CHICAGO-Interra Development Partners LLC, a joint venturebetween locally based Interra-Vision Development LLC andParsippany, NJ-based Prudential Real Estate Investors, is acquiringland to develop retail centers in Florida, California and Arizona.The partnership is acquiring four land parcels for a total of $82million and plans to develop four retail centers with a totalinvestment of $218 million.

The joint venture acquired a 19-acre site in Florida City, FL.The site is located on the northwest corner of South Dixie Highwayand East Davis Parkway and is “across the street from a very highgrossing Super Wal-Mart,” says Tom Gamsjaeger, president of InterraDevelopment and co-owner of Interra-Vision. Florida City Centrewill be a 145,000-sf neighborhood center anchored by a 30,000-sfBest Buy. The center may have a 28,000-sf grocer store as a junioranchor and will likely have a “specialty coffee” retailer and acouple of restaurants, Gamsjaeger says.

Site work and grading has already started and the project isexpected to be completed by the end of 2008. The estimated cost ofthe project is $45 million. Gadinsky Real Estate LLC, based inMiami Beach, is the leasing representative for the development.