Weingarten paid about $1 million per acre for the property atthe end of 2007 and then flipped 11 acres to Target at the sameprice point. The development cost of the project is just under $80million, net of expected proceeds not yet received from anchor andpad sales, according to SEC filings. Weingarten, which has a 50%stake in the project, expects the center to be stabilized in 2010,after which it will look to sell the development.

Lance Sherwood, Weingarten's western region development manager,tells GlobeSt.com that construction financing is not a problembecause the company finances its project from within once it has ananchor tenant and strong indications of interest from junioranchors. As of February, the company had $184 million available toit under its $575-million revolving credit facility with asyndicate of banks. "We have been able to partner with developersand bring horsepower and financing to the deal," he says.

Weingarten says it is currently working on leases for twonational junior anchors that will be located next to Target. Inaddition to six junior anchors ranging in size from 15,000 sf to40,000 sf, Sherwood says the development will include six padsights ranging from 2,500 sf to 7,000 sf for five restaurants and abank, and approximately 70,000 sf of in-line shop space.