Cousins Buys 22 Acres for Viera Power Center

VIERA, FL-Flush with the opening last month of the first 371,000-sf phase of its planned 415,000-sf the Avenue Viera shopping center here, Atlanta-based Cousins Properties Inc. is expanding its retail presence in this Space Center market by acquiring 22 acres for the development of a second retail center.

The planned Viera MarketCenter power center will adjoin the Avenue Viera and will contain 180,000 sf of gross leasing area, according to the company. The two centers will be connected by sidewalks and driveways.

Cousins officials declined to disclose the purchase price of the land until it is recorded in Brevard County real estate records. But area brokers in a position to know tell GlobeSt.com the Georgia REIT paid the Viera Co. about $2.2 million, or $100,000 per acre, for the prime tract along Interstate 95 and about 60 miles southeast of Downtown Orlando.

Cousins officials tell GlobeSt.com they do not yet have an estimated development cost of the project but area construction industry sources and retail brokers familiar with the submarket say Viera MarketCenter will probably have a hard construction cost of about $85 per sf or a total $15.3 million. Cousins paid an estimated $2.30 per sf for the land, according to area brokers.

The open-air Avenue Viera was built for an estimated $33 million on the first phase. Matthew Development Co. of Melbourne partnered with Cousins on the Avenue Viera.Kohl's, a Wisconsin-based department store chain, will anchor Viera MarketCenter when it opens in October 2005, says Joel Murphy, president of Cousins' retail division. "When we began examining this market several years ago, it became apparent that our Avenue concept and a power center could both thrive here. That offers Cousins an opportunity to showcase our varied development expertise and create a retail destination to rival any in the Brevard County market."