Equity One Breaks Ground on 25,000-sf CVS

MIAMI-Equity One Inc., a real estate investment trust based here has broken ground on a CVS drug store in that city. The estimated construction cost for the project is about $3.7 million.

The 25,000-sf, stand-alone CVS is located at Coral Way and 147th Street, across the street from Equity One’s Plaza Alegre, at 14630 S.W. 26 St.

Equity One leased the space to CVS Corp. in May 2002 and is working with CVS’ developer, Cedarwoods, and the construction company Tri-C on the project. Construction is expected to be completed in December.

Publicly-traded CVS has about 4,000 CVS pharmacy stores, as well as its pharmacy business, CVS ProCare; its online pharmacy, CVS.com; and its pharmacy benefit management firm, PharmaCare.

Equity One, also publicly traded, owns, develops and manages supermarket and necessity-store shopping centers. The company’s 88,111-sf Plaza Alegre, anchored by a 44,271-sf Publix supermarket, opened earlier this year.