Instead, the nation's largest retail pharmacist is scouting for other area sites near the central business district. That hunt will be challenging, area land brokers tell GlobeSt.com, as prices are in cyberspace.
For example, CVS was ready to close on a quarter-acre pad (10,890 sf) near the intersection of Mills Avenue and E. Colonial Drive. The price: $1.9 million or $174.47 per sf ($7.6 million per acre).
Now the owner of that dirt is asking $3.65 million or $335.16 per sf ($14.6 million per acre).
The original CVS development plan would have displaced 25 Asian businesses through demolition of adjacent properties. Merchants picketed the site and protested vociferously. Their actions drew media attention, a factor that influenced CVS' decision to build elsewhere, real estate sources familiar with the retailer's strategies tell GlobeSt.com.
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