Stanbery To Enter Florida With 225,000-SF Lifestyle Center

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COCONUT CREEK, FL-Columbus, OH-based Stanbery Development plans to break ground in mid-2006 for a 225,000-sf lifestyle center, the Shoppes at Coconut Creek. This represents the retail center developer’s first foray outside of Pennsylvania and New Jersey.

Jon Meyer, a Stanbery principal, tells GlobeSt.com the cost, including acquisition and construction, is estimated at approximately $300 per sf, which would put the all-in cost at about $67.5 million. “The site is in an area that’s a perfect demographic match with our other locations,” he says, noting that Stanbery will look to tenants, such as Chico’s, Ann Taylor Loft, Williams-Sonoma and others located in its existing properties in the Northeast. “The vacant land represented an opportunity for us.”

He declined to disclose the price of the land, which is northwest of Fort Lauderdale and South of Boca Raton, but says it was not more expensive than land costs in northern New Jersey. “It’s a stable market. The level of density here, however, creates a different phenomenon.”

To capitalize on the density, this center is not only about twice the size of most Stanbery properties, “but it will also have a bigger food component,” Ray Brunt, the principal who handles leasing, tells GlobeSt.com. “We’re working with some upscale grocers,” Blunt says, which would make this the only Stanbery center with a grocery unit, “and more space will be devoted to restaurant outparcels.”

In addition, there will be “some second-floor office space,” according to Blunt, “although we haven’t determined how much yet.” He plans a mid-2007 opening. “We generally break ground a year before opening, and it takes us about eight months to construct, and tenant build-out takes another four months.”