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MIAMI-Equity One Inc., a real estate investment trust based in North Miami Beach, recently began construction of Phase IV of its two-story Shops at Skylake shopping center in North Miami Beach.

Shops at Skylake, located at 1650 Miami Gardens Dr., is anchored by a Publix supermarket, Radio Shack, Blockbuster, McDonald’s and Wachovia bank. The center also houses Equity One’s corporate headquarters.

Phase IV will include a 45,000-sf LA Fitness Sports Club, as well as 29,422 additional sf of office and retail space that is set to be completed in the first half of 2004. The estimated construction cost for Phase IV is approximately $7 million, not including land, interest and other expenses.

Phase V–the final phase–will feature 50,000 sf. It is not yet planned. After that phase, the shopping center will total 253,621 sf.

Equity One demolished the center in 1999 and then started with a phased redevelopment of the property.

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