MELBOURNE, FL-CBL & Associates Properties Inc. of Chattanooga, TN has broken ground on its second Central Florida shopping center project in a year with the start of the 170,000-sf Shops at Pineda Ridge. The center is one quarter mile south of Pineda Causeway on Wickham Road.

Home Depot plans to open its 140,000-sf retail and garden center tomorrow. Small shops occupying the remaining 30,000 sf are expected to open in October, bringing the endeavor to 100% occupancy at completion.

“With such a strong anchor draw as Home Depot and the excellent location and trade area demographics, the Shops at Pineda Ridge is perfectly positioned to benefit from Brevard County’s continued growth,” says CBL president Stephen Lebovitz.

A company representative tells CBL declines to disclose development costs “at this time.” However, Brevard County area construction sources familiar with the erection of comparable properties tell Shops at Pineda Ridge will probably be built at an estimated hard construction cost of $100 per sf. That would place the estimated construction cost of the project in the $17-million to $20-million range, construction sources say.

The Melbourne project complements CBL’s recent opening of the 1.7-million-sf Gulf Coast Town Center in Fort Myers. “We have been very active on the development front in Florida,” Lebovitz says. The Shops at Pineda Ridge is “part of our 2006 development pipeline that totals over 1.6 million sf.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.