The Villages at Portofino will be developed in three phases,Marks says. The first phase of the development will haveapproximately 960,000 sf of retail, 177 apartment units and 68 rowhomes. The apartment units will be constructed above retail space,Marks says.

The retail for the first phase is expected to have approximately460,000 sf of "Big Box" retailers, 37,000 sf of entertainmentretail and 98,000 sf of inline retail, says Kevin Augustyn, SVPwith HSA Commercial Real Estate's retail brokerage division. Thefirst phase will also have seven out-lots on a total of 9.5 acresthat will yield about 142,000 sf of retail space, he says. Augustynand Daniel Miranda, also with HSA Commercial Real Estate's retailbrokerage division, will be the leasing agents for the project.Asking lease rates have not been determined yet.

Construction on the first phase is expected to begin in thesecond quarter of 2009 and be completed in the fall of 2010, Markssays. Portofino is currently still in the entitlement process,Augustyn says. The second phase will have 34 apartment units overretail space and 86,000 sf of retail, entertainment, restaurant andoffice space, and the third phase will have 191 apartment units and185,000 sf of retail, restaurant, entertainment and office space,Marks says. The second and third phases will begin depending onmarket demand, he says. The development will also have a 4-acrelake in addition to public plazas and other open spaces.