In addition, Ross Dress For Less will join tenants T.J. Maxx, London Fog, Beall's Outlet and Samsonite in October. The project is owned by Hartford, Conn.-based Bay Area Mall L.L.C.
Aventura-based Turnberry Associates and Simon DeBartolo Group are expanding Aventura Mall in Aventura. The 1.2 million sq. ft. regional mall is anchored by Macy's, Lord & Taylor, JCPenney and Sears. It will grow to 2.2 million sq. ft. by early next year with the addition of a 24-screen, 80,000 sq. ft. AMC Theater complex; a 253,600 sq. ft. Bloomingdale's store; and 330,000 sq. ft. of specialty retailers and restaurants. Changes to the interior will include an indoor/outdoor promenade with landscaped plazas and fountains. Next fall, Burdines will join the anchor lineup at the site with a 225,000 sq. ft. store.
Urban Shopping Centers Inc.,, is building Citrus Park Town Center in Tampa. The 1.2 million sq. ft. superregional center will be anchored by Dillard's, Burdines, JCPenney and Sears when it opens in spring 1999.
Across the street, the company also is building Plaza At Citrus Park Town Center. Scheduled to open by fall 1998, tenants for the 450,000 sq. ft. power center have not yet been announced.
West Shore Plaza in Tampa is being expanded and redeveloped, according to the center's leasing and management agent, The Wilder Cos. Ltd., Boston. Additions will include a new anchor, which will open in fall 1998; a 14- to 18-screen, 60,000 sq. ft. theater complex; and 135,000 sq. ft. of small store GLA, including a 600-seat food court and upscale restaurant space. An existing anchor also is planning to expand its GLA. The 900,000 sq. ft. mall, which is anchored by Burdines, Dillard's and JCPenney, will total 1.2 million sq. ft. when the reconfigured project opens in fall 1999.