Equity One to Develop Publix-Anchored Center in Miami-Dade County

MIAMI-Equity One Inc. plans to develop Plaza Allegre, an 84,000-sf shopping center, on an 8.5-acre site located on the southeast corner of SW 147th Avenue and Coral Way in southwest Miami-Dade County.

Plaza Allegre will feature a 44,000-sf Publix supermarket, a 14,000-sf junior anchor, 16,000 sf of local retail space, 10,000 sf of office space and two out parcels. Construction is expected to begin in first quarter 2002 with a target completion date of February 2003. The development is expected to cost a total of $10 million (including $1.8 million to purchase the site pursuant to an existing option agreement), or $119 per sf.

Equity One also owns a four-acre parcel at the northeast corner of SW 147th Avenue and Coral Way across the street from Plaza Allegre, where it expects to start building a 25,000-sf drug-store anchored shopping center in third quarter 2002 with. That project carries a mid-2003 completion.

Equity One Inc. is a self-administered, self-managed REIT that principally acquires, renovates, develops and manages community and neighborhood shopping centers anchored by national and regional supermarket chains. The company’s portfolio currently consists of 85 properties primarily located in metropolitan areas of Florida and Texas.